Letsure announced landlord insurance tie up with Hamptons International

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

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.

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

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

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

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

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.