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Wednesday, April 11, 2012

Landlord insurance 'rip off'

I've just had to renew my landlord insurance and household insurance.

Isn't it amazing that the costs of insuring your property go up every year even in the middle of a massive global economic depression.

Having been confronted by a quote from my landlord insurance company which has risen by over 10% I phoned them up to ask them to reduce the rebuild costs on my portfolio. They looked absurdly high. The best way of checking the figures is to go to the BCIS website and get the rebuild costs from there.

It turns out that the rebuild costs are inflated by 5% each year on the recommendation of the BCIS. Sod that! Remember you can insure the rebuild for what you want. Obviously, I would never recommend that a landlord under insures their property but looking at some of the figures that have been included I'm sure I could rebuild for a lot less.

Landlord insurance - compare the market
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Carol said...

When I renewed my landlord's insurance last month, two companies I asked for a quote refused me as a customer because one of the flats has a tenant who is in receipt of benefits. Is this the norm?

brij said...

Carol, not usual for buildings insurance, but insurance companies do seem to have this for rent gurantee insurance.