House insurance when renting own property and living in a rented property

barrybmcnamara

Hi,

Hopefully someone in this forum may be able to shed some light on this for me.

I am currently after moving into a rented property and am renting out my own property and i would just like to know how house insurance should work in this situation :eek:

1. Do i need to change the house insurance on the property i own to only include building insurance and not contents insurance, or should i be including this for my tenants
2. Do i need to take out contents insurance in the rented property or is this something that should be included by the letting agency
3. Should i reduce the value of the buildings insurance since the value of buildings have dropped drastically in the past 2 years (is there any way to estimate how much it would cost to rebuild the house or do i need a quote from a builder)

I know questions 1 and 2 contradict each other but i am really confused as to what should happen here and how i need to change my current house insurance to cover exactly what i need

3DataModem

barrybmcnamara wrote: »

Hi,

Hopefully someone in this forum may be able to shed some light on this for me.

I am currently after moving into a rented property and am renting out my own property and i would just like to know how house insurance should work in this situation :eek:

1. Do i need to change the house insurance on the property i own to only include building insurance and not contents insurance, or should i be including this for my tenants
2. Do i need to take out contents insurance in the rented property or is this something that should be included by the letting agency
3. Should i reduce the value of the buildings insurance since the value of buildings have dropped drastically in the past 2 years (is there any way to estimate how much it would cost to rebuild the house or do i need a quote from a builder)

I know questions 1 and 2 contradict each other but i am really confused as to what should happen here and how i need to change my current house insurance to cover exactly what i need

1. Change policy on house you own to "landlords insurance" and include value of contents that you own in the property. Cost of insurance shouldn't be very different to what you currently pay. Change buildings cover amount if you need to, up to you.

2. Take out contents cover for your rented property.

That's it.

oldyouth

God advice from 3DataModem. Also in point 1 you refer to including contents cover for your tenants. Just to let you know, you can't insure their belongings but you can cover your own ones that you leave behind such as carpets, curtains beds, etc.