Landlord Insurance

August 19th, 2010

A new batch of University students rush to find their accommodation. Will your Landlord Insurance policy make the grade?

By now, students across the country will have had their A-Level results and will be busy setting the wheels in motion to start the next chapter of their lives. This September, over 660,000 young men and women will start their undergraduate courses. Those who don’t get into halls of residence will be looking to you to house them over the coming year. Now is the time to make sure your landlord insurance policy passes the test.

Image from Andrea Balducci on Flickr

You have just finished cleaning up your investment from the last lot of students. Beer cans behind the fridge, old socks under the bed and left over pizza in the cupboard. Before you know it, another group of students are ready to move in. There are five of them, all rugby players from the university team, its then you realise that things are going to get pretty rowdy over the next nine months.

Before you start breaking out into cold sweats, thinking about the horrors that will no doubt occur in your home, think about what you can do to protect it. With the correct level of cover, you won’t have to worry one bit about what your new tenants get up to.

Cheap landlord insurance is within reach for many property owners if you shop around. With a standard policy available from as little as £93 a year, which covers loss of rent and from around £134 a year, landlords can include legal expenses cover.

So what’s involved then?

There are a number of factors that will determine how much your landlord insurance policy will cost. All insurers will asses you differently, but in general they will take into account factors such as:

  • The type of tenants living in the property
  • How old the property is
  • The type of property
  • The location of the property
  • How many claims have been made in the past
  • The cost of the building to be rebuilt in the event of total loss

When applying for your insurance make sure everything you want included is included and always read the small print. Many claims will be subject to paying out an excess charge, remember, the higher the excess the lower your annual premium, but make sure you can actually afford the excess payment in the event of making a claim.
Three of the main points to consider when finding the right policy for you are:

  • Building and/or Contents Insurance – Not only will this protect your investment in the event of total loss (fire, flood etc) but it will also protect your belongings in the property, ideal for furnished or part-furnished properties.
  • Legal Expenses – This will cover you in the event that you have to take your tenant to court, should incidents such as tenant default, refusal to leave or debt recovery arise.
  • Rental Protection – This guarantees that the rent will still be paid to you should the tenant default, refuse to pay or even when your property is empty between tenancies.

It is always best to insure yourself against these circumstances, before they arise. That way you will not have to worry when the rugby team win the university cup and bring the whole team back to your house. You can relax knowing that if the worst were to happen, your insurance policy will cover the costs. Now all you have to do is pray you get the girls chess team next year!

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Why bike insurance is as vital as your crash helmet!

September 30th, 2009

Bicycle insurance is as crucial a piece of protection equipment as any padded garment or crash helmet according to the article “Instant Expert Guide to Bike Insurance”.

Bicycles are not cheap. Ideally you buy one and want it to last for as long as you want to keep it, so when it gets pinched you will naturally feel devastated! But what can you do?

Taking some extra care when parking your bike could help prevent the likelihood of it being stolen. Look for some good bike locks and attach it to anything you can find that is solid such as a roof rack on the top of your car.

The perfect back-up strategy is to take out some bicycle insurance. If your bicycle cost more than two hundred pounds you may have a problem with some insurance providers. In their world, a bicycle that cost over two hundred pounds is considered ‘high value’. Many prefer to add their bike to their home contents insurance – but as previously mentioned this is not a problem for bikes under the value of £200. For those who find adding a bike to home insurance policies a problem, check out some quotes from specialist bicycle insurance companies for satisfaction. Ensuring that you will be protected in the event of an accident occurring while riding or racing is essential at this stage.

When taking out some insurance on your bicycle it is vital to check the specific requirements of your policy. Make sure you are familiar with parking requirements (it may turn out your bicycle is not insured if parked anywhere other than inside your home). Check also that your bicycle is protected from anything happening abroad if planning on taking your bike on your travels.

Travel insurance is essential when cycling abroad. Many insurance plans will cover you for bicycle riding abroad but not mountain bike riding. By making sure on the outset that you and your insurance company have an understanding is the best way to avert disaster. Travel insurance is vital when cycling abroad because an accident could leave you with astronomical medical bills you cannot afford.

Bicycle insurance and travel insurance – a marriage made in heaven!

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Walkies on a short lead for ‘Nanny State’ dogs!

September 29th, 2009

Watch out, your dog could be risking it’s life just by playing! According to the article “Dogs best avoid sticks and ponds” Sainsburys Bank is urging pet owners to keep their dogs on a short leash in order to avoid potential life threatening dangers.

These new reports appear as a result of studying claims made on pet insurance. Every year there are on average nearly twenty nine thousand claims on pet insurance equating to a value of about five million pounds. Many claims are to do with lacerations caused by chasing a stick – that all time favourite pastime of a dog.

Dogs that love to chase sticks can become vulnerable to cuts and grazes to their skin and when infected could become life threatening. If a cut from infected sticks this foreign bacteria could lead to a dog catching septicaemia.

Sticks are not the only problem because there is nothing a dog likes more than throwing himself into a mucky pond or puddle! Poisonous algae are very real concerns causing problems to a dog’s health. Should these kinds of pond growth become ingested, a dog could fall ill. Nearly ten million pounds were paid out in pet insurance settlements because of drinking pond water.

The days of carefree playfulness on walks could be numbered as we all invest in a harmless rubber stick for our dogs to chase and stop our dogs from diving into those ponds.

Unfortunately we can’t protect our pets from every potential disaster out there but we can make things easier on ourselves. One definitive action we can take is to take out some pet insurance – just in case.

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How to outwit thieves when cycling to work!

September 18th, 2009

Every 65 seconds a bicycle is stolen in the UK. Cycling commuters would do well to buy a second hand bike to avoid the attention of thieves rather than purchase a shiny top-notch item. According to the article “Cycle to Work Scheme – why bike insurance is important” it is better to have an old reliable bike still in the rack on your return from work than a brand new trendy one that is no longer there!

You could easily spend up to five hundred pounds on a new bike with all the accessories in an effort to save the planet as well as petrol costs. But is it worth it when your new ‘pride and joy’ attracts the eye of an opportunist thief within moments of parking it up? It’s rotten I know but a fact of life all the same. Consider these words because you don’t have to learn the hard way!
According to bike theft statistics, a bicycle is stolen every minute or so. Don’t become a complete victim to this rising trend, take some reasonable precautions and purchase some comprehensive bike insurance.

If a thief has in his/her possession a set of powerful wire cutters, there is a strong chance that your bicycle will be stolen. No matter what immobilising device you adopt or locks you use, the determined bike thief will not persevere until satisfaction has been achieved! Whilst a double chain lock system can reduce the chances of bike theft, cyclists are put off by the impracticality of it.

It is always worth it to check on your home insurance whether your bicycle (including accessories and related cycle-wear) is covered on it.
Other types of insurance to check out would be that for public liability to cover you in the event that you accidentally scratch a passing car or hit a dog. While bike theft insurance is of considerable assistance when you need it, public liability can be the most costly of all.

If you are a new cyclist, welcome to the world of cycle lanes and a great workout before work! Remind yourself not to become a statistic and check out insurance for liability and damage to be on the safe side!

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No World Cup travel insurance? It’s football CRAZY!

September 11th, 2009

As we speak thousands of football fans are planning next year’s trip to South Africa for the World Cup. We couldn’t have asked for better, England have qualified for the World Cup next June and everyone wants to go. To get hold of these tickets is going to take some doing (and spending) so there is all the more reason to get some travel insurance just in case!

According to the article “Travel insurance priority for fans heading to the World Cup finals” football fans would be well advised to sort out their travel insurance now instead of leaving it till the last minute for fear of something going wrong between now and then!

In many cases customers claim on their travel insurance before the trip or holiday even begins but would not have been able to do so should they have left their protection arrangements to the last minute.

There are numerous things that could go wrong prior to a trip in less than a year’s time such as being made redundant from your job, becoming ill and unable to travel and being called up for jury service.

The people at M&S insurance remind football fans that travel insurance could provide support from the moment a flight is embarked to returning back to England. For this reason it would be unwise to skip investing in a policy that is fully comprehensive well in advance of booking a trip.

All football fans who will seek the bargain offers of independent travel need be aware they will not have any of the protection a package tour operator will provide. Imagine if your flight is cancelled which meant you were unable to make other connections, travel insurance will allow you the freedom to finance the additional unplanned costs of your trip.

Don’t become a casualty of England’s World Cup place. Be organised – get travel insurance!

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No place like home – a sensible student’s guide!

September 1st, 2009

Starting university can be an exciting time! New course, new friends and independence – all good things come in threes. To help prepare you for your new life at Uni, there are one or two considerations you would be well advised to take on board, according to the article “Keeping your house in order – top tips for student renters!”

Students who rent will need to be prepared for contributing to a shared home, budgeting and cooking. It’s not very ‘rock and roll’, but keeping your home in good order is the best way to encourage everyone to commit to keeping things shipshape so that you get your deposit back at the end of the tenure.

According to the aforementioned article, there is an approved Government tenancy scheme, which has been devised to protect tenants deposits from unscrupulous landlords. It is this deposit protection scheme, mydeposits.co.uk – who offer help and advice.

First off, check how much money you will need from the outset and budget sensibly in order to be able to pay initial outgoings of deposit and first month’s rent. Protect your deposit by ensuring your landlord has signed up with one of the three protection schemes. Ask to see proof that your landlord is on the scheme before handing over any money. If he is unable to show proof, he is breaking the law and you should report him.

While renting a property you are entitled to privacy but a landlord does have the right to inspect his house or flat. Although this is the case he or she will have to provide you with at least 24 hours notice before setting foot in the property.

Keep your home in order or your landlord can hold on to your deposit. Fifty eight per cent of disputes at the end of a tenancy are due to damage or cleanliness so we’re telling you now, look after your new home or suffer the consequences!

Last but not least insure your belongings with home contents insurance. It is not the responsibility of the landlord to provide cover for your I-Pods and laptops so make sure you have taken this on board yourself. Additionally, always ensure your property is securely locked when not in occupation as unfortunately burglars like to target students.

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One in ten Brits on holiday become scam victims

August 24th, 2009

According to the article “Sun, Sea and Scams” one in ten Brits will become a victim of a scam while on holiday this year. With this in mind, the Foreign and Commonwealth Office have stressed Brits who are victims of such scams should report the incident to the local police in order to gain an incident report. Following on from this incidence, should you intend to claim on your travel insurance, your insurance company will require official report information.

Holiday scams can come in all shapes and sizes according to this recent article, whether your taxi driver takes you along the scenic route instead of the crow’s flight cheaper option or the timeshare ‘epidemic’ takes hold.

The resorts of Europe are of particular cause for concern because traditionally, out of the Brits who have holidayed there, twenty one per cent of visitors/holidaymakers have been conned in the past five years. As discovered in a recent poll by the travel insurers LV, the average amount of money that has change hands through these criminal dealings is equal to £250. The insurance company were able to surmise the worst culprits for conning British tourists were Spain, Turkey and France. Calling all Brits on holiday in Spain… beware! Out of all the countries in Europe you could be conned or scammed, Spain is the worst.

Backpackers need to be on their guard when visiting certain countries in Europe as research revealed that one in five backpacking holidaymakers were the targets of scams. Does this mean that lone travellers are the worst at risk from a scam artist? No! Even travelling in a couple is not in itself a means to avoid the con artists that work the European resorts. Forty three per cent of people conned on holiday were in fact couples.

If you are horrified by these statistics, you could be further shocked by the fact that these figures are based on incidences reported to the police. It is common knowledge that not all holiday crime is reported to the police and estimated that only one in ten victims do report their scam to the police.

Scamming is much more rife than statistics initially reveal. All Brits who are not holidaying at home this year and about to go on vacation to Europe should check their travel insurance is completely right for their trip. Additionally, ensure that you do report any crime (no matter how small it seems) to the police so that your insurance company can pay out on the claim without delay.

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Students – get money savvy or else!

August 19th, 2009

While the people at Tescocompare.com are aware that there’s nothing like university for excitement and thrills, they acknowledge too that with freedom comes more responsibility!

According to the article “Students ensure your finances are first class” the frivolity of student life can lose its appeal when the bills start rolling in and you have to make all kinds of financial decisions without previous experience. In this article they offer a helping hand with down to earth basic advice for the new student through this life of financial independence.

The student loan is not a huge amount of money so you will need to keep a keen budget in order to leave enough money to go round. To sum up, in order to survive at uni, you will need to find out how to budget, learn to cook, know where the cheapest books are and where the discounts can be had in order to save money. Before leaving for university check out all that is on offer in terms of student discounts and wise up to how much money you will be living on and how far it will stretch. Get some contents insurance sorted for your belongings in case of burglary and the like (this will seem like a painful outgoing but will radically transform into an overwhelming relief!) Above all get some tips from those that know on the subject of budgeting. My nephew was lucky enough to have a Citizens Advice Bureau debt counsellor to help him through the difficult patches (even if he was too proud to ask her at the start!)

According to tescocompare.com not only will you be studying for a BA in say psychology, you will also be getting a BA in budgeting. Quick economics lesson! Everything costs something! Every time you need to eat, you will have to dip into your personal finances to make it happen. There is no one to help you now. You the student are on your own. Don’t worry, you will soon get used to the situation of standing on your own two feet! One thing that students learn very quickly (other than where the best ‘happy hours’ are) is the science of effective budgeting! By the time you leave uni you too will be a worthy shopper of bargains far and wide! Before too long, you too will be preparing a slap up meal for one for under two pounds utilising yesterday’s leftovers and a couple of sticks of spaghetti!

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Ignore the pitfalls of a sea view property at your peril!

August 13th, 2009

The sea levels are on the rise but this is not deterring the property buying public as houses with ocean views continue to be in great demand. The article “Coastal property: How to keep your head above water” argues we are turning into a nation of house buyers only interested in living for the moment, why else would we throw caution to the wind and take on the risks of a potentially precarious location?

No one can argue that the sight of the sea from your home is something to behold. A house by the sea is a dream come true for the people who take the plunge and relocate to the shores of England. Unfortunately, according to the Environment Agency, these dreams could easily turn into nightmares as sea levels rise twice as high than was previously forecast by the United Nations two years ago. Additionally, the Environment Agency have announced that as many as one in six people in England are at risk of being flooded already.

Properties by the sea continue to sell like hotcakes even though people are risking flooding and not only that but following a downturn in the property market, it is the sea view homes market which tend to recover with a greater alacrity.

Estate agents are currently observing much demand for mid and top range coastal properties and expect this to continue in the face of warnings from the Environmental Agency. Even when it is pointed out to buyers that properties are vulnerable to flooding or erosion, estate agents claim buyers are not put off! The “It won’t happen to me” adage is very much in play in the waterside property market.

But what about buildings insurance? You may not be able to get your brand new property with the stunning sea view covered by insurance. It can be difficult to get building insurance when your home is the mercy of an enthusiastic tide? On many occasions buildings insurance is not available and when it is a high premium is required. According to the Association of British Insurers, the general ruling is that flood insurance is made available only when there is less than a one in seventy five yearly flood risk. Not even a property perched up high on a coastal hillside out of the way of flood risk is safe from the calculating eye of the insurance provider as some companies base their decisions on post codes and not height above sea water. Beware the perils of buying a property by the sea, as it may not be as idyllic as first it seemed.

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Avoid taking an insurance holiday on vacation!

July 17th, 2009

If you are getting ready for your summer holidays at home in the British Isles, now is a good time to organise your family’s insurance. How easy it is to be of the opinion that when staying at home holiday insurance isn’t as important a necessity as it is when holidaying abroad. Beware of falling into this minefield of misapprehension for accidents unfortunately tend to happen wherever you are!

According to the article “Top tips for a hitch free summer holiday” summer holiday insurance doesn’t have to cost a fortune with a little help from the people at the moneysupermarket.com. By cutting back on our holiday insurance in order to save money, we could be walking into a false economy nightmare.

Why not kick off with a good travel insurance deal. Surprisingly, only 52% of the British holidaying public will purchase holiday insurance when vacationing at home! Accidents can happen wherever you are and for as little as nine pounds a family of four on holiday for a week can be covered. Why not get yourself a bargain and buy yourself some peace of mind?

Setting off for your holiday may not always run without a hitch. You could need roadside assistance and your holiday could be set back hours if you haven’t done your preparation! When taking out roadside cover doesn’t it make sense to (at the same time) check out caravan cover, courtesy car arrangements and other added extras that you might consider relevant.

Camping insurance is set to raise a few eyebrows this summer as the price of tents come down and holidaymakers forego the comfortable self catering option en masse for some basic living. Camping insurance is not expensive which is surprising especially as tents are generally left unattended for hours on end. Camping insurance for the year could cost as little as £16 for the year covering equipment to the value of £10,000. While our possessions will be covered by our home insurance policies, the sensible thing to do is to not leave anything of any value inside an unguarded tent.

Caravan insurance offers great value for money in equal measures. If you are planning on caravanning this year for an annual £100 premium a policy could offer you cover of up to £1,125,000 as well as £15,000 personal accident protection.

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