Category: Landlords Insurance

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The Right Landlord Insurance

Saturday, September 4th, 2010

What is Landlord Insurance ?

Landlord Insurance

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Landlord insurance is comparable to homeowners insurance, but it covers the owner for any liability created by a tenant living there. Also, unlike standard homeowners insurance, it also covers you when the property is vacant. Being a landlord can range from somebody renting out their second property to create a small amount of extra income, to a full time business for some, who have a collection of properties, from which they create their livelihood. It is understandable that all of these landlords want to protect their investment, big or small. This is where landlord insurance comes in.

What does Landlord Insurance cover?

Landlord insurance is vital in today’s society, because of the amount of risks involved when owning a property. Not all people understand that, if they take out homeowners insurance on a property and then rent it out, any claim will be void. This is because they are making money from the property.

Each policy is different, but standard coverage often includes fire, theft and vandalism, storm, earthquake (each policy varies here, check with the insurer), oil or water seepage, lightning strikes and flood damage.

With almost every insurer, you can purchase extra coverage, including rent guarantee and contents insurance. Accidental damage cover and legal protection can also be taken out with the policy, but of course, the wider range coverage you take out with your broker, the more cost it will bear.

What To Consider When Choosing The Right Landlord Insurance

If you are the owner of a property and wish to take out insurance, you must consider certain factors when opting for a cover. Whilst different insurers have their own way of calculating your premium, often, there are set of recurring checks that are assessed, these include:

The premium of your landlord insurance policy can be affected directly by the type of tenant you are renting out your property to. Most insurers will still reward a no claims bonus on a property that hasn’t been claimed on in a period of time, even if you haven’t owned it for that period.

The area, age and type of your property can have a large effect on your premium.  Typically, inner city properties come with a higher quote, as do older or larger properties.

By taking out a voluntary, larger excess, your policy premium can be reduced. This is the amount it costs you to claim on your insurance.

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Landlords caught out by cowboy builders

Monday, July 19th, 2010
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Landlord insurance policy holder have been warned about dodging building practices in the UK Cowboy builders have caused almost £7 billion of damage to UK homes, according to new research.

A study by Santander found that nearly one in five (18%) UK households has fallen victim to at an average cost of £1,592 per botched job. Santander estimates the total cost of sloppy workmanship on UK homes at £6.8 billion.

“Anyone can call themselves a builder, but the potential damage that could be caused by rogue tradesmen is staggering,” said Miguel Sard, CEO of Santander Insurance UK.

He added that homeowners looking to get building work done should check the credentials of the builders they employ.

Landlords need to ensure that any building work not only meets stringent regulations but that any work does not have a detrimental effect on the rent-ability of the property. Landlords who need building work should not only compare quotes but take up references from previous customers.

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Plans for new regulation of private landlord scrapped

Monday, July 19th, 2010

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Plans for new regulation of private landlords are being scrapped, housing minister Grant Shapps said recently.

Mr Shapps told the Commons the private rented sector was already governed by a well-established legal framework and the new Government did not believe further regulation was necessary.

But the Association of Residential Lettings Agents (Arla) said it was “extremely disappointed” by the Government’s decision, saying tenants were not being adequately protected.

Mr Shapps said: “With the vast majority of England’s three million private tenants happy with the service they receive, I am satisfied that the current system strikes the right balance between the rights and responsibilities of tenants and landlords.

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Subsidence Insurance for property in former mining areas

Friday, June 25th, 2010
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Landlord Insurance policy holders and property owners in formers mining areas throughout the UK urged to check policies. Many property owners in former mining areas, have long suffered either the direct effects of property damage through subsidence or heave, availability or costs of insurance and affectation of property value.

Information concerning mines is available from the Coal Authority at coal.gov.uk.

The Coal Mining Subsidence Act 1991 meant that owners of property damaged by coal mining may have entitlement to remedies which include repair or compensation payments for depreciation. However, the Subsidence Act 1994 meant that insurance claims for mining subsidence compensation must be within seven years of mining.

It appears the thinking was that seven years was a reasonable time scale, later evidence and investigation suggests damage can still occur over double that time scale, where particular conditions prevail.

Halcrow Group Ltd produced a very detailed report in October 2007 entitled ‘Longwall Mining-Induced Fault Reactivation and Delayed Subsidence Ground Movement in British Coalfields.’ Mine-water rebounding in flooded former workings combined with ground water can create pressure on the land above, for instance faults occurring within a subsidence trough, the subsidence trough created by mining.

As with subsidence in general, it is not just damage to homes, it is the financial loss, insurance claims and impact on quality of life.

For affected homeowners, it would seem essential to have all the information available concerning the complex nature of the land beneath the property and water courses.

Where subsidence occurs it seems crucial for homeowners to ensure that good quality, professional work is carried out to protect the property.

Some insurers seem to operate on post code areas, for availability of cover or terms imposed. This may blanket owners in a wide sweep, including property where there is no particular affectation within such areas. Insurers are primarily concerned with the nature of land below foundations.

Apart from mining is the type of soil, type of trees and the proximity of trees to housing. Clay soils are drained of water particularly by trees such as ash, elm, horse chestnut, oak, plane, poplar and willow. Guidance can be sought from local authorities concerning the proximity of trees in your own or neighbouring property. Tree roots systems and subsidence can have an effect on the main property structure but also the drains and pipework.

When several small cracks appear suddenly in plasterwork around doors and windows and especially if the gap at the top is wider than at the bottom, it is the time to take action. It is essential not to ignore signs of trouble and to seek early professional advice and guidance by contacting the insurer.

We have all seen the effects of freeze and thaw on road surfaces, with cracks, potholes, sunken drain and manhole covers. At each successive freeze and thaw water penetrates into cracks and faults, freezes and expands and causes more damage at each phase. The behaviour of water in the ground around our properties is key whether in winter, spring, summer or autumn.

Building insurance policies normally cover damage caused to a property by subsidence, heave or landslip. If there has been a change of insurer and such damage has been found, any claim may involve the Association of British Insurers’ Domestic Subsidence Claims Handling Agreement, to which the majority of household insurers subscribe. This Agreement determines claims handling. A claim made within eight weeks of changeover is handled by the previous insurer. For eight weeks to one year, the claim is handled by the new insurer with costs shared equally between the new and previous insurer. At over one year, the new insurer is responsible.

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Compare landlord insurance for a cheaper deal

Wednesday, June 23rd, 2010
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There’s never been a more important time to search out some savings. The effects of the economic downturn the impending pay freeze for thousands of public sector and the impending rise in VAT can lead many a landlord to wonder how to keep costs down If you need to cut costs in the coming months, switching your landlord insurance broker is a simple first step.

Safety inspections and property maintenance costs are all unavoidable costs to landlords, however, a change of landlord insurance broker could help you cut at least some of the cost.

Thousands of people every week head for the Internet and check the comparison websites for bargains, and if you’re not one of them then it’s time you joined them. You’ll be able to find a list of tailor-made quotes in just a few minutes, any one of which could save you hundreds of pounds. Have a look today – you have absolutely nothing to lose.

All of the sites are up to date and extremely simple to use. Many people return every year to see if their current policy is still worth keeping, and if it’s not, they simply switch providers. It’s a fiercely competitive market, and insurers are constantly offering incredible deals, so it makes sense to take advantage whenever the opportunity arises.

To compare landlord insurance, all you need to do is input a few details about yourself and your property. It takes just a few minutes, and once you’re done you’ll be astonished at the potential savings, and will wonder why you hadn’t done this before.

And it’s not just landlords who can save, either. If you’re looking for liability insurance, PI Insurance or even taxi insurance for that matter, you can soon find savings.

Remember when money is tight there are substantial savings to be had when you compare landlord insurance online. Simply click quote and insure your property. It’s that easy.

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Landlord Insurance cover options

Tuesday, June 22nd, 2010
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Landlord contents insurance
It could cost you a lot of money to replace or repair valuable possessions in your property should they get damaged. Having Landlord contents cover will help you to transfer this risk by insuring the contents of your property, up to a limit agreed with your insurance company.

Landlord contents cover is essential for landlords renting part or fully furnished property.

Landlord buildings cover
It can be very difficult and almost impossible to supervise your properties all of the time. Consequently it is vital to have peace of mind should any accidents occur when you’re not around.

Comprehensive landlords insurance usually includes landlords’ buildings cover. This can protect your property against fire, storm, theft and a multitude of other issues that may occur.

Landlord public and employers liability insurance
As a landlord you are liable for injury to a member of public while on your property. Having landlord public liability cover included in your landlord insurance package can help cover you the event of a claim made against you.

Compare landlord insurance

By comparing landlord insurance online at CompareCrazy.com not only can you obtain the peace of mind you desire but also ensure that your get the very best deal for you.

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Landlord liable after cutting corners

Wednesday, June 16th, 2010
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Landlord Liability Insurance policyholders have been warned not to cut corners following the successful prosecution of a North Warwickshire landlord.

North Warwickshire Borough Council successfully prosecuted a landlord for failing to carry out essential repairs and maintenance to a privately rented house. Mayor of North Warwickshire and cabinet member for housing councillor Kath Johnston commented “Prosecutions like this are rare, but landlords must recognise they cannot cut corners and risk the health of their tenants. There is a legal minimum standard for housing and we have the tools to impose solutions where necessary”.
Risks from fire, electricity, cold, falls and hygiene were just some of the problems that the council wanted rectifying. An Improvement notice served on the landlord was ignored leading to a fine of £2000 plus costs at magistrates in Nuneaton.

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New Landlord Insurance Guide

Monday, June 14th, 2010
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Most new landlords that buy a property either residential or commercial do so in the intention of providing a valuable secondary income. Property owners with a portfolio of properties often rely on rental income as their main occupational income. Landlords new to the market should know that a standard home insurance policy is unsuitable for rented homes requiring instead a landlord insurance policy. Landlord building insurance is available for both commercial and residential properties.

By taking out dedicated landlord insurance policy landlords can be confident that it is the right cover for a rented property should a claim arise. Most landlord insurance quotes automatically include property owner’s liability, loss of rent cover and some insurers also offer free legal expenses cover. Optional extra’s can be added to the policy such as rent guarantee cover for an additional premium.

One of the questions you will be asked during the insurance quote stage is the rebuild value of building or commonly known as ‘buildings sum insured’. This relates to the cost of rebuilding the entire property in the event the building is destroyed and has to be rebuilt from scratch. The most important thing is to give an accurate amount for rebuilding costs. If you inaccurately overvalue this figure you could be paying more for your landlord insurance cover.

If you have more than one let property then all the premises can be covered by a single landlord insurance policy. This can save you money and with one single renewal date is easier for landlords to administer  Most landlords portfolio policies are flexible in that premises can be added or taken ‘off’ the policy at any time, can contain a mixture of residential and commercial buildings. The policy will also usually cover different types of tenants such as professionals, DSS benefits, student lets and even unoccupied properties.

Compare landlord insurance quotes

It is simplicity itself for landlords to compare landlord insurance online in minutes with CompareCrazy.com  This will ensure that you get a cheap landlord insurance quote.

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Property price surveys

Saturday, June 12th, 2010
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Every other day seems to bring a fresh house price survey, but each often appears to contradict the last.

Land Registry

The most recent survey to be launched – it has also become the most authoritative.

The Land Registry, which records all completed property sales in England & Wales, is now publishing a monthly report on house prices, in addition to its quarterly survey.

It has been recording the price of all property sales since April 2000.

Of the more than seven million sales since then, 1.4 million have involved the same house being sold again.

So the Land Registry is using something called Repeat Sales Regression to measure the change in prices over time.

In essence, this means it is comparing the price of properties sold now with the price paid when it was sold before.

The Land Registry’s quarterly survey is still very comprehensive.

The proceeds of all the transactions are totted up, and then divided by the total number of sales to reach an average sale price.

However, repossessions and property transfers following a divorce are excluded to avoid skewing the sample.

But because it takes virtually all residential property sales into account, the Land Registry’s figures can provide a unique insight into not only national but local prices.

In fact, the Registry can provide an accurate picture of prices down to postcode level.

However, since the survey comes out only once every three months, the figures are out of date by the time they are published.

A similar survey is produced in Scotland by the Registers of Scotland.

Government price survey

The government has its own monthly house price index, issued by the Department for Communities and Local Government (DCLG).

It uses lending information from about fifty lenders, which is collected through the Survey of Mortgage Lenders.

Unlike the Land Registry survey the new government index does not contain information on cash purchases, which account for about a quarter of the market.

And another drawback is that it is not very timely. It will only appear two months in arrears.

But the survey offers indexes for the whole UK, the major regions and one for first-time buyers.

Unlike the Nationwide and Halifax surveys which are weighted according to transactions, the new survey depends much more on the total amount of money spent.

Relying on expenditure in this way will mean that London and the South East, where house prices are highest, will have a greater influence on the government’s index.

Nationwide and Halifax

Perhaps the best known snapshots of the property market are provided by Britain’s two biggest mortgage lenders, Nationwide and Halifax.

Both surveys cover the entire UK, rather than just England and Wales.

A red line superimposed on a house

Surveys often contradict one another

Their figures are often very similar, as they are both based on the price agreed after a survey by their mortgage customers.

However, like the new government survey, they are based only on property sales financed by mortgage lending, ignoring sales which are transacted on a cash basis.

Royal Institution of Chartered Surveyors (RICS)

Put simply, this survey reflects confidence in the property market rather than what is actually happening to house prices.

Three hundred surveyors and estate agents in England & Wales are asked if they feel prices are falling or rising.

Respondents are also quizzed on a host of other related issues, such as whether the number of buyers and sellers are rising or falling.

Generally speaking, the RICS survey is the first to show any sea change in the market.

Hometrack and Rightmove

Both of these property industry businesses also produce their own house price surveys.

Hometrack was first in on the act in 1999, and has established its survey as a very useful guide to current prices.

Data is collected from 3,500 estate agent offices from all 2,200 postcode districts in England and Wales. The estate agents report whether asking prices are rising or falling.

Rightmove’s survey operates in a completely different way to the Hometrack survey, collating asking prices for houses placed on its own website over the previous month.

The sample size is quite extensive, as Rightmove claims to display around 35% of all homes for sale. Over half the UK’s largest estate agency chains choose to list their properties on its site.

However, it obviously does not reflect the prices at which properties actually sell.

Orginal article at BBC

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Landlords & tenants know your obligations

Friday, June 11th, 2010
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Whether you are a landlord or tenant, it is vital that you are aware of your legal rights and obligations. The law protects both parties and does not permit you to ‘take the law into your own hands’, irrespective of circumstances.

It is important that landlords fully understand their obligations. The Disability Discrimination Act, Sex Discrimination Act and Race Relations Act also apply to anyone letting, selling or managing premises. If you are in doubt about anything seek legal advice.

What is the landlord responsible for?

  • repairs to the structure and exterior of the property, heating and hot water installations, basins, sinks, baths and other sanitary installations
  • the safety of gas and electrical appliances
  • the fire safety of furniture and furnishings provided under the tenancy
  • ensuring that the property is fit for habitation
  • repairing and keeping in working order the room and water heating equipment
  • the common areas in multi-occupancy dwellings

What is the tenant responsible for?

  • paying the rent as agreed and taking proper care of the property
  • bills for gas electricity, telephone, etc if this was agreed with your landlord
  • in most cases, paying the council tax, water and sewerage charges

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