LandlordForms

Landlords, you will know that owning a buy to let isn’t as simple as just letting your property to a third party.  There are contracts, referencing, liabilities and maintenance but most of all the uncertainty of having somebody you do not know live in your property.  This is why you need to be fully protected in all areas of your investment.

You wouldn’t insure half of your car so why insure your property without protecting it as best you can, leaving the premises and yourself vulnerable to large non-recoverable costs.

Properties can be let in various ways to various tenants.  All insurance companies have their preferred and excluded types, however choosing the correct insurer, who provides necessary and proper cover, can prove tricky.

The rise of rent-to-rent, serviced accommodation and the HMO boom are regular declines from insurers so it wise to speak to an expert.  Here at Insurance-Desk we are property brokers run by a staff of property owners.  We can place your property needs from large HMO’s, Rent-to-Rent, Council and Vulnerable tenants, unoccupied/undergoing development, standard residential/commercial let and much more.  We analyse your needs and make sure we offer the necessary protection but at market leading rates with expert advice.

Below are a few areas of cover, to highlight: (which many insurers don’t provide necessary cover)

damage

Malicious Damage by Tenant

A lot of insurers will limit their liability in this area, if cover provided at all, to £5,000 or £10,000 to protect themselves from a major incident.  This has the potential to leave you heavily out of pocket because we have seen malicious damage claims rise to £20,000+.  If the tenant/s decided to completely destroy the property, leave it in a mess or even set fire to the premises, the claim will quickly rise above the insurer limit.  To lower your risk, you should have a policy that has no limit and protects malicious damage by tenant claims up to the sum insured.

Contents Cover

Many landlords let their properties unfurnished so feel contents cover is not required.  Carpets, floor coverings, blinds/curtains and white goods are all classified as contents so damage to these would not be covered.  New carpets can be costly so with the above in mind, contents cover should be sought after.  Look for insurers who offer cover for this as standard, so you do not need to pay any premium for the cover, usually a £10,000 limit is sufficient.

Un-occupancy Length

Tenants may vacate your premises for several different reasons.  This can be unexpectant or at the end of their AST.  It may even be because the end of the tenancy agreement is the perfect time for you to carry out renovation on the property (You may still need to refer renovation works to be accepted).  Whatever the reason maybe, it will leave your property unoccupied in the interim.  This is another area where your cover may fall short because there is only a 30 day unoccupancy allowance.  After this time, the insurer will look to reduce cover to minimum perils (Fire, Lightening, Earthquake, Explosion & Aircraft) and may even charge an unoccupied rate.  Look for insurers offering extended un-occupancy periods such as 60 days or even 90 days.  This provides flexibility and allows you to proceed with your plans without the rush.

smallmoney

Legal Expenses

Let’s face it, not many of us are experts in contract law and legal issues.  Having an AST or other tenancy contract is legally binding so what happens when things go wrong.  Say a tenant refuses to leave your property at the end of an agreement or refuses to pay rent and you want your property back?  Defence costs, legal representation and fees can be very expensive let alone stressful.

This cover will provide you with legal assistance to repossess your property, evict squatters, disputes over property damage, rent recovery and other legal representation.

Rent Guarantee

At the end of the day the reason we let a property is for the income, so why not protect it???  Maybe because its provided as a separate policy at an extra cost.  With portfolio landlords the extra rent cover costs may outweigh the potential risk of a tenancy dispute arising.  Fear not, we have access to a product that includes this with your cover at NO EXTRA COST.  It even provides cover for multiple tenancy in a HMO and student lets etc.  We can also provide this as a standalone cover if necessary.

The legal expenses, as mentioned above, element of a policy may include cover to recover any rental arrears, however this repayment is not guaranteed.  Having a rent guarantee extension means that any missed rental payments from your tenants can be claimed from your insurance.  This allows you to keep up with any potential mortgage payments and protects your rental income.  Without this cover, a lengthy legal claim could cost your thousands in lost rent, let alone the legal costs.

Whether you are looking for a quote, advice or cover contact us today – 01296 329610 or email us through jdp@insurance-desk.com

Landlords Insurance - Are you covered?

Landlords, you will know that owning a buy to let isn’t as simple as just letting your property to a third party.  There are contracts, referencing, liabilities and maintenance but most of all the uncertainty of having somebody you do not know live in your property.  This is why you need to be fully protected in all areas of your investment. You wouldn’t insure half of your car so why insure your property without protecting it as best you can, leaving the premises and yourself vulnerable to large non-recoverable costs. Properties can be let in various ways to various tenants.  All insurance companies have their preferred and excluded types, however choosing the correct insurer, who provides necessary and proper cover, can prove tricky. The rise of rent-to-rent, serviced accommodation and the HMO boom are regular declines from insurers so it wise to speak to an expert.  Here at Insurance-Desk we...
Rate this blog entry:
Continue reading
3338 Hits
0 Comments

Why should I rent guarantee?

We recently chatted to our expert insurance panelist, John Cox from Insurance Desk about reasons why we should protect our rental properties with a rent guarantee.  John owns Insurance-Desk Services which is an independent, friendly broker. They've been working with clients for over 14 years and consistently provides competitive quotes year on year on landlords, tenants, portfolio and commercial insurance policies as well as many other types of insurance. John founded Insurance-Desk Services to aid many landlords who at the time were finding it increasingly difficult to insure properties that have tenants who were on benefits. We asked John why he thought that using a Rent Guarantee was a good idea. Protecting your rental income should be a must if you want continuous rental profits and/or need to keep up with a mortgage. Rent Guarantee cover ensures rental income is not compromised even if your tenants fall into arrears The provider that...
Rate this blog entry:
Continue reading
653 Hits
0 Comments

The three golden rules of landlord insurance

Investing in property to become a buy-to-let landlord can be an exciting chapter in your life. It can become a substantial second earning alongside a primary career, or a venture into the business of property letting full-time. What can be said for both though is the mutual stress it can sometimes bring. For that reason it is extremely important you select the correct landlord insurance and know exactly how to do that. So below are three golden rules that can guide you simply into selecting and narrowing down the credentials for the right landlord insurance. Honesty is the best policy. Starting a new venture can be daunting, so now more than ever you need to be completely honest about your situation. Giving extensive and honest details about any potential risks that may occur will allow you to rest assured that no matter what may happen, your insurance will have it...
Rate this blog entry:
Continue reading
2035 Hits
0 Comments

Check your security this summer

As we move into the second half of the year, it feels like we have the whole summer ahead of us. Before too long we’ll be looking at autumn and the days will get shorter and darker. While it’s still so beautiful and bright that’s really not what anyone wants to think about, but now is the time to start thinking about securing your home ready for winter.  Statistics show there is a 20% increase in the darker months, so make sure you’re prepared. Here are some tips on the areas you really need to focus on: Windows While it’s warm, the most vulnerable part of your home is open windows. 30% of burglars gain access through an unlocked window or door. Always remember to lock up your windows before you leave the house or go to sleep. For the winder months, make sure your window locks are up to...
Rate this blog entry:
Continue reading
1676 Hits
0 Comments

Making Sure Youve Got the Right Landlord Insurance

  Buying second houses to then let them out again is becoming increasingly common as more and more people find that first-time-buying is extremely difficult in the current climate. This means that there are now far more landlords about than you might expect, and unfortunately, a lot of them are not completely clued up on what they need to do to ensure that they’re doing things properly. One of the major things to think about is insurance – simply having the normal house insurance is not enough if you’re not living in the property but renting it out to someone else. The following are some of the things you needs to check when looking at insurance: Buildings Cover You never know what disaster might strike your property, whether it’s flooding or storm damage. For this reason, it is essential to have cover, just in case the building becomes uninhabitable. You...
Rate this blog entry:
Continue reading
1171 Hits
0 Comments