Posts Tagged: landlord 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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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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Find a cheap property

Wednesday, June 9th, 2010
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The quietest times for property sales are in late July, early August and in the run up to Christmas. This year, January and February were quieter than expected because of the big freeze.

The point of this is that when there are fewer buyers, property sellers are more likely to accept a lower price.

The cheapest time to buy a property – when you are going to find owners more likely to be flexible with regard to an offer – is either just before Christmas when they have a property on the market and they are looking for a buyer as soon as possible, or in the January/February period when it’s cold and miserable.’

If you have recently bagged a bargain property to rent, why not keep on saving by comparing landlord insurance. Whatever the time of year you can find cheap landlord insurance in minutes online at CompareCrazy.com.

Cheaper landlords insurance

By using CompareCrazy.com you complete one quick and easy application form online and wait for the quotes to come into your inbox. Sit back and compare landlord insurance quotes at your leisure with CompareCrazy.com

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Landlords urged to take gas safety

Saturday, May 29th, 2010
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A landlord has been fined and prosecuted by the Health and Safety Executive (HSE) after he repeatedly ignored notices to get his gas fire, boiler and flues checked and certified.Prosecuted under the Gas Safety (Installation and Use) Regulations 1998 and the unnamed landlord was  issued with a substantial fine.

HSE inspectors said he hopes the case serves as a warning to other landlords to adhere to employment law or risk prosecution. Adding “Carbon monoxide poisoning can kill and it’s completely unacceptable that a landlord chose to put others at risk.”

Figures from Landlord Expert show that some 30 people a year die from carbon monoxide poisoning due to gas appliances and flues not being properly installed or checked regularly for faults.

It is a colourless and odourless gas, meaning that it can infiltrate a property without the residents noticing.

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Cheap Landlord Insurance

Thursday, May 27th, 2010
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Finding cheap landlord insurance has always been important but in today’s financial climate many landlords are finding it more of a priority than ever before.

Luckily, finding cheap landlord insurance quotes has never been easier. Whether you have a large rental property portfolio. Or are just staring out as a landlord for the first time, easy savings of £100s on landlord insurance are there for the taking.

We’ve gathered some simple advice on how to get a cheap landlord insurance quote next time you need to renew your policy or take out a new one.

  • Use CompareCrazy to find cheap landlord insurance

Cheap landlord insurance top tip –  Shop around, get as many quotes as possible!
The most effective way of getting the cheap insurance is to contact as many insurance brokers as possible. It’s amazing the variation in quotes you can get from different companies – often hundreds of pounds.

You can easily and quickly compare insurance quotes using one of a number of websites that allow to input your details once and get back loads of quotes.

A good place to start looking is CompareCrazy.com, which will get you quotes from leading insurers in minutes – quicker than talking to a call centre operator.

Cheap landlord insurance top tip – Fit insurance approved locks
Landlord Insurance companies are also likely to offer a cheaper quote if you fit insurance approved locks and alarms. Being within a neighbourhood watch area can also be an advantage when looking for cheap landlord insurance.

Cheap landlord insurance top tip – Buy your policy on the web for an online discount
Many insurance companies offer their cheapest policies through websites – they pass back to you the saving they make by you doing all the hard work of inputting all your details instead of a phone operator doing it. Savings can be from 10-20%.

To get started, visit CompareCrazy.com landlord insurance page, where you can find links to the CompareCrazy.com comparison  Just click the link and you’ll soon be on your way to cheap landlord insurance.

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Landlords to fix leaky taps and compare costs

Thursday, May 20th, 2010
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A survey shows landlords are planning to take a more DIY approach to their property, with a majority saying they would manage their properties themselves, to save money

Around 54% of people of landlords with residential buy-to-let property say they would manage it themselves, rather than pay an agent to do it.

And 88% admitted they would often drive past their property to check how well the tenants were keeping it, according to Birmingham Midshires.

More than a third of landlords also said they would fix problems and carry out maintenance themselves, rather than pay a professional to do it.

The current economic climate is encouraging landlords to maintain a more hands on approach to letting and repairs; however any landlord planning to take on more responsibilities should ensure they are up to the job comments experts

If you are a hands on landlord why not take control of your landlord insurance, review you renewal premium and instead of simply paying up compare landlord insurance for yourself. Quick and easy to complete online forms enables even the busiest landlord to compare insurance quotes for themselves at CompareCrazy.com

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