Walker Jack Consultants

Once you have achieved your purchase of a buy-to-let property, it is easy to think that all the hard work is done. This seems especially true once you have acquired tenants willing to pay rent so that you can start seeing profits from your investment.

It can seem attractive to overlook the need for landlord insurance as you might feel that your tenants appear responsible and there is nothing untoward that could occur. However, taking into consideration the sudden and impacting changes in personal circumstances, you might want to reconsider.

Think of the way that defaults in rent payments will impact on your life.  Consider how much more it would cost you if you found out that your property was damaged and suddenly required a great amount of financial resuscitation in order to make it profitable again.

Your rental property is technically out of your hands when let and ignoring this fact could easily mean that your gains could become meagre. While these factors might seem like an improbability, they are the risk that landlords run when deciding to rent out their properties.

“Protecting your investment” is not merely a statement to encourage you to part with your hard earned money on landlord insurance premiums, it is an essential if you wish to maintain some sanity and financial stability if things do go wrong. Landlord insurance not only brings about peace of mind that your property is being financially covered, but you also buy the assurance that you will be able to act fast should there be a problem.

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If contents insurance isn’t included in your landlord insurance policy, many insurance companies will offer you the choice of a limited contents or a full contents cover.

Limited Contents Cover

This cover usually offers a fixed limit of £5,000 to replace carpets, curtains, sun blinds, light fixtures and fittings as well as kitchen goods and appliances.

Full Contents Cover

If the property you own comes fully furnished or the contents are worth more than £5,000 to replace, you will need to take out a full contents cover.

Many landlords place a value of what the contents are worth and then select a sum they wish to insure their contents for, rather than calculating what it would cost to replace the goods with new items. Because of this, many landlords’ possessions are underinsured.

Inventory

If your landlord insurance includes both the buildings insurance as well as the contents insurance, and you wish to make a claim for any damage caused, you will need to present an inventory.

This inventory list should include all the things that are either damaged or missing from the property, as this inventory will help you retrieve the damaged or missing items.

Many landlords choose to take pictures or shoot a quick video of all their belongings before renting out their property, as this will save a lot of time and stress in case the inventory is needed on a later date.

Your landlord insurance only covers your possessions within the property. If the tenants who are renting the property wish to have their possessions insured, they will need to take out their own insurance.

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You can follow a few basic steps to make claiming on your landlord insurance and allowing your claim to be processed as straightforward a procedure as possible:

Notify the police immediately of any occurrence and loss incurred as a result of an incident or break-in.  The more swiftly you can do this, the more seriously you are likely to be taken.

Contact your insurance company promptly and provide detailed, specific information including exactly what happened and the events leading up to this (if known), what losses were incurred, and any other information you have or think relevant.

Take steps to prevent further damage or loss, such as increasing security, identifying the cause of the initial problem, or being aware of ways in which the problem can be addressed in the future.  Landlord insurance, like any insurance, is based on risk.  Therefore, you have a better chance of keeping your premiums low if you are making a conscious effort to be aware of issues and are doing what you can to prevent them from recurring.

Obtain a claim form and fill it out as accurately as possible with as much information as you have.  Send it in promptly and make sure that the insurance company has received your form.

Have a record of the chain of events that led to the loss, as this may also be required by the insurance company.  This can include any supporting evidence you may have such as documentation, photographs or video, or witnesses to events such as break-ins or fire damage.

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In order to get the most out of your landlord insurance, you will need to seek out a policy that suits your requirements.  Finding a policy that is right for you will enable you to remain fully covered when renting out your property.  Exploring what is available will also enable you to find policies that offer payment options that suit your needs.

Many websites offer options that enable you to compare landlord insurance with multiple companies and brokers.  Comparing landlord insurance policies will enable you to find an affordable policy that provides you with everything you need to keep your property protected whilst you are renting it out.  You can research which polices are best suited to your needs and obtain quotes to help you find the best landlord insurance deals.

If you have any special requirements, then comparing landlord insurance will help you find a policy that suits your current situation.  For example, if you are renting out your property in an area that is susceptible to floods, then you can seek out a policy that will provide sufficient coverage should your home or personal contents become damaged when a flood occurs.

Comparing landlord insurance policies will enable you to save money and find a policy that will provide you with sufficient coverage.  Some policies may have restrictions, so it is vital that you read your policy carefully and compare like with like, to enable you to find a policy that is flexible and will provide you with the coverage you need to keep your home and contents fully protected.

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When considering a claim on your landlord insurance it is important to check the following details in your policy:

•    What level of cover does your policy provide?  As simple as this may seem, it is vitally important to know exactly what is and isn’t covered in the event that you have to make a claim.  It is always better to be safe than sorry.
•    What is your excess in the event of a claim?  As with any insurance, there may be an excess should you need to claim – this basically means that you as the landlord may have to pay an amount of money yourself from any insurance claim you make.
•    What is the procedure when you need to make a claim?  Whilst this may not be the most pressing detail, it is important that you can make a claim efficiently and confidently should you need to.
•    What documents will be required to make a claim?  It is important to ensure that you keep the necessary documents secure and safe so that you can make a claim efficiently when you need to.
•    Is your number of claims limited?  This can be very important, particularly for long-term insurance.  Should more than one incident happen during the length of your contract, you need to be sure you can claim for all of them.
•    Do you need to inform anyone else before making a claim?  For example, if furniture is stolen from your property, you may need to inform the police before you can make a valid claim on your landlord insurance.

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The property market continues to be unstable even though there has been some recovery of note. Letting and estate agents may have discovered that it has become more competitive than ever before, which is only one of many reasons to update your knowledge on buildings policies.

Letting and estate agents have a difficult job and there are different issues to consider for residential and commercial properties and all of the legal requirements for each can be daunting. However, there are some things every letting and estate agent should know; one of those things is insurance.

When someone is looking to buy or even let a piece of property, there may be many things the potential client may not know. For someone that has never taken these steps before, it is unlikely that he or she will know how to approach purchasing insurance policies. The letting or estate agent should be well versed in various types of insurance so that the process is made as easy as possible for the client. While an agent may think, “That’s not my job,” having that extra knowledge may mean the difference between closing a sale or losing a client to another, better informed agent.

It is wise to be prepared when meeting a new client. This may mean that you have a portfolio put together regarding insurances or perhaps you will just have a chat. Regardless, teaching a client about buildings insurance, contents insurance and household insurance will benefit you both in the end.

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