Insurance to cover Landlords Liability

[NortonBishop]

Does anyone have any contacts so that I might obtain insurance quotes for a small mixed portfolio of residential lets with mixed personal and personal company ownership?

I've tried online sources but got dragged into a rabbit hole of irrelevant questions - I'm just looking for insurance to cover any legal liability. I don't need flooring, loss of rent etc. insurance.

Any thoughts would be welcome.

 

[WaveJumper]

Speak to forum member @Frank the Insurance guy

 

[Frank the Insurance guy]

Hi @NortonBishop

Do you own the buildings and are the buildings insured? If so, I would expect the policy to include your liability as property owner (this cover is usually included at no additional cost!).

If you do not own the buildings and are looking at cover for only Landlord's public liability - there are specialist insurers out there such as: https://www.alanboswell.com/landlord-insurance/landlord-liability-insurance/ (Note - you will probably need a separate policy for each property). These specialist policies are likely to be much cheaper than a single liability policy for all your portfolio.

If you are looking for Buildings Insurance as well as liability, speak to an independent insurance broker, who can take all the relevant details and carry out a market quotation exercise for you - there are a huge number of insurers that are willing to provides quotes for a portfolio of properties. Feel free to get in touch if you would like me to get some quotes for you (Contact details below).

 

[NortonBishop]

Hi @Frank the Insurance guy

Many thanks for your replies.

In answer to your question:

The company owns one freehold house so that has building insurance
There are also 2 long leasehold flat let to tenants where the only insurance is the block insurance arranged by the freeholder.
There is also a block where we own the freehold and the flats have all been sold on long leaseholds. The Managing Agent arranges the block insurance which is re-billed to the tenants via the service charge.

I'd be pleased to provide further details to you for a quote - subject to you having any further points following my responses above.

Thanks again.

 

[Frank the Insurance guy]

The company owns one freehold house so that has building insurance

Check your policy includes Liability cover (It should do!)

There are also 2 long leasehold flat let to tenants where the only insurance is the block insurance arranged by the freeholder.

You need a specialist Liability policy like this one: https://www.alanboswell.com/landlord-insurance/landlord-liability-insurance/

There is also a block where we own the freehold and the flats have all been sold on long leaseholds. The Managing Agent arranges the block insurance which is re-billed to the tenants via the service charge.

Check your policy includes Liability cover (It should do!)


In short, for liability cover, you should already have cover under the 2 buildings insurance policies you already have.

For the 2 flats, cheapest option is the specialist policy on the link above.

 

[NortonBishop]

Many thanks Frank.

For information, the broker for the block where we are the freeholders with flats sold on long leases advises, "The policy covers Public liability for the Policyholder as owner of the building, but, it does not give liability cover for landlords and their letting arrangements within the block."

 

[Frank the Insurance guy]

Many thanks Frank.

For information, the broker for the block where we are the freeholders with flats sold on long leases advises, "The policy covers Public liability for the Policyholder as owner of the building, but, it does not give liability cover for landlords and their letting arrangements within the block."

This is normal and what I would expect.

To cover your liability as the landlord of the flats you will need your own insurance policy in place - see the link in my previous posts, as that is the most economical way to arrange the cover.

 

[NortonBishop]

This is normal and what I would expect.

To cover your liability as the landlord of the flats you will need your own insurance policy in place - see the link in my previous posts, as that is the most economical way to arrange the cover.

I'm not sure I follow that distinction, with a freehold block with all the flats within sold on long leases, the Landlord and the Owner would appear to be the same entity?

 

[Frank the Insurance guy]

I'm not sure I follow that distinction, with a freehold block with all the flats within sold on long leases, the Landlord and the Owner would appear to be the same entity?

If you are also the Owner as well as the leaseholder then you should be ok. However if they are different, then they are not the same entity.

In my experience there may be a limited company which is the Owner, of which each long leaseholder is a shareholder. The leaseholders are therefore not the owner here and the leaseholders will need their own liability cover as leaseholder of the flats.

In simple terms - is the freehold/ownership in the same name as the Long Lease? If it is not you need separate landlords liability insurance cover.