Landlord Insurance Brokers

Property maintenance declines

2011-09-14T03:23:00.001-07:00

New data from Simply Business, the UK’s largest business and landlord insurance broker, suggests that tight budgets are hitting property maintenance by landlords, as the proportion of claims made for avoidable incidents such as leaks, burst pipes, frost damage and general wear and tear has increased by five per cent since 2008.

The data, taken from the claims of over 3,500 private landlords reveals that water damage is the biggest offender, with the number of claims increasing by 20 per cent since 2008. Water damage is also one of the most expensive problems to fix with the average cost of repair at £2,422 per incident.

Despite strong demand pushing rent rates to a record high*, the data suggests that increased overhead costs and fears about the ongoing stability of the UK financial market** mean landlords are scaling back on their short term costs and failing to proactively re-invest in the upkeep of their rental properties.

But with 3.4 million households now living in privately rented accommodation, it is essential that landlords foster good relationships with tenants and encourage them to report instances of damp or water leaks early as timely maintenance work can save on bigger pay outs later.

Landlords will be happy to hear that incidences of other claims have decreased, including accidental damage (down by 3 per cent), storm damage (down by 17 per cent) and theft (down by two per cent), although these are still amongst the most frequent problems.

Jason Stockwood, CEO, Simply Business, commented: “While insurance is crucial for landlords to ensure they can repair any unanticipated damage to the property, they must still maintain the property to a reasonable standard. Damage due to poor maintenance will not only disrupt current tenants and discourage future tenants but maintenance related claims are frequently not covered by insurance policies.

“With winter approaching, we would encourage landlords to check their properties are water tight and secure so they can withstand any heavy rain and cold spells. Otherwise they could be left with a hefty bill.”

Simply Business has released guidance for landlords on claims that are generally excluded from their insurance policies:

1.    Frost damage as this is seen as a maintenance issue. A water tight building in good condition, should not allow water to get into the pipes or brick work, where it can then freeze, expand and cause damage over time. To avoid this happening, a regular maintenance programme should be implemented during the dry months.

2.    Malicious damage by tenants is usually not covered on standard policies so landlords need to ensure they request this. Not to be confused with ‘Accidental Damage’, ‘Malicious Damage’ is the intentional physical damage to the property and would be considered a crime. Examples include vandalism, deliberate fire or theft of building fixtures. When claiming for this type of damage, the police need to be notified and a crime reference number must be submitted to the insurer or broker.

3.    Un-occupancy: Most Insurance policies try to accommodate the common situation of a property sitting unoccupied between tenants, allowing 30 days before the insurance company needs to be notified of the change. Beyond the 30 days, some insurers may apply additional terms and restrictions until the new tenants move in, whilst others will not want the cover to continue at all. If the insurer is not notified that the property is unoccupied after the 30 days then it is considered a material change to the policy and any claim is unlikely to be covered.

4.    Wear & Tear is the gradual deterioration of an object that takes place over time and is not classed as an insurable risk or event. It is the policyholders responsibility to maintain the condition of the property and keep it in a good state of repair.

5.    Loss of Rent – If the landlord has agreed that the tenant shouldn’t pay rent because of damage to the property, but the property isn’t deemed uninhabitable then landlords cannot assume this will be covered. In order to claim for this the property must not be liveable for the tenants.

Landlord insurance - how to access your policy

2011-07-02T00:33:00.000-07:00

For many landlords accessing the quality of their landlord insurance is difficulty. The reason being that landlord don't really know what to look for when being presented by landlord insurance policies from their landlord insurance broker.

The good news for landlords is that there is an independent organisation called defacqto that do the annalysis for them.

They access the landlord insurance against 57 separate criteria and then give the landlord insurance a star rating with 5 star being best.

To find out more on how to assess your landlord insurance follow the link.

Landlord insurance overview

2010-09-10T23:36:00.000-07:00

There are many different types of Landlord. From the individual who is renting out their second home to the ambitious property tycoon with an ever-increasing portfolio of trendy dockside apartments. The common theme for all landlords is the need to purchase landlords insurance to protect their investment.

Food for thought?

As a landlord, you are effectively using your property as an extra source of income – and this needs to be protected. A normal home insurance policy is not valid when you are taking an income from the property. A residential landlord policy is what is required.

With the correct landlords insurance policy in place, you can relax knowing that should any damage be caused to the property you are protected against the financial consequences. With this peace of mind in place, you can worry about running your property and nothing else.
Examples of claims which Landlord’s Insurance covers you for:

Landlord’s insurance would pay you should the following happen:

• Your property is massively damaged by a fire. Luckily your tenants are not hurt but they have to move out as the damage is so bad. It takes builders and decorators 3 months to repair the damage. Your landlord’s insurance policy would not only pay for all of the work to repair the property but also pay you the rent that you are missing out on by not having tenants living in the property during this period.
• You fall out with your tenants. They stop paying the rent and refuse to leave the property. You are forced to take them to court to get them evicted and collect rent owed to you. If you have purchased the “Legal Expenses” cover as part of your Landlord’s insurance policy then all of your costs accrued in fighting the court case would be compensated.

Frequently Asked Questions

What is the Buildings Sum Insured (BSI)? You are always asked to give an estimate for the Buildings Sum Insured (BSI) when going through the process of getting a Landlord’s Insurance quotation. This is an estimate of the cost for rebuilding your property should it be completely destroyed. Do not confuse this with the value of the property (which is normally much more – especially in prime city-centre locations) otherwise you will be paying more than is necessary for your insurance. On the other hand, do not be tempted to deliberately understate the BSI since should it come to making a claim the insurers will reduce the amount that they pay you in proportion to the amount you have underestimated.

Why am I not already covered under my normal home insurance? Home insurance policies will not pay when the property is being used to make an income (for example when you are renting your property to tenants). You must therefore buy a Landlord’s Insurance policy which is especially designed and rated for these circumstances.

I have several properties, do I need to buy one policy per property? No, you can buy one policy which covers as many properties as you have. Using our online quotation system you can receive instant quotations from many of the UK’s top insurers for one property or multiple properties.
How do insurers calculate the premium for Landlord’s Insurance? Different insurers use different ways of assessing the risk of your property and therefore how much to charge you.

Some of the major factors are:

• The location of the property (postcode)
• The Buildings Sum Insured
• The type of tenants in the property
• A history of claims
• The age of the property
• The type of property (flat, detached, terraced etc)

Instant Landlord Insurance Quotes

Decision Finance offers you instant online quotations for Landlord’s Insurance upon completion of a short online form. You will receive quotations from some of the UK’s top insurers including Norwich Union, Zurich and Groupama. This means that you can compare what cover you get and prices easily and quickly with absolutely no fuss.

Should you decide that you wish to proceed with one of the quotations you receive you can buy your policy online and then simply print off your policy documents. Alternatively you may wish to register your interest and ask to be called by an advisor who can talk you through the features of the each of insurers policies and answer any questions that you may have.

Buy to Let Insurance  
Landlord Insurance is commonly also known as buy to let insurance. The cover available under a buy to let insurance policy is the same as a landlord insurance policy. You can get cover for your property, contents and landlords liability insurance. You will also be able to get insurance for a portfolio of properties as well as a singular property.   Article provided by our partner, Decision Finance. If you need buy to let landlord insurance cover then Decision Finance can help, they have partnered with over 20 of the UK’s leading insurance specialists.

Letsure announced landlord insurance tie up with Hamptons International

2010-04-02T09:26:00.000-07:00

Lettings insurance specialist Letsure has agreed a deal to provide rent guarantee insurance products to landlord customers of residential agency Hamptons International.

The new product, which covers rent and legal protection, will cover landlords against losses that occur as a result of unforeseen events, such as tenants failing to pay their rent or breaching the terms of the tenancy.

Commenting on the product, Ian Fraser, managing director of Letsure said: "Letsure is delighted to be working with such a prestigious brand as Hamptons International.

"The product that we have designed for Hamptons International is one of the best available in the marketplace and we are confident that it will be warmly received by their customers."
Lesley Cairns, head of lettings at Hamptons International added: "I am excited about this bespoke service we are offering to our clients as there are many unexpected circumstances which put landlords at risk.

"Some tenants may not have a spotless credit history particularly following the last 18 months, so landlords need to consider tenant history and affordability especially as unemployment remains challenging."

RISING RENTS POSE POTENTIAL RISK FOR LANDLORDS

2010-03-30T09:29:00.000-07:00

In light of the recent RICS survey revealing that more letting agents expect rents to rise over the next three months, landlords are being urged to rigorously vet potential tenants before handing over the keys.

According to the latest RICS residential lettings survey, which covers the three months to January 2010, more surveyors reported a rise in rents than a fall. This follows five consecutive quarters of negative readings.

The expectation for achievable rents also rose with 33 per cent of respondents believing rents will rise over the coming quarter compared to just 22 per cent last quarter.

Similarly FindaProperty’s Rental Index for March revealed rents have risen for the second consecutive month and are now £16 pcm higher than in January at £820 pcm. According to the survey the firming of rents has been underpinned by a reduction in the availability of rental properties on the market, which are now at the lowest level since October 2008.

Managing Director of HomeLet John Boyle welcomes the increase in rents which he hopes will increase yields and encourage more people to enter the buy-to-let sector as well as help alleviate the widely anticipated shortage in rental properties.

However he says increases in rent asking prices could also cause problems for landlords further down the line.

“If rental prices continue to increase owing to the decline in supply of both flats and houses in the marketplace, people looking to rent may not be able to afford to do so or may struggle to make their monthly rental payments,” said John.

“For that reason I’d advise landlords to make sure they know exactly who they’re letting their property to. Tenant referencing is a crucial area that is often neglected. Yet it can be the single most significant factor in protecting letting agents and landlords from tenants who can't or won't pay the rent.

“Even the best tenant on paper can fall on hard times, especially in the current financial climate. As a tax-deductible premium Rent Guarantee insurance therefore will guarantee you receive the rent you are expecting from your property regardless of your tenant’s personal circumstances or ability or willingness to pay the rent.”

Unfortunately rental arrears are still a real threat for many landlords. In 2009 HomeLet paid out £3 million in Rent Guarantee insurance claims compared to £2.8 million in 2008, which is an increase of over 7 per cent.

HomeLet’s Rent Guarantee policies, which are available through their approved letting agencies (of which there are around 3,000 nationwide), will cover the rent for either six or 12 months. They also include legal expenses to evict the tenant for non-payment of rent and depending on the policy can provide additional cover once vacant possession has been obtained and a new tenant is being found.

For more information please visit www.homeletuk.com

Homelet offers landlords chance to win £500 worth of B & Q vouchers.

2010-03-23T00:40:00.000-07:00

HomeLet is offering landlords a chance to win £500 worth of B&Q vouchers.

To enter the prize draw for the the vouchers, landlords have to visit www.homelet.co.uk and enter their insurance renewal date.

HomeLet managing director, John Boyle, says: “In today’s tough economic climate, many landlords will welcome all the help they can get. As a landlord myself, I know that the cost of maintaining a property year in year out can take its toll."

HomeLet's latest product, Landlord’s Insurance+, offers a range of cover, including buildings insurance, contents insurance for furnished and unfurnished properties and Prestige Rent Guarantee, which covers rental payments and legal expenses for up to 12 months.

The prize draw will be made on July 1 and the winner's details will be revealed on HomeLet's blog site www.homeletuk.com/blog.

Leaseguard relaunches landlord insurance website

2010-03-17T04:30:00.000-07:00

Specialist landlord insurance broker Leaseguard has relaunched it's landlord insurance website.

The website has been re-launched with a vibrant new look and new content to represent the Leaseguard Specialist Approach to Insurance and provide visitors to the site with up-to-date information about Leaseguard Products and Services.

When looking for Specialist Buy-to-Let Insurance or Tenant Referencing the new site offers clear and simple information, easily navigated pages, and has quotation forms for Landlords Insurance, Tenants Contents Insurance and Rent Guarantee which can be submitted to the Specialist Insurance Team who will respond with a quotation.

Talking about the revamp, Mairi Scott, Managing Director of Leaseguard, commented: ‘We are delighted with the new website which represents our Specialist, Professional and Personal Approach to Insurance and have taken into account the feedback we have had from current agents regarding our Online Referencing Service and worked to create a simpler and easier to use facility. As well as aligning the design of the site with our branding, we also wanted to up-date the content and functionality of the website to fulfil expectations of both existing and prospective clients alike.’

Visit the new website at www.leaseguard.co.uk.

Landlord insurance - landlords should aim to prevent burst pipes as big thaw

2010-01-16T01:18:00.000-08:00

Landlords that are keen on avoiding have to claim on their landlords insurance policy because of leaks caused by a burst pipes should read the advice given by landlord insurance broker Hamilton Fraser.

Steve Barnes, Property and Claims Manager, said:

“Escaping water from burst pipes can cause considerable damage and inconvenience. By taking some simple precautions property owners can reduce the risk of a claim, and whilst much of it is common sense or indeed standard practice to the experienced landlord the following actions could make a difference!”

Hamilton Fraser has issued the following advice:

• Make sure you and your tenants know where your main stop tap is and check that it turns easily.
• Make sure pipes and tanks in your roof space are lagged. Where the loft has been insulated, less heat gets into the roof space and pipes can freeze more easily.
• In very cold weather, you could instruct your tenants to open the loft hatch to allow heat into the loft space. This will help prevent pipes from freezing.
• Advise tenants to keep doors between heated and unheated rooms open, and where possible, cupboard doors open below sinks to allow warm air to circulate.
• Seal any holes or gaps that may be letting cold air into your property.
• Check roofs, chimneys and gutters for unsafe tiles, cracks, leaks and blockages. Check that down pipes and supporting brackets are also secure. Clear drain gratings of leaves and debris to allow water to drain quickly as temperatures rise and the thaw begins.
• Make sure water supply to any external taps is turned off, drain down any water in the pipe and disconnect any hoses.
• If you or your tenant discovers a frozen pipe don’t wait for it to burst. Turn off the water supply and slowly thaw the affected pipe by introducing gentle heat to the area e.g. hair dryer, space heater, hot water bottle. DO NOT attempt to thaw the pipe with a blow torch or other open flame such as a cigarette lighter or matches.

If your property is unoccupied
• Keep the heating on a low constant heat or make sure the system and all of its components have been fully drained by a plumbing professional - or it will freeze.
• Check on your property as regularly as you possibly can. If you do have a burst pipe early identification of escaped water can help reduce the cost of the damage.
• Ensure you have complied with any un-occupancy conditions listed in your policy. Remember that, for example, regular inspections might be a condition of your insurance policy and failure to do so could affect settlement of your claim. If you have any questions regarding an un-occupied property call us on 0845 310 6300.
Emergency Action if disaster strikes
• Turn off the stop tap to prevent further flooding
• Block any escaping water with a towel
• Open all taps to reduce flooding and pressure on the system
• Turn off the source for hot water and central heating
• Can your tenant contact you in an emergency? If not you might consider providing your tenant with the number of a reputable contractor who could respond quickly and undertake emergency repairs to prevent further damage
• Contact us immediately to report your claim. Our advisers are ready to assist. Call 0845 310 6300 or report a claim on our website www.hamiltonfraser.co.uk

If customers need any advice or would like to report a claim they
can contact Hamilton Fraser on 0845 310 6300 or go to their website www.hamiltonfraser.co.uk.

DEMAND FOR INSURANCE DOUBLES

2009-10-29T09:19:00.000-07:00

Thanks to the launch of its new Tenants Contents Insurance + product and
increased demand, HomeLet has managed to double the number of policies sold
in just six months.

What’s more, since 2006 HomeLet has referenced over 1 million tenants,
proving it is still the market-leading provider of specialist insurance
products and services to the UK lettings industry.

In September 2009 HomeLet sold over double the amount of tenants contents
insurance policies when compared to January 2009, with an increase of 121
per cent.

This increase indicates that tenants, who have tended to overlook buying
tenants contents insurance in the past, are seeing renting as a more
long-term commitment rather than a temporary stop gap.

Also, since the onset of the recession and the resulting increase in the
cost of living and rise in unemployment, the number of burglaries has also
gone up. Tenants, who are feeling the pinch along with everyone else, have
become more aware of the value of their possessions and the cost of
replacing them.

landlord insurance - specialist products - discounted

In June HomeLet launched Tenants Contents Insurance + which is designed
specifically to protect tenants against the potential risks of renting a
property.

As well as being competitively priced, the new product still provides
specialist cover that protects the tenant’s deposit by providing cover for
accidental damage to the landlord’s contents, building, fixtures and
fittings up to the value of £2,500.

Tenants Contents Insurance + also covers the policyholder and two additional
tenants who are named on the tenancy agreement, as long as they’re employed,
self employed or retired. This means that one policy can cover three tenants
saving money and making it ideal for sharers.

HomeLet’s Managing Director John Boyle said: “HomeLet has been providing
tenants contents insurance for over a decade and we’re constantly improving
the products that we provide to our customers to ensure that we stay ahead
of the market.

“We are delighted to have achieved a 121 per cent increase between January
and September 2009 and this is testament to our commitment to providing
comprehensive cover at competitive prices.”

New rent guarantee insurance launched

2009-10-26T11:54:00.000-07:00

The National Landlords Association has launched ‘NLA rent guarantee insurance', an insurance package for landlords and helpline support specifically designed for NLA members who face increasing pressure from tenancy disputes and rental arrears.

Rent guarantee insurance - best rates

RGI has been developed for the NLA by specialist legal expenses provider Arc Legal Assistance through the NLA's insurance broker Hamilton Fraser Insurance.

According to the NLA, 1 in 3 landlords have tenants in rental arrears.

Paul Berwick, head of marketing, NLA said: "The level of these arrears is heavily influenced by the current economic climate. Many of our members are landlords with large property portfolios who are likely to face greater exposure to rent arrears."

Richard Finan, director of Arc Legal added: "This is a clear indication of how this sector of the landlord market has adapted its business model to provide more support and assistance in difficult financial times."

RGI covers six and twelve month tenancies and has been developed to complement the NLA's new tenant referencing service.

NLA members also have access to a specialist 24/7 technical legal helpline provided by Arc Legal's panel solicitors which sits alongside the NLA's in-house advice line for members.

This landlord insurance package extends Arc Legal's relationship with the NLA, which also provides professional fees and tenancy deposit protection cover to mydeposits, a joint venture between Hamilton Fraser and the NLA.

NLA launches rent guarantee insurance

2009-10-21T08:16:00.000-07:00

Research from the National Landlords’ Association (NLA) indicates that almost three quarters of private residential landlords have experienced rent arrears, with 43% of this group reporting arrears being incurred in the last 12 months.

To offset this risk, the NLA has launched rent guarantee insurance with a policy that includes legal expenses cover and a dedicated 24-hour advisory service.

The new offering is available to all UK residential property landlords.

NLA chairman, David Salusbury, comments: “Landlords may not realise they can protect themselves against rental arrears, but our research clearly shows there is a need to safeguard your rental income.”

He adds: “Unfortunately we aren’t out the woods with the economy just yet, and thanks to redundancy and unemployment some tenants are struggling to pay their rent.”

'No deposit insurance' brings benefits for landlords and tenants

2009-10-14T08:12:00.000-07:00

Paragon Landlord Insurance is promoting the “no deposit insurance", where a tenant pays a one-off premium for an insurance policy, instead of a large value monetary rental deposit.

This can help tenants such as student tenants who are struggling to access funds to pay for traditional, up front cash deposits combined with rents in advance.

This specialist landlord insurance facility enables a landlord to claim on the insurance policy if they need to claim back any losses that would usually of been paid out from the monies that formed a traditional rental deposit.

Quotes from landlord insurance brokers

Landlords should explain the insurance situation for students who are first time tenants

2009-10-12T08:02:00.000-07:00

Landlords need to realise that many students are ignorant to the extent that a landlords insurance policy provides cover to them as tenants.

According to landlord insurance provider, Direct Line, most students wrongly presume that a landlords insurance will provide cover for them in the case of burglary.

Direct Line report that many tenants are shocked when they realise that their landlords insurance provides no cover for their belongings as tenants.

The landlord insurance broker recommends that landlords point this our top new student tenants, especially those who are renting for the first time.

Pet insurance suitable for landlord and tenants

2009-10-02T23:11:00.000-07:00

Petpals Direct, the pet insurance specialist, has recently launched a new pet insurance policy that could make life easier for estate agents and letting agents across the UK.

Perfect for smoothing deal-breaking situations where a landlord is not as keen on pets as the potential tenant, TenantCare Cat and TenantCare Dog insurance from Petpals Direct can be taken out by the pet-owner to insure against property damage the pet may cause to the rented accommodation.

Designed specifically for tenants living with cats or dogs, it is the only product of its kind on the market. Not only does it insure against property damage caused by the pet, it also includes cover for common types of accident and illness.

With prices starting from just £5.17 per month for cat insurance, based on a six month old moggy living in Derby, or from £8.42 per month for dogs, based on a six month old Jack Russell living in Blackburn, the insurance offers a cost-effective way for tenants to secure the house of their dreams and cover expensive vet bills.

Tenant pet insurance from Petpals Direct offers peace of mind to tenants who are familiar with the high costs of moving. The policy allows tenants to claim £700 if there is damage caused by the pet during the first 36 months of occupancy, and £500 thereafter.

In addition to the property damage cover, there is also £1500 of vet fee cover for cats in a number of specific illness and accident categories.

These include: infectious diseases, cancer, feline lower urinary tract disease, feline asthma, diabetes mellitus, foreign body ingestion, bone fractures, defined poison ingestion, feline high-rise syndrome, bite wounds and bite wound abscesses, and burns. There is immediate cover with no waiting period, and no upper age limit. So, feline friends of all ages are welcome.

For dog insurance the limit for vet fees is £2000 per illness and accident category, which include: infectious diseases, cancer, digestive aliments, ear problems, heart disease, foreign body ingestion, bone fractures, defined poison ingestion, allergic reaction to insect bites, bite wounds and lacerations, burns and motor vehicle accidents. Again, there is immediate cover with no waiting period, and no upper age limit.

For quotations, terms and conditions, and full details of TenantCare Cat and TenantCare Dog, agents, tenants and landlords can contact Petpals Direct on 0800 328 9847 from 8am to 6pm Monday to Friday, by email enquiries@petpalsdirect.com, or at http://www.petpalsdirect.co.uk/

Landlords cancelling buy-to-let insurance to cut costs

2009-09-11T02:55:00.000-07:00

The buy to let property market continues to suffer as landlords find their rental income and cash flow are squeezed. But cancelling landlords insurance may not be a sensible move, even if it does appear to save money.

Landlords insuranceResearch from Direct Line for Business shows that landlords are very worried about the impact the recession is having on their buy to let properties.

With 30% worrying about whether they will receive the agreed rental income from tenants and over 20% losing sleep over their cash flow it’s a difficult time.

But cancelling landlords insurance policies to save money may not be a good move.

Worryingly nearly 10% of landlords are though doing exactly that, cancelling their buy to let insurance to save money.

Not only does this leave them in a risky position if something should go wrong, it equally affects their tenants.

Head of Direct Line for Business, Kate Syred, said ‘The Government’s recent recommendation to protect tenants in the event of their rental home being repossessed is a step in the right direction.

However with high numbers of landlords cancelling insurance policies to save money, if something were to go wrong, tenants may still find themselves without a roof over their heads.’

As a landlord, ensuring you have adequate landlords insurance, covering yourself as the landlord, the tenant and the property is crucial.

The bright spot in all this doom and gloom may be that rents are finally starting to rise after a period of falling rents. The Rentindex reports that rents have risen 2.2% over the last 6 months despite being 2% down over the year.

Save on landlord insurance - special discounted rates.

New site for landlords letting a property

2009-09-10T00:51:00.000-07:00

A new site for letting a property has been launched, lettingaproperty.com ( the clues in the title ), helps landlords to find tenants by uploading adverts to Rightmove and the other major letting portals.

Priced at £29.95 the site offers a simple solution to getting a rental advert in front of the maximum number of prospective tenants.

10 Reasons to buy CIA landlord insurance

2009-09-05T11:46:00.000-07:00

10 Reasons to Buy CIA Let Property Insurance

CIA Let Property Insurance will easily and quickly compare market rates from the UK's leading let property insurance providers.

Whether you own one property or have an extensive portfolio CIA Let Property Insurance can offer the most competitive policy with the most comprehensive covers available.

CIA Let property is a dedicated specialist providing landlords and property owners/agents with a full insurance solution and service.

1. One month challenge

If you can find the same insurance cover for a better rate elsewhere in the market within 28 days of purchase, CIA will either match the rate or refund the policy in full.
2. Same rate across all POSTCODES

We apply one price across all postcodes so our competitive and simple pricing structure makes decision making easy. (On selected policies)
3. All risks cover

‘’All risks’’ cover including subsidence, subject to certain exclusions.
4. Loss of Rent

CIA Insurance can provide loss of rent or alternative accommodation expenses as a result of damage - covered by the policy up to 30% of the Building Sum Insured.
5. Accidental damage

Accidental damage to buildings included automatically. (on selected policies)
6. Terrorism cover

Terrorism cover to the Building Sum Insured will be automatically included.
7. Employers liability

The policy automatically includes Employers Liability to £10m
8. Public liability for property owners

Property Owners Liability included to £5m
9. Unoccupied Tenants

A CIA Insurance policy allows unoccupied periods of up to 90 days without notification to us. (On selected policies subject to compliance with applicable endorsement)
10. 15 Years Experience

CIA Insurance has 15 years of experience in the insurance industry and is one of the UK’s leading brokers

One in three rent their home without landlord insurance

2009-09-03T01:23:00.000-07:00

One in three rent their home without Landlord insurance

Home repair firm Homeserve says one landlord in three has not told their household insurer they are renting the property, the Express reports.

Mike Bowman, head of insurer More Than Business: “Standard home insurance policies aren’t designed for landlords and if you rent out your home your policy may become void, leaving you without cover.”

“You are responsible for the health and safety of your tenants, and they could claim compensation if anything happens to them in your property. Landlord insurance protects you by including liability cover. We also offer 24-hour helplines for advice on legal, health and safety matters,” Bowman says.

Advice on letting to student from landlord insurance broker

2009-09-02T09:44:00.000-07:00

As many of the UK’s youngsters make plans to attend university, many Landlords will be planning to provide for the increase in demand in student accommodation this year.

However whilst this may seem like a great opportunity in the Buy-To-Let market, Landlords must be aware that renting to students can be more complex and involve more regulations than a standard Buy-To-Let.

Leaseguard Ltd, provider of Specialist Insurance Products and Services for the Buy-To-Let Industry, has provided some top tips to consider when entering the student accommodation market.

House of Multiple Occupancy (HMO)
If the property has three or more habitable storeys and is occupied by 5 or more students you will be required to obtain an HMO licence from your local authority. In order to obtain the licence you will be required to meet certain fire and accommodation standards that can be expensive to comply with.

Student Furnishings
If you are hoping to attract the student market to your property it is important that you provide them with student essentials. In addition to standard tenant essentials such as refrigerator and washing machine you may also want to consider creating a study space for student and providing an internet connection which could be a huge pull when advertising your property.

Referencing Student Tenants
As with every tenant you will need to ensure that they can pay the monthly rent. However it is not very likely that the student will have much work history or even an income other than student loans. Even so, it is still worth credit checking them to ensure that they have a good credit rating, have not had any CCJ’s made against them and to confirm their previous addresses.

The best option is to ask the student to provide a Guarantor, someone who will be responsible for the rent should the student not be able to pay. You must also ask the Guarantor to sign the Tenancy Agreement meaning they will be jointly and severally liable. You should consider referencing the Guarantor with a full credit check, and an employer’s or pension provider reference. This may enable you to purchase Rent Guarantee with Legal Expenses to protect you if rent is unpaid or you need to take legal action against the tenant or their guarantor.

Safety Checks & Certification
Landlords have a legal obligation to ensure that all gas appliances are inspected annually by a Gas Safe Register member and that a report is issued to tenant within 28 days of each check.

You are also obliged to check all electricity appliances and ensure that all furnishings are fire resistant.

From this year you are obliged to make available to new tenants Energy Performance Certificates for each property.

Protect your Tenants Deposits
You now also have a legal obligation to protect your tenants’ deposits under the terms of the Tenancy Deposit Scheme. To avoid incurring a fine, ensure that you inform your tenants of the following information:

∑ Which scheme you are using.
∑ How the tenant can apply to have their deposit returned at the end of the tenancy agreement.
∑ Explain the purpose of the deposit.
∑ Procedures if there is a dispute.

Insuring your Student Rental Property
Insurance can also become an issue. Finding the right Landlords Insurance is essential as not all Insurance Companies will provide cover where tenants are students, or may even impose a higher excess or premium for this type of rental. Chris Knight, General Manager at Leaseguard says “It is also vitally important to have Public Liability Cover which is usually included with the Buildings Insurance Policy. If you have included items such as beds, televisions or have standalone white goods for example refrigerators and cookers etc within the property it is worth considering adding Contents Insurance to your policy”.

Tenants Contents
First time students may not be aware that they are responsible for insuring their own personal belongings such as laptops, mobile ‘phones, clothes, books etc. Chris Knight says “Although some students may be covered under their parent’s Contents Insurance, it is always worthwhile to make your tenants aware that you do not protect their belongings. Some landlords insist on receiving a copy of the Insurance Schedule from each tenant, and in some instances landlords or their Letting Agents insist that the Tenants’ Insurance includes some cover for Tenant’s Liability that provides some protection if the tenant damages the landlords buildings or contents”.

Leaseguard’s Services & Products
Leaseguard Ltd provides a specialist Tenant and Guarantor Referencing Service as well as Landlord Insurance for Buildings, Contents and Rent Guarantee. We also provide Tenant’s Contents Insurance. All these policies provide cover in respect of students.

American Landlord Shares his Landlord Insurance Tips

2009-08-27T02:44:00.000-07:00

One American landlord shares his thoughts on cutting his landlord insurance premiums.

He advises improving fire safety at a renatl property and upgrading security to bring down his landlord insurance premiums.

Read his tips in full here

Portfolio Landlord Insurance - 5% Price Beat Guarantee

Portfolio landlord insurance scheme launched

2009-08-26T03:34:00.000-07:00

Portfolio landlords are set to benefit from a new GAURANTEED price beating landlord insurance policy launched by Property Hawk in association with Alan Boswell.

The landlord insurance policy guarantees to save a landlord a minimum of 5% on their comparible landlord insurance costs.

For landlords with 15 or more properties or £2m or more cover they can now look to start saving money on their landlord insurance today.

Landlord insurance broker offers FREE contents insurance for landlords

2009-08-13T22:53:00.000-07:00

Mortgages are harder to get these days and there are an increasing number of people turning to the rental market for housing which is good news for landlords. However, landlords in the furnished sector often find it difficult to get contents cover for their properties. Now Adrian Flux's landlord division can include free contents cover with its landlord's building insurance to offer a comprehensive package.

"By including free contents cover with the buildings insurance we are able to offer landlords an extremely cost-effective policy," says Julie Carter of Flux. "It also cuts down on the paperwork and hassle for landlords when it comes to sorting insurance."

Flux's scheme offers landlords comprehensive cover for the building itself. The free contents insurance is designed for furniture and fittings that landlords supply with furnished lets, including beds, curtains, sofas and kitchen equipment, and some of Flux's policies offer cover up to £10,000 in value.

The free cover is only for the landlord's fixtures and fittings and is not designed to cover a tenant's personal property items.

Adrian Flux Insurance Services aims to offer cheaper property insurance and has a range of policies for landlords and buy to let, including specialist schemes for hard to insure properties such as thatched homes, flat roofs, underpinned buildings and those at risk of flooding. For information call the Flux household insurance hotline on 08700 772266, email household@adrianflux.co.uk or visit the website, www.adrianflux.co.uk, and click on the relevant button under the 'Home Insurance' section.

Beginers guide to landlord insurance

2009-08-13T02:42:00.000-07:00

Are you new to being a landlord? Have you recently invested in a buy-to-let property? Or perhaps you have had the luck to inherit a property and now you plan to find tenants for it.

Whichever category you fall into you will need to sort yourself out some landlord insurance.

Landlord insurance is essential to protect your property asset and apart from understanding what type of cover you should expect from your landlord insurance policy you will also want to find a cheap landlord insurance provider if possible. Choosing a landlord insurance by implication this means that your property has or is about to be rented out. This policy is to protect your asset and it is advisable to foresee all the possible worst case scenarios when investing in your policy. Sometimes landlord insurance is also described as buy-to-let insurance.

The first type of landlord insurance policy is normally based on a standard building insurance cover. A landlord will also find that there a number of additional levels of cover which can come under the umbrella term of landlord insurance.

These include:
1. landlord building insurance
2. landlord contents insurance
3. landlord legal expenses insurance
4. rent guarantee insurance
5. emergency assistance cover

Before letting out your property you will need to comply with the obligations of a landlord buy-to -let insurance, so make sure you know and adhere to any restrictions within the landlord insurance policy. Under the Housing Act 1988 you as the landlord are responsible for the upkeep of the structural aspects of the building, the installations and services provided. This includes water, gas, electricity, sanitation, water heating systems etc. When choosing your landlord insurance policy you will see that there are three general categories of tenant which are:

1. Professional/working/retired
2. Students
3. DSS

The kind of landlord insuranc cover a landlord should be looking for from a reputable landlord insurance broker should include:

1. All types of tenants to be accepted
2. Property owners liablity of up to as much as 5 million
3. Full accidental damage included
4. Terrorism cover also included
5. Loss of rent cover to be included
6. Employers liability should be included.

The kind of damages included in cover would be fire, smoke, lightening, wind, explosions, damage from vehicles or aircrafts. Landlords should insure that they also protect themselves against any personal liability that they may liable for thereby protecting them as the landlord from lawsuits if an individual is injured on your property. This is very important when you have tenants and even though they may seem quiet, they may not be. But one way or the other accidents can happen. Make sure you as the landlord understand all the implications before choosing and read the details in the landlord insurance policy a few times in order to give yourself the chance to spot any missing areas before purchasing the landlord insurance policy.

Landlords are exposing themselves to unecessary risk according to Landlord Insurance Company.

2009-08-03T04:49:00.000-07:00

Residential landlords are leaving themselves at risk by failing to take out adequate landlord insurance cover for their letting business according to research from Redbrick Landlords Insurance.

Redbrick, a division of The Paragon Group of Companies, found that only 67% of landlords have specialist buildings cover for their buy-to-let investments, while only 12% have combined legal expenses and rent guarantee insurance, even though 71% of landlords expect tenant arrears to increase in 2009.

Tony Armitage, Redbrick Landlords Insurance’s director, said: “Landlords need to carefully consider their insurance needs and ensure that they are properly protected. It is amazing that only two thirds of landlords have specialist buildings insurance, with the other third presumably having a standard household policy or, worryingly, no insurance at all.

“In addition, tenant arrears are on the increase and landlords can easily cover themselves for rent arrears through a rent guarantee insurance product, which also includes the legal expenses involved in evicting the tenant. There appears to be a lack of awareness about the availability of these products and in the current environment landlords should be doing all they can to protect themselves.

“Buy-to-let landlords have sophisticated insurance requirements for which a typical household policy is often unsuitable. The biggest irony is that some landlords are actually paying through the nose for potentially unsuitable cover.”

LOCAL HOUSING ALLOWANCE TENANTS CAUSE ARREARS CONCERNS

2009-07-29T08:25:00.000-07:00

Landlords concerned about tenants claiming Local Housing Allowance and not paying their rent can protect their monthly income by taking out Rent Guarantee insurance.

Following reports that some landlords whose tenants claim housing benefit are finding it increasingly difficult to collect money that’s owed to them John Boyle, Managing Director of HomeLet, is encouraging landlords to seriously consider insurance.

In April 2008 the government changed the way it made payments to private landlords and instead of rent being paid directly to them to cover housing costs, it now goes straight to the tenant.

The Local Housing Allowance (LHA) was introduced so people could manage their own lives and their budgets.

However, according to research published by the National Landlords Association (NLA), a year after the new system was introduced many tenants are failing to pass on these payments to landlords which is causing major problems. In the most serious cases, landlords are facing repossession because rent money paid by the government to the tenant is never passed on to the landlord.

The research also reveals that 52 per cent of landlords surveyed have decided they would not let, or be less likely to let, to LHA tenants. A further 43 per cent of those landlords who have already tried the new system said they would now be leaving this failing market because of increased uncertainty about rent payments.

According to John, HomeLet can help mitigate the risks associated with renting a property to tenants who claim LHA.

“Under the current system landlords have to wait for eight weeks of rental arrears before the tenant is deemed unable to manage their own affairs and the rent is then paid to them directly,” he said.

“However, in reality it can be as long as three months before the landlord receives their first payment as the benefit is paid monthly in arrears. If the landlord chooses to try and reclaim the lost money, they must pursue the tenant privately through the courts.

“By letting their property through an approved HomeLet agent, landlords can safeguard their monthly income. HomeLet’s market-leading products and services cover rental payments for up to 12 months, should a tenant fall into arrears, and there are no restrictions on the types of tenants.*

“Our Prestige Rent Guarantee for example, not only covers non-payment of rent but any breach of tenancy and all legal costs incurred in evicting the tenant up to a maximum of £50,000. HomeLet also has a specialist in-house Legal and Claims team who will handle the entire eviction process from obtaining vacant procession to recovering costs for damage to the property.

“Landlords renting their properties to tenants claiming housing benefit no longer have to worry about not receiving their rent or not being able to meet their mortgage payments.”