| 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
HomeLet
is a trading name of Barbon Insurance Group Ltd, Registered Office: 4-9 Highview,
High Street, Bordon, Hampshire, GU35 0AX, England who are authorised and regulated
by the Financial Services Authority in the UK. Their FSA Register number is 308724 _________________________________________________________________________ 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 .
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 ________________________________________________
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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Property Services are members of the NLA - National Landlords Association in the
UK and BCC, Cote d'Azur - France
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