There are a few things you need to know about landlord insurance for flats.
So, we made a clever guide, which answers the most important questions you have about leasehold and freehold property owners insurance.
You can find out what insurance you'll need as a leasehold or freehold landlord, also learn, what’s covered, and what’s not covered.
A freehold landlord is the legal property owner (the one that’s need buildings insurance). A freehold property owner may lease the property to a leasehold landlord, that is the clear difference between freehold and leasehold.
Freehold landlords need buildings insurance because they are the legal owner of the property. When you lease the property out to a leasehold landlord, they won’t be able to acquire buildings insurance, they could only take out contents insurance for personal items.
You as a freehold landlord might want to take a contents insurance policy if you have any items of value in the property you lease.
As a leasehold landlord, you only lease the property and don’t own it so therefore you will not need building insurance as the freehold landlord has this covered. However, you might take a landlord contents insurance policy for personal possessions and damages, if you come across a bad tenant at some point.
As a leasehold landlord you may want to include:
Buildings landlord insurance for flats will cover flooding and any damage you cause to other properties below your flat. If you damage 20 properties because of a leaching dishwasher or washing machine, your covered, if you need to claim the policy, you can.
What will my buildings insurance not cover?
Your buildings insurance policy will not cover the contents of the property and property owned by the tenant or sublet.
If you allow your tenant to rent out a space room that's lying empty, the only insurance that’s needed will be the insurance of the new roommate. They may want to take out a separate policy for personal items that belong to them.
There is no need to contact your current insurance provider because this makes no difference to your policy, because they are not the main tenant.
You could also take out a communal contents insurance policy and add it to their monthly rent. Tell them your doing this and amend your lease agreement if possible.
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