I have a flat in a building which is insured by a social housing landlord. I also have 2 tenants who will also be insured. Given that the building is insured and the tenants are insured, do I, as the landlord also need to insure the property or the flat?
Any clarity on the subject gratefully recieved.
I cant really advise you on insurance, but my understanding is that the key components of landlords insurance are public/third party liability and tenant injury. Some other things landlords often include are legal cover, contents cover and rent guarantee cover. I have flats in blocks where the block is insured and public liability is standard and in these I haven’t bothered with any other insurance. It really depends on a landlords appetite for risk.
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Have you seen the buildings policy ?
Is it valid ? If so what does it cover
If this were me I’d get my own for the flat
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Some leases on flats require management to insure the building but do not cover leaseholders fitted wardrobes and similar improvements, so you might need some fixtures and fittings cover as well as floorcoverings. Need to check to buildings policy wording.
Also consider landlords contents amd landlords liability.
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Need to be clear about buildings v contents. For buildings, need to check the freeholders policy to see what it covers, easy to not comply eg some don’t include students. Tenants need to understand they need to provide their own contents insurance, you can’t do that been if you wanted to. As others have said their are options for landlords insurance for liability and non payment etc.