One of the many things that often gets overlooked by landlords is the issue of insurance. Many people become landlords by accident through inheritance or moving in with their partner. With so much to think about when renting out a property it is easy to think that the buildings insurance you had when you lived in the property yourself is sufficient for renting aswell. Unfortunately this isn’t the case. There are specific insurance products for landlords that cover vacant properties and landlords public liability which normal residential building insurance products do not cover. These are designed to protect the landlord and his investment if something unfortunate were to happen. The same principle applies to contents insurance too. If you do not disclose to your insurer that the property is rented out then your standard buildings insurer will probably deem your policy claim invalid so you will have been paying the premium but not getting the protection and peace of mind you wanted.
Another important insurance to consider is Rent and Legal Insurance. What happens in the event of your tenant not paying their rent? A recent study by the National Landlords Association has shown that a staggering 90% of landlords do not make allowances for none payment of rent! 17% of these landlords compensate for this using their own savings! It can take several months to go through the legal process to have a tenant evicted so having a scheme in place that pays you the rent and takes care of the legal process in the meantime can take all the worry away.
At Belvoir Bracknell we include Rent and Legal insurance in our full management service, giving our landlords peace of mind aswell as our award winning service.
Belvoir Bracknell don’t sell property, we are lettings specialists, but we do guide people based on our experience as to what might make a good buy to let property investment in the Bracknell, Wokingham, Crowthorne and Binfield area. We don’t charge for this service but we would like to manage your property or help you find great tenants.
