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Monthly Archives: July 2014

Do You Need To Insure Your Buy-to-Let Property?

Well, this is an interesting question so let’s try to answer it…. As a landlord, you are under no legal obligation to insure your property although, if you purchased it with the assistance of a mortgage, the lender may have made it one of the conditions that the building be insured. Nevertheless, surely it would be a sensible idea to make sure that the property is insured. After all, you will have paid a lot of money for the property and would surely wish to ensure that should it be damaged due to the likes of a fire or flood that it would be covered. If not, where are you going to find the money to repair it or, worse still, rebuild it. Don’t forget that there is likely to be greater risk of the property being damaged with tenants in it as they are less likely to take care of it than you would if you lived in it. However, it is not just about insuring the bricks and mortar. If you are providing the furnishings and white goods then surely you would want to make sure that they are insured against being damaged or stolen. Again, the cost…

Landlord Insurance – Is It All About The Price?

When it comes to buying most things, one of the major considerations is how much something is going to cost. For instance, if you are buying a new car you are likely to have a budget. So, if you have £15,000 to spend it is not going to get you a brand new BMW that probably comes with a better build quality than that of a less expensive car. Is landlord insurance any different? Well, it probably isn’t. We appreciate that you have a budget but the priority should be to make sure that you have got the cover that you require. There is no point in arranging cover if it does not meet your needs in every important way. For instance, if you provide contents in the rental property such as beds, chairs, tables, a TV and a computer, these will have cost a significant amount of money. You are under no legal obligation to insure them. However, what happens if a tenant damages them in some way such as accidentally ripping the leather sofa with a set of keys or spilling a mug of hot chocolate on a fabric armchair. The cost of repairing or replacing these items…

Citizens Advice Bureau Reveal Interesting Statistics About Tenants Facing Eviction

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In the last few days, the Citizens Advice Bureau (CAB) has revealed some interesting statistics on their website about the number of tenants facing eviction by landlords from the privately rented properties that they are living in. We thought that we would share these figures with you. Apparently, the CAB has seen a significant rise in the number of tenants facing the possibility of being evicted from privately rented properties even if they are not behind with their rental payments. In 2013/2014, the number of tenants seeking help from the CAB that were not in rent arrears exceeded 5,000 which was a 38% increase on the previous year. Another interesting statistic is that the CAB say that evictions from private rented properties has the biggest impact in homelessness that they come across from their customers. Last year, 10% of the 80,000 homelessness cases were due to such evictions. The reasons why these tenants are facing eviction that the CAB are being given by their clients when they contact the CAB include being requested by the landlord to make repairs, the amount of the rent is being increased to a point where the tenant cannot afford the proposed increase and the…

The Benefits Of A Price Comparison Website

If, like a lot of people, you are looking for a cheap landlord insurance quote then one of the ways of possibly achieving this is to obtain a quote from a price comparison website. But, why is this? Well, a price comparison website will often list a number of insurance companies that provide quotes for landlord insurance. Many of these companies are no doubt keen to take on as much new business as possible and may offer quotes in competition with the other companies. The great thing from your point of view is that you can see the price being quoted by the companies in the one location. If your decision is purely based upon price, although we would suggest this should not always be the case, then this enables you to choose the most suitable quote from the particular website you are visiting. Not only may you be able to peruse a range of prices being quoted for the same level of cover but you may also be able to look at a number of different options available with landlord insurance and see what effect these have on the premium. You may also be able to look at the…

Letting To Tenants With Pets

It is a fact that there are not as many properties available for rental where landlords allow tenants to keep their pets in the property when compared with those landlords that do make such a concession. Of course, it is well known that there are still many tenants that do bring their pets into a property that they are renting even though they are not supposed to do – it is difficult to police this situation. We can understand the reasoning behind why someone would not wish the likes of dogs and cats to take up occupancy in their investment property. Yes, such pets can cause damage and dirt to the chairs, sofa and bedding in the property. You could find yourself with dog mess to clear up in the back garden when the tenant vacates the property. There may be the need to remove dog odour in the property by opening the windows for an extended period of time and getting the air freshener and fabric cleaner out. However, you may be missing an opportunity here. There are many people looking for rental accommodation that do have pets and they are no doubt quite prepared to pay more in…

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