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Landlord
Insurance with HomeLet
HomeLet
provides affordable cover for landlords,
whether your tenants are:
A
variety of packages are available, all designed specifically
with the landlord in mind and you can customise the cover
to suit your own circumstances, with the easy to use Instant
Online Policy Calculator
For
an instant online quotation, without the need to fill in endless
forms Click
Here
The
above information has been prepared by Premier Homelet Phoenix
House, 11 Croydon Road, Croydon CR0 2NW, England and Under
UK regulations Jeffrey Milner Ltd T/A
JML Property Services and any of the JML Group’s
trading names are unable to give advice regarding insurance
or assist with changes to insurance policies that you have
taken out. You must contact the insurer direct. Jeffrey
Milner Ltd takes no responsibility if the details are changed
from those displayed on this site. You must contact Premier
Homelet direct for their full terms and conditions and up
to date details for their products as under the FICO regulations
Jeffrey Milner Ltd (and any of it’s trading names) are unable
to assist
Homelet
is a trading style of Hanover Park Commercial Services Ltd,
Phoenix House, 11 Wellesley Road, Croydon, Surrey CR0 2NW,
England who are authorised and regulated by the Financial
Services Authority in the UK. Their FSA Register number is
308724.
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Landlord Insurance
for Let Properties
This is a most
important area that should not be overlooked when Landlords
let a property. The risks associated with let properties are
significantly different to owner occupied properties therefore
you are well advised to use an insurer who specialises in
this type of property insurance. An existing, standard, buildings
or contents insurance policy on a property owner occupied
may not cover the property or contents when it is let, may
restrict the cover and or increase the premium. Years ago
insurance companies were not happy about covering let property
in the UK, but today you have a choice. Homelet
- Endsleigh
- Rentshield
Direct. You can obtain a quote on line and
arrange cover on line.
You should remember
that the following categories of Insurance for Landlords should
be looked at:
Buildings
Insurance -This
is for re-Build costs - not market valuation. It is
essential that your property is adequately insured. Sometimes
the re-building value will be considerably lower or higher
than its market value. Older properties in the lower priced
areas in the UK will cost much more to re-build that their
market value.
In the UK many
properties are under insured, which means in the event of
a claim, insurers will not pay the full amount of the claim.
If you have any concerns about the amount of cover you need
for re-building contact a professional qualified surveyor.
If you have an apartment, the buildings insurance will often
be part of the amount you pay out annually for service charges
and ground rent. Check out the situation with the block management
agents. (See below)
You should
also advise and obtain consent to let your property
from your mortgage lender, existing insurer and head lessee
(for leasehold properties). Failure to obtain written consent
from these parties may render your insurance void in the event
of a claim.
Many general
insurers and mortgage lenders will not cover the property
if you intend to place certain categories of tenants in your
property i.e. Student, Multiple single sharers and
tenants in receipt of State Benefits. Check this out.
Usually buildings
policies will provide an element of Employers Liability
cover. This covers claims for death or injury to anyone
you employ at your property i.e. a gardener, painter etc.
If you are letting to students or to tenants in receipt of
state benefit the university / local authority will normally
require a minimum cover.
It
is also essential that your policy includes Property Owners
liability cover to a similar limit to cover injury, death
or damage to individuals on or adjacent to your property.
When you take
out a Buildings Policy the main insured perils should
include Fire - Lightening - Aircraft
- Explosion - Smoke - Impact - Burst
pipes or leakage of oil - Storm or flood
- Subsidence damage - Theft- Malicious damage.
(Some policies will give the option of malicious damage caused
by the tenants - a valuable option for let properties).
Most
policies will compensate you for loss of rent following
damage from one of the above perils if the property is uninhabitable.
Check this out with your block management agent if you have
an apartment and don't arrange the buildings insurance yourself
Contents
Insurance - A high
percentage of owner occupied properties in the UK are under-insured
for the contents. Generally individuals place a value of what
the contents are worth not what it would cost to replace
them with new items.
Most
specialist insurers will offer the option of a full contents
policy or a limited contents policy. Limited Contents
Cover. As many UK properties are let unfurnished / part furnished.
A limited contents policy would typically give a fixed limit
of cover for items such as: Carpets - Curtains - Blinds -
Light fixtures and fittings - Kitchen white goods on a new
for old basis.
If your property
is fully furnished or the limited contents would cost more
than £5,000 to replace, you should have a full contents
policy. You would normally select the sum you wish to
insure for; again this should be adequate to replace all of
the contents on a new for old basis.
Emergency
Assistance -This type of cover will
provide assistance for the landlord and the tenant in the
event of an emergency at the property such as: Failure of
the electricity supply - Failure of the cooking facilities
- Lost keys - Plumbing problems - Leaking roofs or guttering
- Security of doors and windows. Policies will provide parts
and labour cover up to a specified amount and either the landlord
or the tenant can call a 24hr 365 day Helpline. (Check
out the details on offer
from the insurance company) If you have not
taken a full management service from your letting agent or
do not live near your property this can be a cost effective
solution. Please note that that these policies cover Emergency
Assistance only and not a repair service through lack
of routine maintenance.
Legal
Expenses Insurance -
Even when using the services of a professional letting agent,
problems with tenants can occur. In many cases the tenants
personal circumstances have changed during the term of the
tenancy. Situations like loss of their job, failure of their
business, a relationship break-up, accident or illness will
effect the tenants ability to pay the rent or their inclination
to move out at the end of the tenancy.
All these situations
can be resolved but will usually involve a Court hearing and
solicitors costs. Legal expenses insurance will usually cover
all of your legal costs, solicitors/barristers fees, Court
and bailiffs' costs. Most such policies will cost well under
£100, which represent less than 45 minutes of a specialist
solicitors time on a normal fee paying basis. The "average"
legal cost of a possession hearing in 2001 was £785, many
cost well over £1,000.
Rent Guarantee
Insurance
-These policies are invaluable for many landlords. As a tax
deductible premium this will guarantee you receive the rent
you are expecting from your property regardless of your tenants
personal circumstances, ability or willingness to pay the
rent.
If you
have a mortgage on the property or have calculated your rental
income verses your outgoings this will ensure you do receive
your rent. Most such policies will include the legal expenses,
as detailed above. You will receive your rent and the legal
fees to obtain vacant possession will be covered.
Policies will
usually guarantee your rental for a fixed period, typically
6 or 12 months. Some policies will provide additional cover
once you have obtained vacant possession until you are able
to re-let your policy.
The costs vary
from a fixed cost policy or are commonly rated as a percentage
of the annual rental figure, typically 3-4%.
©jmlpropertyservices
December 2004
Under
UK regulations JML Property Services are unable to give advice
regarding insurance or assist with changes to insurance policies
that you have taken out. You must contact the insurer direct.
________________________________________________
Landlords
Endsleigh
has long-established expertise in providing specialist cover
for landlords. Buildings and / or contents cover are available
with a monthly premium option or as an annual one off payment.
- Contents
only option
-
Extended un-occupancy cover for your buildings/ contents
for periods of up to 120 days
-
Optional extra home emergency
-
Accidental damage option available
________________________________________________
Rent
Guarantee
Endsleigh
offers specialist legal expenses and rent guarantee insurance.
Endsleigh's policy provides legal defence, legal prosecution
and rent arrears cover. Option of either a 6 or 12 month policy
available
- Protection
against rent arrears while we handle your repossession claim
- Action
to remove squatters
- Legal
defence cover
-
Easy
calculation
Jeffrey
Milner Ltd T/A JML Property Services acts as an introducer
to Endsleigh. Endsleigh Insurance Services Limited is authorised
and regulated by the Financial Services Authority. This can
be checked on the FSA Register by visiting its website at
www.fsa.gov.uk/register/home.do
Endsleigh Insurance Services Limited. Company No: 856706 registered
in England at Shurdington Road, Cheltenham Spa, Gloucestershire
GL51 4UE
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Why
use a letting agent?
- Landlords
and Homeowners often have full time jobs as well as buy
to let investments, it is therefore frequently the case
that with so many demands on their time they cannot always
be available to handle day-to-day events connected with
their property
- If
this sounds like you then using a letting agent offering
full property management could be an essential and economical
way of ensuring the smooth running of a tenancy, while protecting
the property and still making a profit.
- Whilst
letting your property through a specialist letting agent
is not strictly necessary, a good agent will take some of
the effort out of the job of finding and selecting tenants,
drawing up tenancy documents, and the day-to-day maintenance
of the property.
-
Because you are quite literally placing your property in
their hands, the choice of a letting and managing agent
is as important as in choosing any other professional such
as a solicitor or accountant.
- Unfortunately
demand for property to rent has encouraged many firms and
individuals to set up as letting agents many of them are
completely unregulated and have little or no experience,
do not operate bonded client accounts or are bound by any
code of practice. Remember, as the landlord you may be personally
liable for any mistakes made by your agent. So choose carefully
Why use a letting agent - Information supplied by Homelet
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you own more than Two Rental Properties - Want to save money?
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jml
Property Services are members of the National
Federation of Residential Landlords, National Landlords Association
in the UK and British Chamber of Commerce Cote d'Azur - France
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