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This
is an Insurance article by an independent author and jml
Insurance takes no responsibility for its accuracy or content
In
the Property Game?
By Philip
Suter
Summary:
One the UK's major rental insurance company's is stating that
53 per cent of all UK landlords are not insured for the risks
they are exposed to. Rental insurance can be offset against
tax and is one essential a landlord can't afford to be without
today
This
is the headline in the rather neat Insurance Company's brochure
that I came across last week. The theme is one of a chess
board with the line "Protecting your every move".
The
brochure goes onto say that the UK has seen a massive increase
in the number of property investors in recent years. As on
of them, it's crucial that you do everything you can to protect
your investment, whoever your tenants are.
Whether
you're simply letting out a second home or have several properties
ready for your retirement nest egg, you need insurance that
totally tailored to your needs.
Apparently
53 per cent of all UK Landlords are not insured for the risks
they are exposed to. That is really worrying. Even with properties
going down in value in the UK at present, they still should
be adequately insured.
In
my time as a letting agent I have come across numerous landlords
who have taken out buildings insurance and not bothered with
contents. Why, well the reason I was given was that "I am
letting out the property on an unfurnished basis, so why do
I need contents insurance?"
I
used to say to the client, supposing there is a burst pipe
and your ceiling came down (as I have come across on several
occasions in my career) and the property suffered a lot of
water damage.
The
building insurance would cover, the ceiling, the flooring
below the carpet, but not the client's carpet or curtains.
The client would often reply, well if it did happen we can
claim on the tenant's contents insurance. Unfortunately that
would not have been possible as the carpet and curtains belonged
to the landlord and the landlord would end up paying out for
replacements.
Many
of the specialist insurance landlord and tenant rental insurance
companies now offer limited contents insurance for landlords.
This is a very good idea as naturally the premiums are cheaper.
Many
Landlords don't realize that like agents fees, mortgage interest
on investment properties, insurance premiums are tax deductible
in the UK which saves more money.
There
really shouldn't be a reason why a Landlord is not adequately
insured these days. They should have public liability insurance
which normally comes with the buildings cover, but until there
is legislation in place making it obligatory like with gas
safety certificates and energy performance certificates there
will still be numerous Landlords who choose to take the risk
without insurance.
It
is very easy to buy insurance and property insurance sites
like http://www.jml-property-insurance.co.uk/
act as introducers for Tenant and Landlord rental specialists
like HomeLet
and Endsleigh.
You can usually make arrangements on line and pay on a monthly
or annual basis using credit, debit card or direct debit.
Don't
forget to make the correct move and keep your investment rental
property properly insured.
Philip
Suter is a Director of jml Property Services; http://www.jmlproperty.co.uk
a UK based company offering Insurance products on line at
http://www.jml-property-insurance.co.uk
and a holiday home advertising service http://www.jmlvillas.com
and management training within the uk. He a travel writer
and is a very experienced property consultant with over 30
years work in the Residential letting business in the UK and
served on the National Council of ARLA. He is a Fellow of
the National Association of Estate Agents (NAEA) and a Member
of The association of Residential Letting Agents (ARLA)
Also
at : ArticlesBase
and Ezine
Articles
The
information supplied on this page is by a third party and
jml Property Services do not take any responsibility to its
accuracy ©jmlpropertyservices 02/09
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