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Choosing Buy-To-Let Property Insurance
Risk is an area often overlooked by landlords, but failing to protect the main assets of your business, which often have borrowings secured against them could lead to ruin. Landlords often fail to understand the types of insurance risks that they are exposed to and are unaware that insurance coverage for buy-to-let investments is very different to the standard household insurance policies that cover owner-occupied dwellings. Therefore, landlords are advised to seek the services of specialist insurance companies catering for the buy-to-let market. Essentially there are five broad categories of landlords insurance: -- Landlords buildings insurance -- Landlords contents insurance -- Emergency assistance -- Legal expenses insurance -- Rent guarantee insurance Landlords buildings insurance These are the core policies and will generally provide coverage for a number of perils including fire, flooding, burst pipes, malicious damage and owner's liability. It is worth checking the policies of each insurer as the perils covered may vary. Other issues to be aware of are the amount of money the insurance company will pay out in the event of damage occurring, types of tenants (student tenants are perceived to be higher risk) and consent to let from your mortgage lender, as failure to gain consent will render your insurance void in the event of a claim. Landlords contents insurance Many landlords insurance specialists will offer the option of limited or full contents insurance. Limited contents policies are designed for properties that are let unfurnished or part furnished. A typical policy would provide cover of up to £5,000 for items such as curtains, carpets, white goods and light fixtures. Most policies will also provide employers and landlords liability cover in relation to these products. Liability cover is important, as the number of personal injury claims relating to contents has risen at an astonishing rate since the 1990s, with awards in excess of £100,000 not uncommon. Full contents policies are for fully furnished properties or for limited contents that would cost more than £5,000 to replace. When applying for full contents insurance, ensure you value the contents for the cost to replace them, opposed to the actual value that you think they are worth. Emergency assistance Cover is provided for general property emergencies, such as failing electricity supplies and cooking facilities, plumbing problems, leaking roofs and guttering, and damage to doors and windows. Typical policies will provide parts and labour up to a specified cost, along with a 24-hour call out helpline number. This sort of insurance is most suited to landlords who do not live near their property and have not contracted their managing agent to provide such a service. It should also be noted that these policies only cover emergency call-outs and are not a general repair service required through lack of routine maintenance. Legal expenses insurance Problems can always occur with tenants and in many cases it is a change of personal circumstances such as job loss, accident or illness that will affect the tenants ability to pay rent or look after the property correctly. Resolving such situations will usually involve expensive legal costs, sometimes running into thousands of pounds and legal expenses insurance is generally recommended. Rent guarantee insurance These policies guarantee that rent is received regardless of the tenants personal circumstances or ability to pay. These policies are most useful for landlords who have a mortgage on the property and are relying on the rental yield to service the loan. Policies will often guarantee rental payment for periods of six or twelve months. Regulation It is always advisable to shop around for insurance and understand what each policy provides. Always ensure that the insurance provider is a member of the General Insurance Standards Council (GISC) and is fully regulated by the Financial Services Authority (FSA). Please note that this article is for information and guidance purposes only. With all financial matters you should seek professional advice with respect to your own specific circumstances. Don Suter is Managing Editor of the UK Property Portal (http://www.ukpropertyportal.co.uk), an online directory and magazine for UK property sales, rental, surveyors, mortgages, conveyancing, property insurance, removals, news, investment and development
Latest News:Site: Yahoo! News Search Results for news Futures flat; Lehman buyout news, data awaited (Reuters via Yahoo! News) Stock index futures were little changed on Friday as investors awaited news on the fate of Lehman Brothers after a slide in its stock this week heightened fears over whether the investment bank can survive. Myanmar's Suu Kyi to get family letters, news mags (Reuters via Yahoo! News) Detained Myanmar opposition leader Aung San Suu Kyi has managed to wring small concessions from the ruling generals in the form of letters from her family and some international news magazines, her lawyer said on Friday. SEC Looks Into UAL Stock Scare; Implications For Online News? (CBS News) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel 's current news flow, was picked up by a Google (NSDQ: GOOG) News bot and, via a reporter for a newsletter, made it onto Bloomberg News. After a lot of buck ... JCDecaux in talks for News Outdoor Group in Russia (AP via Yahoo! News) French outdoor advertising firm JCDecaux SA said Thursday it is negotiating to buy Russian rival News Outdoor Group from global media company News Corp. News Corp tightens grip on Premiere with new CEO (Reuters via Yahoo! News) Rupert Murdoch tightened his grip on German pay-TV broadcaster Premiere by appointing News Corp executive Mark Williams as CEO in a move to get the company back on track. Phila. mayor to announce grim budget news (The Philadelphia Inquirer) The Nutter administration is expected to announce grim budget news today, which is all but certain to lead to significant spending cuts - perhaps as high as 10 percent - in some city departments, according to three sources familiar with the budget. Help News pick Stadium's greatest moment (New York Daily News) The News is marking the countdown to the final game at The House That Ruth Built by reflecting on Yankee Stadium's greatest moments - and we're asking you - the reader - to help us pick out the best of the best. JCDecaux and News Corp. in talks to combine outdoor ad groups (International Herald Tribune) The News Corp. chief executive, Rupert Murdoch, has recently expressed nervousness about investments in Russia, where News Outdoor generated the bulk of its revenue last year. SEC Looks Into UAL Stock Scare; Implications For Online News? (paidContent.org via Yahoo! Finance) A ton of digits have been devoted to this in other spots but the SEC's decision to investigate takes it to another level. The backstory: a six-year-old news story about UAL declaring bankruptcy made it into the Tribune-owned Sun-Sentinel's current news flow, was picked up by a Google News bot and, via a reporter for a newsletter, made it onto Bloomberg News. JCDecaux in talks to buy News Corp. billboard unit (AP via Yahoo! Finance) In a deal that would create the world's largest outdoor advertising company, French conglomerate JCDecaux SA said Thursday that it is in talks to buy Russian rival News Outdoor Group from global media company News Corp. Site: news - Google News News Analysis A Difficult Road Awaits Panetta at the CIA - New York Times
MORE RESOURCES: Site: Yahoo! News Search Results for insurance NC insurance commissioner orders lower auto rates (AP via Yahoo! Finance) North Carolina State Insurance Commissioner Jim Long on Thursday rejected an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead. Auto-insurance rates in N.C. ordered cut by 16.1 percent (Winston-Salem Journal) N.C. Insurance Commissioner Jim Long rejected yesterday an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead. Survey: Insurance Industry Expects Subprime Issues to Negatively Impact 2009 Performance (Insurance Journal) Insurance executives expect subprime and other credit issues to continue to have a significantly negative impact on the industry's financial performance in 2009, and they see credit and pricing risks Nevada Names Baker Acting Insurance Commissioner (Insurance Journal) The Nevada Department of Business & Industry named Betty C. Baker acting commissioner of the Division of Insurance. Baker will oversee the Division while a replacement is sought for Alice Molasky-Arma Here's the lowdown on 'private' bank and broker insurance (USA Today) Q: I've noticed several banks and brokerage firms claiming they have private insurance that protects accounts above the FDIC and SIPC limits. Should investors trust those promises? State unemployment insurance claims up (Macon Telegraph) The Georgia Department of Labor announced Thursday that 59,090 laid-off workers filed first-time claims for unemployment insurance benefits in August, an increase of 72.1 percent from August 2007, but a slight decrease from July to August this year. Fitch Ratings Gives Island Insurance an "Aq" (Insurance Journal) Island Insurance Co. Ltd., Hawaii's largest locally owned and managed property and casualty insurance carrier, has reaffirmed its "Aq" rating for Quantitative Insurer Financial Strength (Q-IFS) by Fit Looking for Free or Low-cost Health Insurance? (Carteret County News-Times) (ARA) - It's no secret that accessing health care is a challenge for the 47 million Americans who are uninsured. Lack of health insurance forces many Americans to choose the health care they receive based on what they can afford, not what they actually need. Uganda: Health Insurance May Face NSSF Fate (AllAfrica.com) The government has finally resolved that all salaried workers and employers, will with effect from July 2009, be required to make compulsory contributions to the new National Social Health Insurance Scheme. The net inflow from life insurance companies into equity stood at Rs550bn till March 31, 2008 , foreign institutional ... (India Infoline) The life insurance industry was the largest investor in the Indian equity markets, ahead of foreign institutional investors and mutual funds, according to the reports. Site: insurance - Google News Obama Plan for Government Insurance Draws Criticism - Bloomberg
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