A surprising number of Landlords think that regular household insurance is enough when insuring their properties. However, what you may not know is that Landlords who do not tell their insurers that their property is rented may be refused a claim. This is because most home insurance policies do not adequately cover rented properties.
Click4Quote.com recommends that Landlords arrange specialist landlord insurance for all their rented properties. As well as providing the most appropriate cover for the buildings when being rented, cover can be purchased for Landlord’s contents and furnishings, and there are additional benefits which are of great use.
Firstly, the Click4Quote.COM landlord insurance policy also includes cover for loss of rent if your tenants have to move out temporarily while repairs are undertaken following an insured loss – for example a fire. Many policies additionally include the costs of alternative accommodation in these cases, and we recommend you check that your policy includes this cover.
Additionally, the Click4Quote.com landlord insurance policy includes cover for Property Owners Liability up to £2 million AS STANDARD. This is essential because of the large number of third parties that often visit a rented property – the tenants of course, but also the tenants’ guests etc. If any of these legitimate visitors were to be hurt, they are within their rights to make a claim against the landlord if it can be shown that the landlord was negligent. For those landlords who employ tradesmen on a regular basis (for example a gardener or handyman) Employers Liability is also available up to £10 million.
If you have not checked your insurance recently, we recommend that you do so in the near future so that you can see whether you are adequately covered. If you have any concerns, we are more than happy to discuss your insurance requirements with Landlords by email (enquiries@click4quote.com) or telephone (08450 89 90 91 Monday to Friday 9am to 5.30pm). Or why not get a quote on our website.
As ever, we welcome your thoughts and suggestions, so please feel free to send us your feedback.
Friday, January 30, 2009
Monday, December 1, 2008
What if your neighbour is uninsured?
As all landlords know, it is vitally important to insure all their let properties for the various risks that might occur – a fire, water leak, storm damage or break in. This is where specialist landlord building insurance is useful because it offers specialist cover for properties which are rented.
However, one risk that you cannot always allow for is if your neighbour is uninsured and damage to their property causes damage to your property too. Only today a client that I was speaking to asked me that very question, wondering if this would leave him totally unprotected.
Thankfully, in most cases, you as the property owner will still be protected as long as you have adequate cover for your own property. For example, if a fire in a neighbouring property also caused fire damage in your property, and the neighbour was not insured, as long as the cause of the fire is ordinarily covered by the insurance you as the landlord have in place, your insurer should still be able to deal with your claim in the usual way. It would then be up to the insurer to try and recover its own costs through appropriate legal means. However, claims such as these will always be reviewed on a case-by-case basis by your insurer as the circumstances can be very specific to each set of circumstances.
The issue of uninsured properties came to light in the last year following the flooding of summer 2007. Research by Abbey estimated that up to one in four of all properties affected by the floods of last summer were not insured. Although this would not have a direct impact on other homeowners because everyone in a street may be affected, it highlights the potential for problems that uninsured properties might cause if they suffered a catastrophic loss.
This only makes it all the more important to have adequate landlord building insurance in place. As a sensible precaution it is advised anyway, and CLICK4QUOTE.COM strongly recommends that all landlords have appropriate cover. If you are unsure how this affects you, we are always happy to chat about your insurance needs with you by telephone on 08450 89 90 91, or by email at enquiries@click4quote.com.
However, one risk that you cannot always allow for is if your neighbour is uninsured and damage to their property causes damage to your property too. Only today a client that I was speaking to asked me that very question, wondering if this would leave him totally unprotected.
Thankfully, in most cases, you as the property owner will still be protected as long as you have adequate cover for your own property. For example, if a fire in a neighbouring property also caused fire damage in your property, and the neighbour was not insured, as long as the cause of the fire is ordinarily covered by the insurance you as the landlord have in place, your insurer should still be able to deal with your claim in the usual way. It would then be up to the insurer to try and recover its own costs through appropriate legal means. However, claims such as these will always be reviewed on a case-by-case basis by your insurer as the circumstances can be very specific to each set of circumstances.
The issue of uninsured properties came to light in the last year following the flooding of summer 2007. Research by Abbey estimated that up to one in four of all properties affected by the floods of last summer were not insured. Although this would not have a direct impact on other homeowners because everyone in a street may be affected, it highlights the potential for problems that uninsured properties might cause if they suffered a catastrophic loss.
This only makes it all the more important to have adequate landlord building insurance in place. As a sensible precaution it is advised anyway, and CLICK4QUOTE.COM strongly recommends that all landlords have appropriate cover. If you are unsure how this affects you, we are always happy to chat about your insurance needs with you by telephone on 08450 89 90 91, or by email at enquiries@click4quote.com.
Friday, November 28, 2008
Are you soon to become a Landlord for the first time?
Becoming a landlord can be a difficult and confusing experience if you do not have the right knowledge behind you. Click4Quote.com have some handy tips to try and help make the process easier so you can protect your investment as much as possible.
Minimise your risk by vetting tenants by using a company that can verify them and make the appropriate credit checks. It is very important to do these checks as failing to pick up on unreliable tenants can potentially seriously affect your investment.
Make sure that, at commencement of a tenancy, any Inventory/Schedule of Condition provided is sufficiently detailed, legible, clearly set out and up to date to allow it to be used as a fair measure at the end of the tenancy.
Many landlords in the private sector receive a deposit against possible non-payment of rent or damage to property. When a tenancy comes to an end, there is usually no disagreement about the return of the deposit. But sometimes there is, and this can cause much hardship and inconvenience to both landlord and tenant.The Housing Act 2004 (Chapter 4, sections 212-5; & Schedule 10) made provision for both the protection of tenancy deposits and the resolution of disputes over their return. The Dispute Service has been awarded a contract by the Government to run one such scheme: The Tenancy Deposit Scheme (TDS).The legislation came into effect on 6 April 2007. All deposits taken for Assured Shorthold Tenancies after that date must be covered by a tenancy deposit protection scheme.For more information visit the website, http://www.thedisputeservice.co.uk/
Tax deductions for landlords can make the difference between losing money and earning a profit on a rental property. So make sure you take full advantage of these. More information is available at http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013376
Do the final check-out as soon as is reasonably practical after the tenants vacate at the end of the tenancy, preferably during daylight hours; it is essential that the checkout is done thoroughly and a sufficiently detailed summary report prepared of any alleged discrepancies or differences against the ingoing Inventory.
Landlords should take care to review any existing insurance policies when renting or letting a property for the first time as some standard insurance products will either not provide cover, or might place restrictions on cover, for rented property and/or its contents. A failure to inform your insurer that you are renting a property could invalidate any subsequent claim. It is for a landlord to insure the building and their contents, fixtures and fittings. The tenants are responsible for insuring any of their own possessions. There are various specialist insurance products designed for landlords and tenants and rented property: - Click4Quote.com offer a Landlord Insurance policy for buildings and contents cover as well as property owners liability and landlords legal protection. Emergency Repair cover and rental Guarantee cover are other additional benefits that are available on the market should you require them.
Don’t forget to check whether your current Insurance is valid for tenant occupancy, if it isn’t visit Click4Quote.com for a free Landlord Insurance quote, or for an Unoccupied Property Insurance quote whilst your property is vacant or undergoing any renovation. Its quick and easy to arrange a policy online or over the phone.
For more advice about becoming a landlord you can visit Landlord Zone or Residential Landlord for a wealth of invaluable information about letting your property.
Minimise your risk by vetting tenants by using a company that can verify them and make the appropriate credit checks. It is very important to do these checks as failing to pick up on unreliable tenants can potentially seriously affect your investment.
Make sure that, at commencement of a tenancy, any Inventory/Schedule of Condition provided is sufficiently detailed, legible, clearly set out and up to date to allow it to be used as a fair measure at the end of the tenancy.
Many landlords in the private sector receive a deposit against possible non-payment of rent or damage to property. When a tenancy comes to an end, there is usually no disagreement about the return of the deposit. But sometimes there is, and this can cause much hardship and inconvenience to both landlord and tenant.The Housing Act 2004 (Chapter 4, sections 212-5; & Schedule 10) made provision for both the protection of tenancy deposits and the resolution of disputes over their return. The Dispute Service has been awarded a contract by the Government to run one such scheme: The Tenancy Deposit Scheme (TDS).The legislation came into effect on 6 April 2007. All deposits taken for Assured Shorthold Tenancies after that date must be covered by a tenancy deposit protection scheme.For more information visit the website, http://www.thedisputeservice.co.uk/
Tax deductions for landlords can make the difference between losing money and earning a profit on a rental property. So make sure you take full advantage of these. More information is available at http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_10013376
Do the final check-out as soon as is reasonably practical after the tenants vacate at the end of the tenancy, preferably during daylight hours; it is essential that the checkout is done thoroughly and a sufficiently detailed summary report prepared of any alleged discrepancies or differences against the ingoing Inventory.
Landlords should take care to review any existing insurance policies when renting or letting a property for the first time as some standard insurance products will either not provide cover, or might place restrictions on cover, for rented property and/or its contents. A failure to inform your insurer that you are renting a property could invalidate any subsequent claim. It is for a landlord to insure the building and their contents, fixtures and fittings. The tenants are responsible for insuring any of their own possessions. There are various specialist insurance products designed for landlords and tenants and rented property: - Click4Quote.com offer a Landlord Insurance policy for buildings and contents cover as well as property owners liability and landlords legal protection. Emergency Repair cover and rental Guarantee cover are other additional benefits that are available on the market should you require them.
Don’t forget to check whether your current Insurance is valid for tenant occupancy, if it isn’t visit Click4Quote.com for a free Landlord Insurance quote, or for an Unoccupied Property Insurance quote whilst your property is vacant or undergoing any renovation. Its quick and easy to arrange a policy online or over the phone.
For more advice about becoming a landlord you can visit Landlord Zone or Residential Landlord for a wealth of invaluable information about letting your property.
Friday, November 14, 2008
Landlord tips to survive the credit crunch and come out stronger
The outlook may look bleak at the moment for the housing market, but we know from market trends that the market will pick up again in the long run, maybe as soon as five years from now. Landlords will then see their investments grow, and for those with resources available at the moment there could be huge opportunities to expand their portfolios. If this would mean stretching yourself financially at this time then this may not be a wise move.
Click4Quote.com have put some tips together that may help in the meantime:
Managing your property yourself will save on agent’s fees, so if this is an option to you this could save you money. Alternatively look for options where you can do certain things yourself and negotiate lower fees and renewal costs.
Research your local market carefully taking into account the demand / supply balance and price your rents conservatively to avoid the voids and retain your tenants longer. It will pay in the long term to be as competitive as possible rather than risking the property lying vacant for long periods of time.
Select your tenants very carefully and avoid panic lettings - a bad tenant can be far more expensive than an empty property, not to mention the stress and worry a bad tenant can cause. Do tenant checks and follow a good screening system such as Tenant Verify.
Be professional when dealing with tenants - don’t delay or penny-pinch on repairs as tenants tend to rent to avoid the worry of repair bills so don’t disappoint them and risk them moving on.
Research the best mortgage deals available - this may take time but it will be worth it. If you consult brokers and finance companies you can find good deals out there even in this economic climate.
Make sure your insurance is correct for the type of occupancy. Let property insurance would be required for tenant occupancy, property owners liability and legal cover as accident claims can be extremely expensive and time consuming to sort out. Landlord insurance can be arranged from as little as £78.75 with Click4Quote.com so it is well worth checking.
Ensure you meet all your legal obligations, especially the new ones in relation to Licensing, Deposit Protection and Energy Performance Certificates, as the fines can be high for non-compliance.
If you do find yourself in financial difficulties, hanging on in there if you can is preferable to crystallising losses now. Always keep your lender informed and get help and advice. Consider a second job, taking in lodgers, and cut spending to the bone - short-term pain is preferable to long-term debt.
If you have any other tips that you think would help other landlords please feel free to post them below.
Click4Quote.com have put some tips together that may help in the meantime:
Managing your property yourself will save on agent’s fees, so if this is an option to you this could save you money. Alternatively look for options where you can do certain things yourself and negotiate lower fees and renewal costs.
Research your local market carefully taking into account the demand / supply balance and price your rents conservatively to avoid the voids and retain your tenants longer. It will pay in the long term to be as competitive as possible rather than risking the property lying vacant for long periods of time.
Select your tenants very carefully and avoid panic lettings - a bad tenant can be far more expensive than an empty property, not to mention the stress and worry a bad tenant can cause. Do tenant checks and follow a good screening system such as Tenant Verify.
Be professional when dealing with tenants - don’t delay or penny-pinch on repairs as tenants tend to rent to avoid the worry of repair bills so don’t disappoint them and risk them moving on.
Research the best mortgage deals available - this may take time but it will be worth it. If you consult brokers and finance companies you can find good deals out there even in this economic climate.
Make sure your insurance is correct for the type of occupancy. Let property insurance would be required for tenant occupancy, property owners liability and legal cover as accident claims can be extremely expensive and time consuming to sort out. Landlord insurance can be arranged from as little as £78.75 with Click4Quote.com so it is well worth checking.
Ensure you meet all your legal obligations, especially the new ones in relation to Licensing, Deposit Protection and Energy Performance Certificates, as the fines can be high for non-compliance.
If you do find yourself in financial difficulties, hanging on in there if you can is preferable to crystallising losses now. Always keep your lender informed and get help and advice. Consider a second job, taking in lodgers, and cut spending to the bone - short-term pain is preferable to long-term debt.
If you have any other tips that you think would help other landlords please feel free to post them below.
Wednesday, October 22, 2008
Welcome to landlord insurance for landlords building blog
Welcome to the brand new landlord insurance for landlords building blog!
As the experts we will talking about landlord insurance and providing you with a variety of ueful information.
Landlord insurance is specifically designed for landlords. Whether you own one property, or have built up a portfolio of properties, our landlord insurance offers you real peace of mind.
Click4quote.com focus on delivering cheap comprehensive landlord insurance, while at the same time offering excellent customer service and flexible cover options to suit your individual needs.
We look forward to hearing your throughts as the blog goes on.
As the experts we will talking about landlord insurance and providing you with a variety of ueful information.
Landlord insurance is specifically designed for landlords. Whether you own one property, or have built up a portfolio of properties, our landlord insurance offers you real peace of mind.
Click4quote.com focus on delivering cheap comprehensive landlord insurance, while at the same time offering excellent customer service and flexible cover options to suit your individual needs.
We look forward to hearing your throughts as the blog goes on.
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