Landlords Insurance Information

Being a landlord can be a full time business for many, with many obligations to meet all aspects of your contract between you and your tenants, providing the best services to ensure satisfaction for all parties. There are many laws in place to protect both landlords and their tenants and as either you need to do your research to discover what your specific obligations may be and what legal rights you are entitled to in the event of circumstances arising.

Apart from the normal responsibilities of a landlord which include the overall safety of the property and the structural stability of the rented accommodation, there certain acts of parliament which need to be properly understood and applied when taking on the role of a landlord. These include the Race Relations Act, Sex Discrimination Act and the Disability Discrimination Act which are all accountable for when renting or letting properties.

Residential landlords need to ensure they are responsible for and duly maintain gardens and other common areas when renting accommodation to more than one tenant and need to ensure the property is in a suitable condition for tenants to live in. All electrical and gas appliances in the property need to be checked regularly and proven to be safe and any repairs to external parts of the property and any plumbing and heating equipment are all obligations that you need to actively keep updated as a landlord.

After its recent introduction, all landlords need to supply an up to date Energy Performance Certificate or EPC when taking in new tenants which outlines the energy efficiency of the property. In addition, any furnishings and furniture that are provided by the landlord need to be properly fire rated and the fire safety must meet government regulations.

When setting up as a landlord for the first time, it is important to remember the requirements that you have to ensure a safe environment for your tenants and when choosing the correct insurance to cover your needs, letprotector.co.uk are one of the leading landlord insurance providers who can help you arrange first class competitive cover in the shortest time scale. With the ability and the resources to create tailored and bespoke landlords insurance policies for a wide range of landlords needs and requirements, letprotector.co.uk are one provider who can assist you today.

Figures released in recent months have once again reported that the number of tenants looking for suitable rented housing is still very high, prompting more home owners to consider taking on extra properties to rent out to tenants across the UK. The increase in the overall number of tenants renting accommodation stems back to the massive drop in the housing market in the 90’s when many homeowners found they couldn’t afford to repay their mortgages due to steep rises in the Bank of England rates and subsequently mortgage repayments.

As a result, the opportunity arose for a variety of different private housing solutions to be made accessible to tenants with the introduction of specialist mortgages called by to let mortgages. These mortgages enabled home owners to purchase second properties for the sole purpose of leasing or renting them out to a range of tenants depending on their requirements and specifically targeted market. All the signs point towards a great time for investors and landlords to take on additional properties for rental purposes and doing their bit in easing the current tenant waiting lists.

Across the UK many letting agents are saying the same thing and that is that there is a shortage of different housing for different tenants such as terraced properties for DSS tenants and those with families who work. There is a calling too for and apartments and flats for students and city professionals desperate to find affordable property that is in close proximity to town and city academic buildings and businesses. What’s more is that for many tenants the prospects of renting a property are far more financially achievable than buying a house and paying the monthly repayments. What is more is that with a rented property, tenants are not held liable for the property’s maintenance.

Government figures show that although there may be a better time for first time home buyers to purchase their first properties within the next year or so, there will always be a strong need for a large number of new and seasoned landlords. Even if the property market improves, many will still prefer to pay rental incomes, having all repairs and other necessary works carried out by their landlord. Altogether this is great news for buy to let landlords and existing landlords wishing to expand on their portfolios or enter the rental market for the first time.

If you are a landlord for the first time or already a seasoned landlord you probably won’t or may not know everything there is about insurance policies for landlords. In this instance it is up to the experts such as our professional team here at letprotector.co.uk to offer unbiased and supportive advice and guidance on giving you the most beneficial insurance cover to properly insure your investment. One thing to mention before going any further and as an import point to start with is this. In order to rent out a property to tenants, you need to purchase landlords insurance. Normal house insurance will simply not be sufficient enough and could leave you being unable to claim if and when the situation arises, leaving your policy null and void.

Taking the time to arrange the best policy for your needs is critical for you and any tenants you house within your property. There are too many examples of insufficient insurance policies being taken out where a landlord has perhaps bent the truth about their particular requirements. This has led to their policy provider failing to pay out and the landlord losing far more than what they believed they may have saved. The truth is that with many landlord insurance providers, being completely honest about your policy needs can often result in your correct policy premiums being almost the same. In any views, the competitive nature of the current market and the costing restructure applied to such insurance policies means that you can receive very cost effective quotes to give yourself and your property the protection you deserve.

When opting to take on the role of becoming a new landlord, there is one important decision to make and that is the type of client you are hoping to attract. Advertising your property for rent on notice boards and free papers, for example, may bring you working class couples and the odd student, possible DSS tenants or elderly tenants. Not to seem biased towards any band of tenants but in many cases, selecting particular tiers of tenants can place a higher risk on your property being mistreated, for example DSS and student tenants are a bigger risk than an elderly couple or those families who are generating an income and so may make an impact on your premiums.

It could be discussed daily for the rest of time but for many property landlords, the need to educate them on the importance of gaining the correct landlords insurance cover is ongoing and will probably continue to be so. Insurance in any shape or form is a protective cushion for when things go wrong. We all will take out insurance against a variety of events and mishaps during our lifetime which can affect us physically, mentally or financially. In the event of becoming a landlord, all three could apply which is why it is really so important to get it right the first time around.

It is all too familiar to hear about a landlord that has lost all or a large percentage of their investment due to the fact that they failed to gain the correct insurance policy for their property or attempted to undervalue their policy in order to pay less on their premiums. What these investors and landlords don’t realise is with the right searching, the correct landlord insurance policy won’t cost you the earth. There are simply too many ‘what if’s’ to risk a void claim on your insurance. Not when you are talking about one of the most expensive investments you will probably make. Letprotector.co.uk is one of the most dedicated providers of landlord insurance services and offer expert advice and assistance to arrange bespoke and individual solutions at competitive prices.

The one thing that many landlords and investors consider time and time again is cost. Letprotector.co.uk are one of the UK’s leading providers of landlord insurance and work hard to build up the ideal insurance package for so many landlords across England, Scotland, Northern Ireland and Wales. Dedicated to keeping quotes as competitive as possible, letprotector.co.uk understand the narrow margins of the letting insurance market and so rely on a wealth of expertise and knowledge, together with their vast resources to deliver affordable and highly beneficial insurance for landlords.

Whatever your current situation, whether you are a buy to let second homeowner renting a small terraced property or perhaps a seasoned property investor with an impressive portfolio of properties to rent, it is a major priority to make sure that you are securing your investment with the right landlords insurance policy. The worst thing you can ever do, other than not purchase any insurance whatsoever, is take out a standard home insurance policy for your rented property. The level of cover is sadly inadequate for the purpose of insuring you and your investment when you lease it to tenants.

As you already know leasing your property to tenants can be a risky venture because you are potentially placing your hard earned investment into the hands of a complete stranger. When described in such a manner you can understand more, the need for the most protective landlords cover. In a nutshell there is currently a huge demand for rented properties in the UK at the moment. With many new buy to let landlords appearing, insurance companies can now afford to offer bonuses and incentives such as affordable premiums and at letprotector.co.uk will not be disappointed.

Recent figures are showing the need for more and more rental properties due to the rising volumes of tenants requiring accommodation within the UK. With the recent recession making waves throughout the economy and many families unfortunately losing their homes as a result of repossessions brought on by the financial hardship felt across Europe, America and other areas of the world. As the buyer’s market begins to level out and stabilise, it is the perfect time for buy to let landlords and second home owners to get in on the action and take advantage of the wide number of available tenants available.

Whether you are considering becoming a first time buy to let landlord or are already a seasoned professional, the time to take action is now before the economy shifts and you lose out. Any property investment should be a profitable one and if you remain dedicated and are lucky to have good tenants, you can not only provide yourself with an income but also pay off any loans or buy to let mortgages used to purchase the property. Experts are saying that in order for seasoned and first time landlords to secure the best rates on their buy to let mortgages, they really do need to act swiftly now, seeking out small lenders who are genuinely attracting customers with fantastic low cost, short term fixed rate payments.

Although offers have come and gone in the past, no-one can be sure how the following months are to pan out and show themselves. With the majority of experts feeling that the number of special rates brought in that are favoured by landlords across the UK are going to dwindle away, their advice is if you are in a position to take on a rental buy to let property, to do so and never look back. It seems that the attractive rates from smaller lenders with limited funds are often the ones that are most keen amongst borrowers and property investors. Acting fast is the only way to take advantage of the situation as it arises.

The current shortage of housing for tenants has really led to an increased demand in rental accommodation and as such more urgency has been placed upon the need for more landlords taking steps to provide further properties. Taking the initiative and choosing to become a buy to let landlord is an opportune idea for many and as such, can be a sure fire way to begin a lucrative income that will pay for itself in many ways with a plus of even offering some extra income for you. If you decide to become a landlord and choose your steps carefully then you can make a profitable investment that can pay the right dividends.

One important factor to remember though is to arrange the correct level of insurance for your property. Simply choosing to insure your property using just standard home insurance will sadly not be sufficient enough. You need to take out a reputable buy to let insurance policy to ensure that you are fully protected against insurable events and problematic tenants.

News of an increase in Capital Gains Tax has placed an unexpected amount of concern on the faces investors across the UK. There in, recent reports from the financial sector are displaying signs of a potential rise in the rate of tax that second house owners and large higher income tax paying investors could face, causing an issue for potential landlords around the UK. Experts in the field has issued advice to investors to avoid a weighty tax burden by restructuring their property portfolios and selling off assets before the April 2011 deadline where the supposed increase will take place.

The professional advice issued to many investors is to invest in other asset classes to ensure a lower impact on the amount of tax and duties they will have to pay. In worrying times like these, any extreme changes could cause further rifts within the already fragile state of local markets. There are talks of tax increases making property investment an unfavourable and potentially less tradable route of investment. There could be a knock on effect of this lowering the number of second home purchases after the start of the new tax year in 2011 which may or may not affect residential landlords at this moment in time.

The general consensus is not to start panicking as the majority of residential landlords and those with buy to let mortgages shouldn’t be affected as much as larger, more profitable investors. The last thing the new government wants to do is to worsen the current state of the housing market, where letting agents are currently crying out for small homes, flats and apartments. The news is though that ancillary buildings and property located within the grounds of a house, such as staff accommodation and flats, lodge cottages and possible development plots located on premises in garden areas are all going to be kept under a watchful eye and quite possibly scrutinised if it is shown that they are not in keeping with the requirements of the main house or residential property.

So bearing in mind that the smaller landlords and buy to let investors take adequate steps to carefully manage their approach to maintaining their investment, the news is that you shouldn’t worry. Obviously any tax hike will mean less revenue in the short term, if you let to DHSS tenants, there is a chance that your fees will be increased or you can request an increase to combat inflation. Raising residential private rental rates can also reduce the impact of the rise in capital gains tax but there is a fine line to keep good tenants from leaving you in search of more affordable accommodation.

With many new proposals from the government on how they plan to proceed, we can expect some fluctuations within the economy. One thing is for sure is that many minds are very interested to see what methods are to replace the past indexation or taper relief systems that have previously been in place, to prevent landlords, buy to let landlords and second home investors succumbing to having to pay a tax on inflation.

As many of you may have heard, the recent suspension of the necessity to provide lengthy and often costly Home Information Packs or HIPs when choosing to sell a property, has enabled home owners wishing to sell their homes across the UK to once again make it a reality. So how does this fair for the UK housing Market, homeowners, landlords and tenants? Well in a way all are affected directly and indirectly but for the best. By removing an awkward and costly part of selling a property, many homeowners are finding the means to sell their homes, meaning more properties will be made available to first time buy to let landlords and other seasoned landlords and investors.

What this means in the long run is that with the suspension of Home Information Packs which were originally devised only around 3 years ago to provide new home buyers with information on the property they were to purchase, more landlords can invest in properties to provide accommodation for the large number of waiting tenants who are seeking rental properties. Good news all round, as more properties become available for rent, the more opportunities for first time buy to let landlords appear. All this inevitably goes to easing the housing shortage for renting tenants across the UK. Creating a domino effect for other industries such as the insurance sector, with more landlords purchasing landlords home insurance, savings can be made, special deals can be offered and premiums can be kept affordable, competitive and highly beneficial.

Some say HIPs have been attributed to the slump in the housing market over the last few years although the blame cannot be placed solely on them. Recent financial fluctuations across the world, the times of recession, pulling all the banks of the sticky mess they got themselves into and many more factors were also to blame for the many celebrating the end of the HIPs say that original purpose for Home Information Packs and the information they gave was simply what a homebuyer’s solicitor would have checked for when carrying out their duties. However the real reason for HIPs back in the late 90’s in the first place was to speed up the process of buying a house and home.

But for what reason? Cash buyers may have benefitted but mortgage holders and first time buyers still had to wait for surveys and mortgage offers to complete before moving further with their purchase. Therefore there has been much speculation on the original validity of the home information packs and their importance within the housing industry. The choice to begin removing unnecessary red tape cutting out the unwanted gibber gabber that has suffocated the UK over the last 20 years or so is a bold and brave move for the new government and one that possibly marks the start of reformation across the board and better, brighter times ahead.

Looking towards the future with a more positive outlook, the landlords and investors of Great Britain prepare to make the most of these beneficial changes.

Residential emergency assistance offers you and your tenants the peace of mind that in the event of an emergency such as a burst water pipe, unexpected damage to windows and doors, loss of a resident’s keys and sanitary issues such as blocked drains, you can receive immediate professional assistance and help. At letprotector.co.uk we give you the instant cover you need, when you need it. Protection covered by our residential emergency assistance provides day and night call outs of registered tradesmen, whether it may be a plumber, electrician, joiner or locksmith and offers you up to £500 to easily cover any emergency repair.

Underwritten by Fortis Insurance Ltd, one of the leading insurance brokers, we guarantee that both residents and landlords can rest assured that in event, your policy has you covered. Unlike other insurance policies letprotector.co.uk offer a ‘no limit’ feature on the number of claims you can make, providing you with the safe knowledge that regardless of any previous claims, you will still receive the high level of quality help when required. Aside from an unlimited claims feature, our residential emergency assistance doesn’t require residents to pay any excess towards the cost of the claim and in the majority of incidents, the value of the policy should adequately cover all costs including call out charges, cost of any materials and the standard VAT charges.

One key point to mention here is that there are exclusions to consider such as if the property is unoccupied and there is no tenants residing within the premises, claims cannot be made. We attempt to give you the best protection possible when choosing letprotector.co.uk and so offer you a competitive price for our emergency assistance cover. However such things as cosmetic and decorative replacements, the replacement or repair of central heating equipment, radiators, over head water cylinders and internal door locks are not covered by this plan. These should be covered by the buildings insurance taken out by the landlord or the investor.

Arranging a quote for our residential emergency assistance cover couldn’t be easier. Either applying online or over the telephone, you get a swift decision in minutes and can receive immediate cover as soon as your application is approved. Whatever happens, you want to know that if a domestic emergency was to take place or happen, you would know that you have the urgent assistance you require to hand to avert a crisis. With letprotector.co.uk being one of the most resourceful and expert insurers dedicate to landlords, it is no wonder why so many investors and buy to let mortgage holders use our services.

We take a great deal of time to formulate specific insurance policies designed to offer the best possible policies for you and your tenants, utilising our professional ability resources and experience to bring you first class emergency cover against an array of unexpected happenings. Here at letprotector.co.uk we try to offer the most flexible plan available and do our very best to tailor each of our insurance services to meet your requirements.

Do you worry about which landlords legal expenses insurance policy to choose or have you even considered the importance of taking out this often vital piece of insurance protection? Well you needn’t worry any further. Here at Letprotector.co.uk we are one of the UK’s leading specialist providers of a diverse selection of landlord insurance policies. So what exactly is landlords legal expenses insurance then? Quite simply, it is an insurance policy that will protect you in the event of an occurrence where you have a claim made against you by a tenant or whereby you need to take legal action against a specific tenant who breaches their tenancy agreement in any way, outlined in the contract or rental agreement that they sign at the very start.

Especially useful when you need to act swiftly to evict bad tenants, you receive the professional assistance and advice necessary with landlords legal expense insurance from letprotector.co.uk. Not only this but with the right legal protection offered by our team of professional underwriters and advisors means that your legal fees can be heavily subsidised in the event of requiring court action to take place. For example if you have a tenant that has repeatedly missed their rent payments or has stopped paying you their weekly or monthly payments, then having the expanded coverage from letprotector.co.uk means that you can fund the legal pursuit of rental arrears. Letprotector understand the circumstances that renting property can bring and cover such awkward situations such as financing the eviction of a person inhabiting you property without official permission.

In a different light, especially being in a position as a landlord or property investor, landlords legal expenses insurance entitles you to legal defence, which will allow you to defend yourself in the event where you face court proceedings. Whether resulting from an omission or act such as neglecting tenants basic needs and requirements which could be anything from providing inadequate heating, failure to repair damage to the property that was not caused by the tenant to various other issues, letprotector.co.uk aim to protect your investment and you. If you are experiencing problems with tax, VAT, National Insurance Contributions or PAYE disputes, discover that you are covered for legal advice and against investigations and enquiries into the financial tax affairs. We work to provide a suitable and highly detailed insurance package to assist you when receiving a court summons or when taking a case to court.

With any additional extra cover that we provide, letprotector.co.uk offer professional and expert advice to ensure that you receive the right care and attention when using our services. Providing access to a legal helpline is a dedicated service that is offered as part of the landlords legal expenses insurance that we underwrite. We always strive to give you first class customer care and remain confident that our expertise and vast resources will help towards reaching a pleasant outcome for you. With free access to legal advice and professional assistance, the legal helpline however can only assist you as far as general advice and is not able to assist with more complex legal matters.