I thought I had great landlord insurance cover with Simply Business at almost £600pa. The boiler fails, and I have it replaced, all taken care of when I was away on holiday (Being one of the many good landlords). SIMPLY BUSINESS refused any payment due to “Age related Wear and Tear”. They didn’t even know how old the boiler was, or what went wrong, whilst a skilled man with more brains than SIMPLY BUSINESS could ever muster advised me it was more expensive to repair than to replace. Insurance never pays, and they deliberately make claims as difficult as humanly possible. My advice - grab the very cheapest because you can never use it.
Self insure? Put some money aside from every rental payment to allow for such repairs. They are claimable against income tax if like for like.
Brilliant. I can insure with a cheapy, and claim both until a healthy fund is running. Thanks for advice. I’ll call it a sinking fund. No more nonsense from SIMPLY BUSINESS.
You can’t claim the tax deduction until you spend your sinking fund though.
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