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Monthly Archives: January 2016

Is Your Investment Property Covered For Floods?

In recent weeks, many properties in certain parts of the UK have suffered damage due to serious flooding. So, if you are a landlord, does your landlord insurance cover you for such an event? Insurance companies providing landlords insurance usually include cover should the building me damaged as a result of flooding such as a river bursting its banks. However, you should check the policy wording to confirm if this is the case. If the landlord has provided contents in the property that is let out such as furnishings and white goods then, as long as the landlord has arranged contents cover, those items would also normally be covered in the event of flood damage. Again, the policy should be checked to confirm if this is the case. Of course, the damage caused by a flood could be so severe that the tenant has to move out of the property into alternative accommodation. Some insurers may provide cover to pay for alternative accommodation although the landlord would need to check if, under the terms of the rental agreement, they are obliged to pay for such accommodation. If the tenant vacates the property due to flood damage and the landlord is…

Will The Numbers Of Live-In Lodgers Increase?

Over the years, an increasing number of homeowners have been taking in a lodger to help supplement their income and this may well be going to continue for the foreseeable future providing competition for the traditional landlord. In fact, some time ago LV carried out some research that showed that the number of people that owned their own homes and decided to rent out a room in the property to a lodger had risen from 1.4% back in 2009 to about 2.7% in 2014. This rising trend may well continue as the Government has agreed that someone can rent out a room in their home and not pay any tax on the income this generates up to an income of £7,500 per annum from April this year. At the moment the figure is £4,250 per annum so the new figure is a considerable increase. Many homeowners will have taken in a lodger in recent years to help them supplement their income during the economic problems that this country went through and, for many people, still are. If you are thinking of having a live-in lodger then there are some things that need to be considered. For instance, rules will need…

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