What type of landlords insurance is available online?

Potentially, any insurance you may need may be available online.

Classic types of cover include landlords buildings and contents cover, landlords contents cover alone and third party public liability protection (this may be included as standard with some landlords buildings cover).

If you believe you have any form of specialist letting insurance requirements, we would be only too pleased to offer our services in helping you understand the options available.

Do I need landlords insurance online if I only let my own owner-occupied property during the holiday season?

Although it may be necessary to read the detail of any owner-occupier home buildings and contents insurance you may have in place, typically such policies will cease to offer cover the moment you start letting out your property.

That may apply even in situations where you are letting out your property infrequently or if you are only doing so for a room or two in a house you otherwise occupy as your own normal place of residence.

Is there any point in shopping around?

There is typically a very strong case to be made for comparing a number of opportunities side-by-side or asking someone to do that for you.

In spite of the sometimes cynical view of insurance that exists, the reality is that landlords policies may differ significantly in several respects including things such as price and cover provided.

What happens if I let my property on an unfurnished basis?

You may be able to seek landlords insurance online that covers only buildings, fixtures and fittings.

You should make sure though, that things you consider to be fittings in your property are actually also considered to be fittings by the provider of your buildings insurance.

What is unoccupied property insurance?

Insurance providers may typically regard an unoccupied property as being at higher risk (in certain risk categories) than property which is occupied.

Some policies may cover an unoccupied property for up to 30 consecutive days (there may be some variations on this between policies) after which time your insurance may cease to be valid in full or part.

If you wish to make sure that you have continuity of cover, you may need to seek what is called unoccupied property insurance.

Is this cover also available online?

Yes, you may typically be able to find both landlords insurance online and unoccupied property insurance cover through the same sources.

Following on from the recent wild weather, insurers are preparing themselves for a new influx of claims and landlords are being advised to report any incidents as soon as possible to ensure a swift conclusion.

The storms that battered Britain are evidence of why adequate landlords protection is essential in modern times, with the cost of repairs increasing all the time.

Insurers have promised to deal with these claims as swiftly as possible and all good landlords insurances should cover these perils.

If you have any questions about storm damage please call our helpful Team on freephone 0800 9707172.

Mike

Despite the current economic climate it seems that lenders are fighting each other in the fight to sign up property investors, and there are semmingly no limits to how far they will go.

Out go early repayment fees and cash back deals that currently flood the market, in come a new range of products with new interest rates with the estimated lending figures set to rise by over 30% in 2012.

Strong demand for tenants is pushing the sector forward and lenders are devising new innovative products to appeal to the modern investor. The Industry awaits the next moves in the rental “Cold War”.

Thanks

Mike

• your  requirements for buy to let property insurance may be very specific to you and the type of property and tenants that you have. Matching these requirements against the landlord insurance policies available in the marketplace may prove to be a time consuming business;
• the role of landlords insurance brokers is typically to take your requirements and find you the most appropriate cover they can;
• they may then be able to offer you the choice of suitable policies that they have been able to find to match your requirements;
• you may require a let property insurance policy which may provide you with cover against malicious damage by tenants or which offers you the freedom to choose whichever categories of tenant that you may wish to  (some policies may exclude DSS for example or students);
• policies may be available which might provide you with trace and access cover, which means that you would not be responsible for paying for damage caused to your property by a trades person finding and repairing another problem;
• if you have concerns about the effect on your income of your tenants having to move out if your property is rendered uninhabitable by an insured event such as flooding or fire, then a policy which offers loss of rental income cover may be very welcome and be something that a broker may be able to help you find;
• damage from subsidence may be something that may turn out to be financially disastrous for you and since not all buy to let policies these days may offer this protection as standard, using a landlord broker to find those policies that do may be worth thinking about;
• unoccupied property insurance may also be something that landlords insurance brokers may be able to help you find if your property is standing empty for periods of 30 days or more (you may wish to bear in mind that the terms and conditions of such a policy may be quite different to those of standard buy to let cover).

In this age of the power of social media, several letting agents are taking the phenomenon a step further by advertising their latest properties on Twitter and Facebook.

Northwood UK is the leading letting agent in the UK with over 10,000 landlords and 75 offices, and with the knowledge that some 1.6 million people are searching online they have taken the decision to advertise on these sites to maximise their potential audience.

The idea is that usual browsing tenants at home will be able to search online in the comfort of their own home, and is a market leading idea.

It remains to be seen if their competitors will follow suit.

Mike

Reports in the North of England suggest that there is a crisis as many areas are virtual “Ghost streets” with boarded up and empty properties littering the landscape.

House prices are increasing but the issues lie in the affordability of mortgages for first time buyers, it is common to ask for a quarter of the value of the property as a deposit. This coupled with many in the region earning a ceiling limit of £20,000, and the issue has also encompassed housing association as they are facing government backed benefir cuts.

Many experts say that this crisis has been brewing for many years with the decline in once profulent industries such as manufacturing, mining, cotton mills and metal. In places such as Liverpool, around 330,000 have migrated to other areas, such as London and whereas most house prices are 3/4 times the size of income, it is around 16 times in many Northern areas.

None of this is to say that effort has not been put in to improve the situation, in 2002 many properties were demolished across the country though leaving many properties unsellable.

Many “in the know” are calling on urgent leadership from the coalition Government, and it remains to be seen what steps they take.

Mike

One of the most important issues to address as a landlord is Gas Safety, although you legally need aannual inspection ensure you follow the guidelines set out by the HSE. http://www.hse.gov.uk/press/2007/gnnyh04607.htm

Storm Damage

• Check all types of roof whether flat or pitched, check tiles are not damaged and check of obvious signs of damage, whilst here check the gutters for debris and ensure they are clear and water is not leaking on any exterior walls.
• Most insurance companies will have an endorsement in respect of flat roofing and may have between a 5 and 7 year inspection warranty.
• Whilst on the roof check how stable TV aerials and satellite dishes are.

Escape of Water

This type of claim can happen at anytime of the year, more common in the winter months but can happen when least expected.

• As in previous blogs I recommend keeping heating systems in unoccupied property on throughout the winter months atleast 15 Degrees Celsius or turn the water off and drain the system.
• If the property is tenanted make periodic inspections of all pipes and household appliances.
• Locate the Stopcock and advise your tenants, Stopcocks can cease up to prevent this ensure it is regularly turned off and on.

Theft

Most insurance companies will only cover theft or attempted theft should there be signs of violent or forcible entry or exit.

• All external doors to be fitted with 5 Lever Mortice Deadlocks (Conforming to BS3621).
• Patio Doors to be fitted with a central locking device in addition to key operated bolts to top and bottom.
• All ground floor and accessible windows to be fitted with key operated locks.

Fire

Fire can be caused by a variety of sources but as a landlord it is your responsibility to ensure you tenants are protected.

• Electrical faults can be caused by faulty wiring or faulty appliances, have an electrical inspection at least once a year.
• Fit smoke alarms, If your home has more than one level (storey), fit one alarm at the bottom of the staircase and further alarms on each landing.

There are many little jobs which kept on top of may prevent a costly claim which may cause more than damage to your property and more importantly your tenants, many policies will state that a property must be in a good state of repair and should be maintained, failure to do this could potentially lead to a claim not being made!

Regards Dan

You may typically find:

• unoccupied property insurance is a form of cover that is tailored specifically for those times when your property is standing empty for periods typically in excess of 30 consecutive days or more;
• cheap unoccupied property insurance may be needed to address those risks that are prevalent when a property is empty, which may be very different to those that may typically be covered by a standard buy to let insurance policy;
• thieves and vandals may be attracted by unlit windows and a garden that may be becoming more overgrown and untidy;
• problems that may start out small, if left unnoticed may grow and cause damage which may be more difficult and more costly to put right;
• vacant home insurance may typically contain terms and conditions that may be quite different to those found in a standard landlord insurance policy;
• these might include a requirement to visit your property on a regular basis to ensure that ongoing regular maintenance is carried out and that any problems are fixed as quickly as possible before they have time to develop into something more serious;
• empty property cover insurance policies may also require that you keep of log of such visits and of the work carried out;
• landlords are not being singled out with this insurance requirement – empty property risks also effect owner occupied properties;
• it is the length of time your property may be empty rather than the reason that is important – so if you are on an extended holiday or business trip, are having trouble finding new tenants or your property is empty for legal reasons, your existing policy may not be providing the cover you expect after a set amount of consecutive days;
• unwelcome as they may be (in income generation terms), there may be times when your letting property is empty and  when additional protection may be needed – you may wish to bear in mind though that what is cheap unoccupied property insurance for you may not be cheap for another landlord, so it may always make sense to read the policy carefully prior to purchase.

Perusing the Landlords Insurance News as I do, and came across this interesting article.

http://www.telegraph.co.uk/property/newhomes/8914895/Top-10-up-and-coming-property-hot-spots.html

Thanks

Mike