How to Find Cheap Rental Insurance

Looking for cheap rental insurance? Here’s how to find the best insurance at the best price.

Rental Insurance

Your landlord’s insurance does not cover your personal possessions, so you need rental insurance to insure your clothing, furniture, TVs, stereos, computers, jewelry, or anything else you own. Rental insurance also covers accidents that occur to visitors in your home, legal costs if they sue you, and any damage you or your family cause to other people’s property.

Rental Insurance Coverage

To figure out how much coverage you need, go through your home and take an inventory of all your possessions. The total amount of what you own is the amount of renters insurance you need.

You have the option of insuring your property for it’s actual cash value or it’s replacement value. Actual cash value coverage pays the used price of an item, while replacement coverage pays the new price of the item. Replacement coverage costs a little more, but it’s worth it.

Some companies limit the amount they’ll pay on expensive items like jewelry, computers, furs, and collections, so if you want full coverage on these items you may have to purchase extra insurance in the form of a rider.

If you live in a flood or earthquake prone area you may also want to purchase flood or earthquake insurance because standard rental insurance policies do not cover losses due to these disasters.

Rental Insurance Deductibles

A deductible is the amount of money you pay toward a claim before your insurance company pays. So if you file a $1,000 claim and you have a $250 deductible, you’ll pay $250 and your insurance company will pay $750.

The higher the deductible, the lower your premium. To save money on your insurance get the highest deductible you can afford.

Rental Insurance Discounts

You can get rental insurance discounts if you purchase your rental and auto insurance through the same company, if you’re a non-smoker, if you’re a retired senior, or if you have security features installed in your home such as deadbolts, window locks, burglar alarms, and smoke detectors. Before you purchase a policy, ask your agent about the discounts his or her company offers then include all the ones you’re eligible for.

Cheap Rental Insurance

The easiest way to find the best rates on rental insurance is to visit an online insurance comparison site where you can compare rates from a number of companies. It’s quick, it’s easy, and it’s free.

The better comparison sites even have a chat feature and a toll-free telephone number so you can get answers to any insurance questions you may have. (See link below).

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get cheap rental insurance quotes online from top-rated companies and see how much you can save. You can get more insurance tips in their Articles section.

Landlord Insurance – Part 1

You have just spent a lot of money buying a property – either it is your home and you are going to work overseas for a while or in a different part of the country. It might be an investment property a “buy – to let” or a buy to let via a SIPPs Property Pension. You might just have inherited the property or decided to move into your partner’s property. For any of those reasons you must make sure the property is insured. If you are buying just one property purely to let out, you must treat it as a business – keeping proper records for tax authorities etc and like running any business – you need to run this in a professional manner and this means having adequate insurance.

If you don’t what happens if the roof blows off – a tenant falls down stairs and breaks a leg – the pipes burst. Some of these might well be covered if you own an apartment that has includes insurance with the block management – maintenance – ground rent charges. Most apartment blocks have this, however they might not cover theft, or water damage to fixtures and fittings in the event of a burst pipe. It is not a legal requirement to have Landlord Insurance, but if your tenant fell down stairs you could be facing a high claim at the local law court.

If you own a house or bungalow then you will not have this type of insurance. You will have to make your own arrangements. When a there is a mortgage on a property the lender will naturally insist that the building is insured as part of the mortgage deed. The property owner will often have to use the lenders insurer, however like the insurance situation with an apartment, it would normally be very rare for the insurance to cover an contents. 85% of private UK Landlords have mortgages supporting their investment. The interest still has to be paid even when the rent isn’t.

When you let out your property you must let the insurance company know. (If the property is mortgaged then the lender should be advised and you should get their agreement in writing). You could have a situation whereby there is a claim for your property, the insurance company will not honour this because it was not the owner and immediate family living there….it was let out. If the property is your normal domestic home and you and your family are moving to Italy to work for a couple of years and you are letting it out, you must get the insurance changed.

You might also find that your insurance company is not interested in insuring the property when it is rented out (even if you have been living there and you are moving out for a year or so for work reasons). For many years many insurers did not want to take on this type of business, particularly when a property could be empty for periods when it was not let. A couple of companies in the UK get involved in this as they saw it was a real problem for property owners and although the UK buy – to –let business has really grown since the 90’s before that there were many investors in residential property either owning “long term protected lets” and after the introduction of the Protected Shorthold Tenancy from the 1980 Housing Act, similar types of properties as today were then being bought and let out. In the early 1990’s Thomas Winter Insurance Brokers arranged a new product Homesure that was later to become Letsure with the merger of Winter Richmond and then came along a competitor Homelet. Letsure and Homelet are the major companies involved in the UK rental property insurance market.

If something goes wrong with the property, failure to insure could leave the owner with nothing to show for the money that has been invested.

Insurance premium will vary from area to area in the UK. Your post code can effect the premium you pay. You will pay more in areas will be in area that has higher crime statistics, or where a property is located in an area that is liable to flooding for example. There is not a lot you can do about this as your rental return might just be just the same as in a property 5 miles away that is in a different postcode. One note of consolation is that subject to the Inland Revenue’s agreement, you can deduct insurance expenses from the profit you make on a letting, so a higher premium will mean you can deduct a higher expense.

Level of Cover: Insurers will only pay as much as the building is insured for so if it is not sufficiently covered and the roof suffers storm damage you could end up paying a lot yourself. You will often have to pay an excess on a claim, but the amount depends on the policy purchased.

A lot of insurance companies will offer index link policies, but for a buildings policy it is most important to have the right cover from the start. You will normally have to provide the square footage and other details. What the building is constructed of, type of roof, number of storeys etc. Many insurance companies have major concerns over wooden structures.

Some companies now offer a low cost buildings policy that will also cover loss of rent and re-letting costs following insured damage. It can be worth while looking at alternative policies.

Internally for contents is often more simplified? A quick check through a retailer’s catalogue or on the web will give you an indication of price for furniture and fittings and if you have recently purchased equipment for the property you should have kept the receipts (you should have them for your Tax Return anyway). Always make sure you have adequate contents cover.

A point often overlooked by Landlords is that they think why do I need contents insurance? The property is being let unfurnished. That might be the case; you however are most likely providing carpets, curtains, kitchen appliances etc. What happens if the ceiling collapses as a result of a burst pipe? The buildings insurance will normally pay for the repairs decoration….but not for replacing the carpets and soiled curtains. To overcome this problem, specialist rental insurers have introduced limited contents cover now.

Some companies now offer a low cost buildings policy that will also cover loss of rent and re-letting costs following insured damage.

Legal Expenses – Tenant won’t pay the rent – Tenant needs evicting. Even when using a professional letting agent, problems with tenants can occur. They might have had first class credit and employers references at the tenancy start, however in many cases the tenants personal circumstances have changed during the term of the tenancy. Situations like loss of their job, failure of their business, a relationship break-up, accident or illness will effect the tenants ability to pay the rent or their inclination to move out at the end of the tenancy.

All these situations can be resolved but will usually involve a Court hearing and solicitors costs. Legal costs like solicitors/barristers fees, Court and bailiffs’ costs can be expensive. It can cost £100 for less than 45 minutes of a specialist solicitors time on a normal fee paying basis. The “average” legal cost of a possession hearing in 2001 was £785, many cost well over £1,000. Legal expenses insurance will usually cover all of your legal costs. The average policy in 2005 costs £100.

Rent Guarantee Insurance -These policies are invaluable for many landlords. As a tax deductible premium this will guarantee you receive the rent you are expecting from your property regardless of your tenants personal circumstances, ability or willingness to pay the rent.

If you have a mortgage on the property or have calculated your rental income verses your outgoings this will ensure you do receive your rent. Most such policies will include the legal expenses, as detailed above. You will receive your rent and the legal fees to obtain vacant possession will be covered.

Policies will usually guarantee your rental for a fixed period, typically 6 or 12 months. Some policies will provide additional cover once you have obtained vacant possession until you are able to re-let your policy. The costs vary from a fixed cost policy or are commonly rated as a percentage of the annual rental figure, typically 3-4%.

Emergency Assistance Insurance – So something goes wrong – Failure of the electricity supply – Failure of the cooking facilities – Lost keys – Plumbing problems – Leaking roofs or guttering – Security of doors and windows. This type of cover will provide assistance for the landlord and the tenant in the event of an emergency at the property Policies will normally provide parts and labour cover up to a specified amount and either the landlord or the tenant can call a 24hr 365 day Helpline.

10 Tips For Buy-To-Let Investment Success

The Buy-To-Let market place is booming. More and more people are investing in a second property as a long term investment plan. As attractive as the proposition sounds, there are a number of potential pitfalls that need to be taken into consideration. Use the steps below to ensure that your Buy-To-Let investment is a success.

#1 Choose The Right Property

The location is extremely important. Make sure that speak to a number of local letting agents to determine the supply and demand in the area. Look at such things as whether there are local employers or a university. You can get the details of letting agents near you by contacting The Association of Residential Letting Agents.

#2 Choose The Right Mortgage

You will need to check with your lender to how much you eligible to borrow. Most lenders will allow you to borrow 85 percent of the properties value. Also most lenders will take into account the expected rental income when they are deciding how much they will lend. Make sure that your rental income covers 125 percent of your monthly mortgage payment.

#3 Work Out Costs And Income

Work out how much your monthly mortgage repayment will be and whether the expected rental income will exceed this. Checking out the rental prices of similar properties advertised in newspapers in your area will give an indication of whether this is possible. Also look at whether you could afford your mortgage if interest rates shop up and the property is unoccupied for 3 months.

#4 Consider Hidden Costs

You will have to pay solicitors fees, estate agents fees, building insurance, mortgage arrangement fees, stamp duty and possibly service charges and ground rent.

#5 Budget For Ongoing Costs

You are responsible for ensuring that the property meets health and safety standards. Local authorities require that you comply with fire regulations, which could mean you have to put in fire doors and smoke alarms.

#6 Choose A Professional Letting Agent

You might want to consider using a professional letting agent. They will find tenants, collect deposits and the rent and arrange the inventory and tenancy agreements. But expect to be charged anything from between 10 to 18 percent of the gross rental income that you get.

#7 Ensure You Have The Right Insurance

As you are the owner it is your responsibility to insure the structure of the property, which includes permanent fixtures and fittings. You will need to check your policy as most buildings insurance policies exclude buy-to-lets.

#8 Sort Out Your Tax Position

You have to pay income tax on any rental income you receive, but you can deduct some expenses and you will probably be liable for Capital Gains Tax when you sell. You would be well advised to speak to your accountant before you proceed.

#9 Get A Fully Flexible Mortgage

These types of mortgages are well suited to the buy-to-let market. This is because you can fluctuate your payments in line with rental income.

#10 View Buy-To-Let As A Long Term Investment

Do not expect to make a quick profit on rental income and equity gain in the property. You look at the longer terms for profits. Generally about five to ten years.

Getting The Proper Level Of Home Insurance

If you are looking to insure your home, it can be hard to work out how much insurance you need. Obviously you dont want to pay too much for your insurance, but not having enough cover can be a problem if anything should go wrong. So what is the right level of home insurance to have? Here are some factors you should consider before making your decision:Although how much insurance you need depends on your financial situation, you should try and insure your home for 100% of its value, including the contents. This means that if anything really bad happens to your home the cost of putting it back to exactly how it was will be covered. This is more expensive than just setting an amount that your home should be covered for, but gives you the peace of mind that everything will be replaced with no depreciation. However, before deciding the amount of cover you need you should ask yourself a number of questions:Work out how much it will cost to replace everything in your property right now, and how much this level of cover will cost. If you cannot afford this level of cover then remove things that are non-essential from the policy.If you are insuring your property it is important to have inflation protection. If you dont then the amount you receive for damages could be less than you need. If your policy doesnt automatically include this then review it once a year to make sure you are properly covered.If you make home improvements then you should make sure that your policy is up to date and covers these new additions. If you dont then any damage will mean you lose the money you spent on the improvements.If you live in an area that has specific problems, such as flooding, then you need to make sure you are covered for these items. Although it may cost you more if these things are big risks where you live then they are perhaps the most important things to be covered for.If you rent your property to others then you need to have additional insurance to cover yourself for liability and medical problems should anyone be injured in the property. You will also need additional cover for the property itself and your belongings.If you live in an apartment, then the building itself is covered by the landlords insurance, although your property and liability are unlikely to be covered. You should have insurance on the items that you own in the rental property.Whatever level of insurance you have, make sure that you keep an inventory of everything that you own and its value. If there are any problems then you can use this list to show exactly how much you are covered for. Although the amount of cover you get depends on your circumstances, you should always try and get as close to 100% cover as you can.

Finding Holiday Buy To Let Mortgages

When it comes to holiday buy to let mortgages you should have done your homework well before you get to this stage. You should have looked into all the possibilities including the good and bad of owning a holiday home for letting. You should have taken into consideration the property prices and how much rent you would be likely to get from the property and, of course, the insurance that will be needed to cover your venture.

Only then can you actually go on to make an offer on a property. If your offer is accepted then now is the time to consider holiday buy to let mortgages. This is not the same as your home mortgage, there is much more to it than that and by far the best way to get the best advice and deal when it comes to holiday buy to let mortgages is to go with a specialist broker. A specialist will know what you need and where to look in order to get the best deal available for you.

Your property will of course have to meet the requirements to be seen as a holiday let and you should make sure that you can expect to meet these rules. For instance your property should be available for rent for a period of no less than 140 days out of the year and you must be able to successfully let it for at least 70 days within a given time.

This of course doesn’t mean renting the property at discount to friends and family but full paying renters, along with this the lender is going to want to make sure that your property will be able to bring in around 130% or more of your mortgage repayments. Another factor that has to be taken into account is the fact that some lenders will base the mortgage just on the predicted income from the holiday let while others will base it on you other income and you will have to meet this requirement too. When it comes to the deposit that you will be required to put down, then this will vary with some lenders asking up to 30% due to the risks that are involved, again this is where an expert broker can really make a difference in securing you the best deal possible.

However if you can get your holiday let up and running successfully then you will be able to take full advantage of the many tax breaks that a holiday let offers.

Affordable Life Insurance

In a nutshell, the most affordable life insurance is the stand-alone type. This means that you are not purchasing the insurance as part of any home insurance plan or medical insurance plan and that you are not purchasing it from one of the big insurance providers. You are simply buying what you need and nothing else and that is what makes it affordable life insurance.

Even though buying life insurance just on its own is cheap it is probably worth your while to purchase it with medical health insurance. This is because if you buy both in a package deal you get both at a cheaper price then you would if you bought them each as stand alone insurance packages. Bundling up wherever you can is always a good idea if what you are ultimately after is affordable life insurance (http://www.youtube.com/watch?v=JuDXClmpxe0).

Before approaching an insurance company, try to look at its ratings online to see if it is cheap compared to what the competition is offering. There are actually prices that will tell you what the yardstick is for affordable life insurance.

There are several companies online that rate affordable life insurance. An example is Best’s Rating Service. Some of them are rated out of ten but often these companies grade the insurance company in terms of its affordability. The grades are like the ones you got for writing essays in school with A plus being the highest kudos that you can get.

You can also use brokers or insurance agents to try and get you the most affordable life insurance quotes. Some of these brokers are independents and can give you quotes from various companies and others work for only one company such as State Farm or Allstate. Be sure to go for several quotes and compare the cost against what you get. Make sure that you demand proof of coverage when you get life insurance through a broker.

Sometimes these affordable life insurance brokering outfits are corrupt and delay sending in your policy. Sometimes this can also lead you to believe that you are covered when you aren’t. It is a terrible shock to a family that has lost someone to also lose their life insurance (http://www.equote.com/info/life-insurance-info.html) because they thought they were covered and they were not.

When shopping around for landlord insurance you should also consider the deductibles carefully. May companies offer reduced premiums in exchange for higher deductibles. Try to go for the high deductible so you can save money in the long run. This approach will also usually get you a better insurer and a better policy. The most affordable one that you can manage is highly recommended as usually this means that there is less chance of things screwing up.

Some financial experts would say that the most affordable insurance is the plan that is not going to break your personal life. Think about what it is that you have to do to prove your family from having to borrow money at a high interest rate in order to pay for a funeral before you purchase the insurance.

Mobile Home Renters Insurance – Where to Get the Best Rate

Mobile homes are fragile structures and are especially vulnerable to damage from wind and fire. Your possessions are not covered by your landlord’s insurance, so if you don’t have renters insurance you could lose everything you own.

What Does Mobile Home Renters Insurance Cover?

Mobile home renters insurance typically provides two types of coverage:

* Personal property coverage, which protects your belongings if they are damaged, destroyed, or stolen

* Liability coverage, which pays if you damage someone else’s property or if someone is injured while on your property

The insurance may also include loss of use coverage, which will help with living expenses if the mobile home is damaged and you need to live elsewhere while it is repaired. If this coverage is not automatically included, you may be able to purchase it for a small extra cost.

Where Can You Find an Affordable Policy?

Renters insurance policies for a mobile home are very affordable, usually only a couple hundred dollars a year or less. To make sure you’re getting the best price, it’s a good idea to comparison shop for your policy by going to an insurance comparison website.

You’ll fill out a simple online questionnaire with information about yourself and your insurance needs. Once you submit the questionnaire, you’ll receive quotes from multiple A-rated insurance companies and you can choose the cheapest one.

The best insurance comparison websites even offer an online chat feature so you can get fast, accurate answers to all your mobile home renters insurance questions directly from knowledgeable insurance professionals (see link below).

To keep your premium as low as possible, set your deductible as high as you can afford. With a high deductible, you’ll pay more toward any claims, but your premiums will be much less.

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get mobile home renters insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section.

Guidelines for Moving to Off-campus Housing

In many cases, students prefer to live at the campus dorms and hostels, as they can easily access the amenities. The trend is changing these days, as they’re slowly recognizing the benefits of living off-campus. Living off-campus has certain benefits over the campus dorms, like affordability, building new relations and also gives good learning experience.

Usually the students who are not accommodated in the campus will move to off campus housing. Few students move off-campus to enjoy the privacy and independence. They discover that sharing an apartment and cooking their own meals is cheaper than the on campus boarding.

Guidelines For Moving To Off-Campus Housing

There are some important guidelines that help you while moving off campus, which are as follows:

• Be Cautious: When you have decided to leave campus dorms, you should be prepared to rent your first apartment. There is abundant competition to lease an apartment and the rental housing differs a lot in quality. Regardless to all these obstacles you need to end your apartment search by finding a suitable apartment that fulfills your needs.

• Documentation: Before signing on the lease agreement read the documents and make sure that you have understood them properly. Generally, it contains all the essential issues like, your monthly payments, terms and conditions, security deposit. Take a photograph of the apartment’s condition, especially when there is any repair or breakage. It acts as the proof to safeguard your security deposit.

• Find Good Roommate: Finding good roommates is essential for the students living off-campus. Look for the roommates who match with your habits and interests. There are even several service providers to find your roommate.

• Share The Bills And Expenses: Be conscious about the rent, expenses and other stipulations of your lease agreement. Apart from paying the rent you’ll be incurring some other expenses. It would be much easy if these responsibilities and expenses are shared and organized by all the roommates. It would reduce the financial burden on each individual.

• Renters Insurance: It is always considerable to buy a renters insurance to cover your belongings from causing any damages, or theft, etc. You have to realize that landlords insurance doesn’t cover your possessions.

The above information helps the students who move off-campus to live. These guidelines make them aware of few things that are essential while living off-campus.

How to Get Cheap Renters Insurance in Colorado

Renters insurance is a necessary expense to protect yourself and your belongings against loss from fire, theft, and other disasters. Here’s how to get cheap renters insurance in Colorado with a top-ranked company.

Why You Need Renters Insurance

The sad fact is that 75% of renters don’t have renters insurance. Maybe they think they’re already covered under their landlord’s policy, or maybe they think they don’t own enough to warrant buying insurance.

Your landlord’s policy doesn’t cover damage or loss to your personal possessions. And if you take an inventory of those personal possessions, you’ll realize they are worth far more than you think.

Shop Around for the Cheapest Rate

Renters insurance is relatively inexpensive, costing only a couple of hundred dollars for $20,000 worth of coverage, but you still want to make sure you get the best rate possible.

When you shop for renters insurance, be sure to get quotes from several insurance companies. The easiest way to do this is to go to an insurance comparison website, where you will fill out a form with information about

* Yourself

* Your insurance needs

* The place you are renting

As you complete the form, follow these tips to keep your Colorado renters insurance premium as low as possible:

* Set your deductible as high as you can afford. A high deductible means you will pay more on claims, but your monthly premium will be lower.

* Ask about discounts. Many insurance companies give discounts if you insure both your car and home with them; if you’re a senior citizen; if you’re a non-smoker; or if your home has safety features such as security systems, smoke alarms, and deadbolt locks.

After you submit the form you ‘ll receive quotes from multiple A-rated insurance companies. All you have to do is choose a company with the best rate for you.

The best insurance comparison websites offer an online chat feature so you can get fast, accurate answers to all your insurance questions directly from knowledgeable insurance experts (see link below).

http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get Colorado renters insurance quotes from top-rated companies and see how much you can save. You can also get more insurance tips there.

Getting Cheap Renters Insurance is Easy

If you’re a renter and you don’t have renters insurance, you need to buy some now. Fortunately, cheap renters insurance is easy to find. You’ll probably pay only a couple hundred dollars a year for your policy, especially if you comparison shop.

Why Renters Insurance?

Why do you need renters insurance? Well, without it, you have no protection for yourself or your belongings. Your landlord may have an insurance policy, but it only covers the building you’re renting, not your belongings.

Renters insurance pays to replace you possessions after disasters such as a fire or a storm. It covers you if your home is burgled or even if someone steals your laptop from your car or your bike from in front of the library.

It also protects you if someone slips on your porch and hurts himself. And if your rental home is damaged and you have to live someplace else while it’s being repaired, rental insurance pays that bill for you too.

Before you buy renters insurance, it’s a good idea to inventory your personal possessions and total up how much they’re worth. This will help you figure out how much coverage you need to buy – plus you may need the inventory if you ever need to make a claim.

Where to Comparison Shop

As with any purchase, it pays to shop around for renters insurance. But you don’t need to spend your precious time calling and visiting insurance agencies to get quotes to compare.

Just take a couple minutes to go to an insurance comparison website and fill out a simple online form with information about yourself, the place you’re renting, and the amount of insurance you want. Before you know it, you’ll begin to receive quotes from A-rated insurance companies competing for your business.

The Bottom Line

You can’t afford NOT to buy renters insurance.

Visit http://www.LowerRateQuotes.com/renters-insurance.html or click on the following link to get cheap renters insurance rate quotes from top-rated companies and see how much you can save. You can get more tips and advice in their Articles section, and get answers to your questions from an insurance expert by using their online chat service.