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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content
Buy
To Let Property Insurance By Joseph
Kenny
Buy-to-let
property insurance, some times also known as residential property
owners insurance, is needed if you own houses and/or flats
to tenants – either on a short-term or long-term basis. Ordinarily
you can buy cheap buy-to-let property insurance in the event
that you rent five or less properties in the UK than is the
case if you rent more than five properties, as in the case
of the former you are seen as a small time landlord with a
small business, whereas in the latter you are seen as a full
blown property-owning company.
Whether
you plan to rent five or less properties, or five or more
properties, is, however, a side issue, as in both cases you’ll
need to ensure that you have at least the minimum level of
required insurance in order to protect yourself. Consequently,
the number of properties you own will have a bearing only
insofar as the insurance premiums are concerned. That said,
if you are looking to become a property owner with a letting
business, then you need to ensure that you have the following
minimum provisions in your insurance policy:
Fire
Insuring
against any fire on the property
Natural
Disaster (also known as tempest insurance)
Insuring
against natural disasters that may occur, such as a storm
where the winds tear off your roof or guttering
Theft
Which
is especially important if you are renting out fully furnished
properties. In the event that you are renting out unfurnished
premises, you may wish to have a discussion with your tenants
about whether or not they should have home contents insurance
Public
Liability Insurance
This
should be a must as it will protect you against any claims
your tenants or any third parties (such as their guests) may
have for injuries they suffer while on your property
Lost
Earnings
There
may well be times when your property remains empty; say, for
example, while you look for new tenants. If you are relying
on the rental income from your tenants to repay the money
you borrowed to purchase the property, you need to ensure
you have lost earnings insurance to compensate you during
this period
Employee
Liability Insurance
If
you have employees who will visit the property for you to
repair any damage, etc. or to collect the rental payments,
then you need to make sure that you have employee liability
insurance in case they get injured while carrying out their
assigned task
Legal
Expenses Insurance
As
a property owner you may find the need from time to time to
retain the services of a lawyer; for example, if your tenants
refuse to pay their rent or move out of the property at a
specified agreed time – when you may need to get an eviction
notice. As legal expenses in the UK can be expensive, you
should consider insuring against this risk by having in place
a provision of legal expenses in your insurance policy.
Although
the above are basically the bare minimums you need in your
buy-to-let property insurance policy, you can also tailor
these types of insurance policies to meet your particular
needs, so make sure that you talk through your circumstances
with your insurance provider, especially if you anticipate
expanding the business in the near future.
Joseph
Kenny writes for the Loans Store who can offer cheap
loans to UK residents and secured
loans for homeowners.
Visit Today: http://www.ukpersonalloanstore.co.uk
Article
Source: http://EzineArticles.com/?expert=Joseph_Kenny
The
information supplied on this page is by a third party and
jml Property Services do not take any responsibility to its
accuracy ©jmlpropertyservices 11/06
Buy
To Let - UK & Housing Act 2004
Click
Here for further Information
Buy
To Let - Europe
Click
Here for further Information
Buy
in France
Click
Here for further Information

SEE:
PROPERTY INSURANCE

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