Insurance of a leasehold flat from a flat owner's perspective

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Hi all,

I am planning to rent my flat out, but in the meantime, it’s not rented out yet. I need to pay an annual management fee and building insurance fee to the management company. My question is, what other kind of insurance policies would be relevant to my case? I am particularly concerned if there is any accident happen in my flat that affects other flats, e.g. water leaking from my flat to other flat, fire from my flat affecting other flat, etc.

Thanks everyone.

John

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John

While you are living there you should have regular household insurance which has two elements Buildings & Contents. You would need Contents only as the Buildings element is already covered by the cover you already pay for with the management company.

When the property is let you will need to cancel your household insurance and put in place specific landlord insurance. In both cases you will be covered for incidents affecting your property and a third party.

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My understanding is that landlord insurance mainly covers you for third party liability, which is also the case with most insurances for blocks of flats. You will need to check this and could seek contents cover too if you wish, but its not essential.

You also need to check your lease and any mortgage conditions as they may not allow you to let the flat. I would also suggest that unless you are willing to do a crash course in landlording, (168+ laws and regulations), that you get a fully managed service from a reputable agent in the first instance.

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Thank you both. I thought content insurance is only to protect my own items in my flat instead of also protecting my liabilities towards potential damage to neighbours’ contents. Thanks once again for pointing me to the right direction :smiling_face_with_three_hearts:

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Following on from my previous post… I am referencing my LL insurance policy for an unfurnished flat and the cover available is as follows;

Buildings X
LL fixtures & fittings✓
LL Contents X
Property owners liability ✓

The following are optional extras or added free of charge.

Home Emergency Cover
Legal Expenses
Accidental Damage
Tenant Default
Alternative Accomodation

Hope that helps

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Thank you Chris for your detailed explanation :+1:

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