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Keep
that rental property insured as economic downturn continues
Released
15th December 2008
Summary:
Rent
guarantee claims are increasing and as more tenants could
become worried about their finances they and their landlords
must keep up their insurance payments.
The
slowdown in the economy is causing the cost of living and
unemployment to rise and this means that an increasing number
of tenants are falling on harder times and are becoming unable
to meet their financial commitments.
According
to HomeLet
one of the UK's major Landlord and Tenant insurance providers,
in 2007 HomeLet paid out £2.7 million in Rent Guarantee claims
and they are anticipating a higher figure for 2008.
Landlords
who don't take out comprehensive insurance policies to protect
their rental income run the risk of incurring rental arrears
and even legal fees.
Another
insurance provider Let Insurance Services has also recently
said that the fear that the credit crunch will lead to higher
premiums may deter some landlords from covering themselves
against the risk of defaulting tenants even though possession
claims on rented homes are rising.
This
could prove to be a false economy as the lettings market has
increased, but there is rising unemployment and falling rents
in some areas.
Philip
Suter of jml-Property-Insurance.co.uk
has been saying for some time "Insurance is one essential
you can't afford to be without today. Whether you are a Landlord
or Tenant you must make sure your possessions are properly
covered and you need to go to a specialist rental insurance
provider for this".
Many
Landlords and Tenants insurance policies can be arranged on
line and costs for a landlord work out on average between
1.5 per cent to 3 per cent of the monthly rental income. What
a lot of Landlords don't realise of course is the fact that
insurance expenditure can be offset against their income tax
liability for the rental property.
Many
tenants of course go out and by expensive computers, ipods,
cameras and televisions and might consider taking out an extended
warranty, but completely forget to actually insure them and
their other possessions thinking no one will ever break and
steal their belongings.
With
some policies, a tenant can even take out cover against damage
to the landlord's property so if they accidentally spill coffee
or wine on the carpet or settee they can claim for this instead
of loosing a large junk of their deposit at the end of the
tenancy.
One
provider, HomeLet also has a "Landlords Portfolio" policy.
This means as there are more and more landlords with several
properties, they can gain advantage of having their portfolio
covered at more advantageous premium.
Ends
Company
Information
jml-property-insurance.co.uk
is part of jml
Property Services, the trading name of Jeffrey
Milner Ltd. The company is an UK based company
that was established in 1979. jml insurance acts as an introducer
for insurance companies selling property insurance including
landlord and tenant rental products, pet insurance, wedding
insurance, motor insurance, car hire excess insurance, travel
insurance and non standard insurance products. They also operate
jmlvillas.com
an online marketing service for owners of holiday home property
to advertise and are part of the jml
Group that includes jml
Training and Consultancy.
©
jml Property Services December 2008
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Also
Insurance
Industry Press Releases -2008
Insurance
Industry Press Releases 2001 -2007
Independent
insurance Articles
jml
villas.com Press Releases
jml
villas.com / euro-rentavilla.com Media Coverage
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