The Landlord Association: Follow two simple steps when letting a property

Landlord Expert
By Landlord Expert March 28, 2013 08:08

If your tenant slips on a poorly tiled floor and injures themselves, you, the landlord, need to make sure you are covered in case they decide to make a claim against you. Standard household insurance won’t suffice. The moment you let out your property, that home insurance policy may become invalid.

Insurance companies view the risk of rental properties differently, as a landlord’s control over their property diminishes once they are no longer there to care for it on a daily basis.

There are many issues that can befall a landlord. Currently, the biggest cause for concern is tenants defaulting on rental payments. With a simple rent guarantee cover in place and good legal cover at hand should things go wrong, the risks can be minimised completely.

And, with the latest government figures showing an 85% rise in possessions on the previous year, collecting rent on time has become a very significant problem for landlords all over the UK.

There are 2 simple steps to take. These steps are supported by The Landlord Association.

1. Get a good insurance policy in place. Almost every insurance underwriter and insurance broker supplies a buy to let insurance cover as part of their suite of products. The average landlord insurance policy costs around £200, which is a lot less than most household insurance cover. Find cover that includes rent guarantee and boiler care as these policies will make your management of the property and the tenant within a lot easier and more stress-free.

2. Make sure you have good legal representation should something go wrong. Most solicitors have a specialist litigation or property department that deal specifically with landlord and tenant law. The costs most firms charge are not as high as you might think. Evicting a tenant can be as little as £500. If you have the right insurance in place, this could cover legal expenses too so be sure to find this out when getting a quote.

A successful buy-to-let investment is a finely-tuned balancing act of income and outgoings. Make sure you are properly insured in case the worst happens.

Useful links:

The Landlord Association's Panel of Insurance Brokers

The Landlord Association's Panel of Insurance Underwriters

The Landlord Association's Panel of Landlord Solicitors

Landlord Expert
By Landlord Expert March 28, 2013 08:08

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