Landlords Building Insurance – How Do You Get Protected?

Safeguard your house from any damage that occurs accidentally. Landlords building insurance protects you from any kind of damage to your building. Landlord experts online will guide you through your process of getting an insurance. Firstly, try and understand the various types of insurance related to your property and then what it entails.

Landlord building insurance is also indispensable to rebuild the value of your building and not the sale price which is usually higher. Your insurer will only pay out a maximum amount of what the building costs to rebuild the structure. It perseveres to put you back, in the earlier position, so that you retain the same financial position you were in before.

Landlord Building Insurance

Landlord content Insurance

Landlord Rent guarantee insurance

Landlord Buy to let insurance

Landlord Property Insurance

While a landlord building insurance covers up any damage to your building, content insurance covers the items in the building. All items that you own in the property, which does not include your tenants’ items, but the landlord’s content which may become damaged such as tables, sofas, carpets, chairs and pictures. You may have all of these items in place, if you are renting out a furnished building. Multiple types of tenants and communal areas can also be covered under this. If a tenant has to insure his own belongings in the house, he has to get a different insurance done. Find the Insurance company that will provide the best combination of cover and premiums for the ‘group’.

All content and building insurance is arranged and underwritten by leading insurers and is designed specifically for the letting market. A rent guarantee insurance will protect your rent payments on a regular basis, incase a tenant stops his rent payments. Secure a cheap insurance quotation and insure your building without having to spend much time looking out for information online, and avoid long waits to get to know your competitive insurance quote. You can save the costs of redoing the whole structure, in case of any damage due to natural calamity. Reach out to an insurer who can deal with all your claims as quickly as possible.

Building Insurance of Landlord covers the following:

Any accidental damage

Incase you lose out on rent or alternative accommodation

Replacement locks too

Property owners liability

Get an amount of up to £500,000 sum insured

Compare various landlord insurance quotes in Uk’s competitive market.

Should You Be Concerned About Your Credit?

Most experts agree that the economy is facing a recession. If you do not believe it, just look next door to your neighbors. How many are laid off of work? How many families are afraid of losing their home or have already lost their home? Times are tough, and it is very easy to let your credit score slip when faced with financial adversity. But now, more than ever, you need to strive to maintain your credit rating and work to improve it.

Why? Lenders have lost a lot of money recently lending to people with less than perfect credit scores. They are trying to recoup that loss by tightening up lending regulations. Lenders are looking for credit scores of 750 or higher when they only used to require a score of 720 or higher in order to extend the best terms and lowest interest rates. What does this mean for you, the average consumer? If you had good credit yesterday, that does not necessarily mean that your credit will be viewed as good today even if your credit report and score has stayed the same.

This shift in the way credit scores are valued can affect you in a lot of ways. You may not be able to refinance your house at a lower rate. You may be turned down for credit, and you might have to pay higher premiums on insurance. The bottom line: It is time to pay attention to your credit score and do all you can to protect it and improve it.

Why Good Credit Is Important
If you are not a borrower or if you do not plan to borrow money any time soon, there are still some very solid reasons why you should be concerned about your credit report. Your credit report is a lot more than a report of your financial history and it is viewed by more people than you think.

Employers, landlords, insurance companies, utility companies and colleges may all want to take a peak at your credit report. The information that they gather from your report could cost you. You might end up paying higher insurance premiums and utility deposits. You might even be turned down for employment and housing because of negative information contained in your credit report.

Even if you have decent credit, a better credit score could save you thousands of dollars in interest each year. You see, when lenders extend credit to you, they determine your interest rate according to your credit score. If you have a higher credit score, your interest rate will be lower and vice versa. Sometimes a credit score increase of just 20 points could save you a chunk of money in interest payments.

Times are tough and they promise to only get tougher before they get better. A good credit standing can help you weather the economic downturn. Do all that you can to improve your credit today so that you can provide for your family tomorrow.

Why you should have renters insurance – Part 2

First Apartment? Think: Renter’s Insurance

Maybe you spent your college days (or college haze) in a dorm or a frat house. Perhaps you did rent an apartment with ten of your closest friends. But now you have your first “real” apartment. You may be renting alone or with a room mate or two, and getting up each day for your first nine-to-five job. If you are renting, the apartment or house is all your landlords concern, right?

Well, mostly. The actual physical apartment or house is your landlord’s responsibility to repair and insure against damage. But your land lord is under no obligation to protect your possessions. Until you moved in, you may not have owned much minimal furniture, a few consumer electronics, nothing major. Forget for now your computer, cell, MP3 player, and Wii. Take a minute and ask yourself, “If I had to replace every piece of clothing I own, how much would it cost?” If the answer is more than I can afford, consider what the replacement cost would be if you add all your gadgets back into the equations.

In 2007, there were 414,000 residential structure fires in the United States according to the National Fire Protection Association. Of those, 98,500 were apartment building fires. Basically that boils down to 270 fires daily. Not every one is a total loss, but smoke and water damage from even a small fire can leave your stuff a wreck. That does not take into account the many damaged properties in the past year due to flood, hurricane and tornado. With global climate change a daily reality, extreme weather is adding to the risk for losing personal property. A renter’s insurance policy also protects against theft.

Placed against the risk, renter’s insurance is a fairly small investment for the piece of mind it buys. Most renters’ insurance policies fall into a category of “named peril” policies. Your renter’s policy will specifically state what types of loss it will protect. Some common included perils are:

~ Fire

~ Lightning

~ Smoke

~ Windstorm

~ Theft

~ Vandalism

~ Accidental water discharge (sprinkler or broken pipes)

One nice side benefit is that the renter’s insurance policy also offers some umbrella liability protection. Believe it or not, if a burglar breaks into your apartment, trips and falls over you shoes and breaks his neck, in some states he can successfully sue you for personal injury. Most will also act as a personal liability umbrella policy if the lawsuit you face comes from some other source, like a motor vehicle accident or other personal injury suit from actions off the premises. The renter’s insurance policy will, in some instances, even cover your legal bills in that sort of case.

Another decent aspect of renter’s insurance is the price. Generally, a good policy costs less than $15.00 a month. If you use the same company as you use for your car insurance, you often can get an even better rate. With some car insurance companies, you can add on a renter’s policy for $1-$2 per month. Given the slight cost, cover yourself. You never know when life might catch you unaware.

Becoming a Landlord and Secret Factors to Consider

It can be quite time consuming to find tenants, collect rent and deal with routine problems. Therefore many landlords enlist the help of professional letting agencies. However these can prove to be a major setback in your profits. This is because letting agencies can charge anywhere between eight to fifteen percent of your total gross rental income. Therefore you might want to think about alternative and practical solutions especially if you do not live near the property you have given out on rent.

The figures have to be worked out carefully once you have found the right property and the project seems profitable. You need to consider costs that have to be covered such as letting agency fees, fees of solicitors, landlord insurance, furnishings or furniture charges, life cover, ground rent and other service charges (especially if the property is leasehold) in addition to the mortgage repayments. The periodic costs of repairs and maintenance also have to be added to these. You must not forget to make provisions which ensure that mortgages are paid evenly in case of rise in interest rates or during the time the property is empty.

Insurance cover specifically designed for landlords needs to be arranged by you. It is not a good idea to go in for household policies meant for normal residents because these are not suitable for landlords. There are various types of policies that cover not only the buildings and its contents but also the risks that might be associated with renting out a property. These might include factors such as legal advice and protection, emergency repair assistance, malicious damage by tenants, liability of landlords and rental guarantee.
You have to ensure that your tenants understand what possessions they have to insure themselves.

Becoming a landlord means that there are several types of taxes that you are liable to paying when you acquire a property to rent out. These taxes include income tax, capital gains tax and inheritance tax. If the total income acquired by you is greater than your personal tax allowance in a tax year then you may have to pay income tax. Capital Gains Tax has to be paid on the profit you make when you sell the property. In case the property is left to someone else on your death, then that person has to pay an inheritance tax. The amount for this will depend on the personal circumstances and value of the estate. It is advisable to get a recommendation from a professional tax adviser prior to purchasing a buy to let property. This will enable you to understand and figure out the best ways to lower any potential tax liabilities.

If you understand all the above mentioned factors properly then you can work around them in order to make the maximum profits when you think of becoming a landlord.

Basics of property insurance

Insurance for your property is by far the most important product you can have to protect your wallet in times of catastrophe, but most people fail to add the coverage, and truthfully; it’s not something that is required by the state, so you do not get offered the coverage everytime, nor do you really want to add another bill to your account.

Let me correct a common mistake that others (not agents) are telling you about Property insurance. Property insurance is confused often with Dwelling, Renters, and Homeowner insurance, and I can understand, they all seem by definition as the same, but so does stealing, theft, and burglary.

So what is Property insurance? It’s actually a coverage that is apart of an insurance contract that protects what you own within a structure. Or in laments terms, if I were to rip off your roof from your home and flip the house upside down everything that falls out of your home is Property. Since this forum is talking about Property only, I am going to explain the product in Renters insurance only, and I want you to be aware that in most cases it can apply to Homeowner and Dwelling coverage’s as-well, but differences do exist because of the underlying need of people who own homes have different requirements than people renting.

In the Renter’s insurance contract property plays a vital role in the policy, it is in essence the insurance that covers all the loose items in you living area that is not attached to the apartment or home your living in. Why it is vital? I could have easily used the word important or of great significance, but vital is the right word because when your items are on fire burning away to ash, you can see right now why Property insurance is vital. As all insurance contracts are made, the purpose of Property insurance is to bring you back to the way you were before the loss. So if a fire takes your property away from you, then the insurance company has a vested interest in giving you back you life again. Before you go and say that you wouldn’t need it because you do not have that much stuff, I ask you only one question, “remember when you bought all the items you needed for the bathroom the first time?” You have to remember that you own much more than you think, a good example is what you wear casually; so lets use jeans, the comfy shirt, the underwear, the socks, and the shoes combo. This simple outdated combo of clothing when it was bought new was probably at $70 dollars or more easy. Do

Where to find information on renters insurance

This is a society that believes in filing lawsuits. Most of the time, when things go wrong to a person or organization in this country, it is many times resolved by suing somebody. The person or the company with the deepest pockets will sometimes end up paying. But, that doesn’t prevent a person from suing you, and letting the insurance companies fight it out amongst themselves.

This is why a tenant should get Renters Insurance. It protects you and your assets from being sued directly. Renters Insurance pays for your personal belongings in the event you have a fire or theft loss, or other similar damages to your home or appliances, such as your refrigerator, or a computer. It protects you from any lawsuit filed against you in or around your apartment.

The landlord does carry liability insurance, but that is for his property. It does not cover any other belongings but those that belong to him. Even if it comes out that the fault was that of the landlord, a tenant should always carry his or her own liability insurance.

Sometimes the homeowner’s insurance company will go after the tenant if the company believes the tenant is at fault. An example would be if you started a fire in your apartment from improper disposal of a lit cigarette. Renters Insurance can protect you from being sued by your landlord if you do anything that severely damages the property.

Renters Insurance can also protect you from your own family, visitors and friends. Yes, it does happen. Perhaps your friend fell in the bathroom and broke his ankle. He could sue you for the accident. If nothing was physically wrong in the bathroom, but you left some water on the floor, you may be held personally liable.

The premium amount depends on how much coverage you want for your belongings. It is amazingly cheap, and pretty much standard everywhere. Go through your apartment, and make a list of everything you have of value furniture, appliances, toys, clothes, furs, computer, beds, etc. Put a value next to each item, and add it up. That will tell you how much insurance you will need to buy.

If you have any receipts of your purchases, save them in case you are asked to produce evidence of a purchase. If you do not have receipts, make sure you take good pictures. Also, put down when you made the purchase. This is important, because companies will try to depreciate the value of your items depending on when you made the purchases.

Ask your landlord where you can get renters insurance. Contact any insurance company, and ask for rates based on your list of valuables. Go to the yellow pages, which has a list of insurance companies near to you. Do it before you suffer a loss.

Understanding homeowners insurance coverage limits

Homeowner’s insurance policies will have coverage limitations for the building, contents, other structures, and additional living expenses, but your homeowner’s policy will most likely have special limits that apply to certain types of personal property. This will affect the amount of coverage available and you should be aware of the limits of your policy. Standard industry forms will have the same limitations, but some insurance companies can adjust those limits to make their policies more attractive to consumers.

To provide an example of how your special limits might work, imagine that a theft loss occurs while you were away from home. Let us also imagine that the thieves were somewhat creative. They broke into your house, and found all of this great stuff to steal, but their car was full of stolen items from your neighbor’s house, which they also just knocked off, so they had no more room for your stuff. While standing in your backyard wondering what to do, they found your boat next to the garage and decided to fill that with all your great stuff, then they hooked it up to their car and drove off. Let’s imagine that they took your secret hidden $1000.00 in cash from under your mattress, your wife’s $10,000 mink coat, $15,000 worth of jewelry, your antique shotgun valued at $4,000.00, and a $5,000 set of silverware. An unendorsed homeowner’s policy will pay the following:

* Cash $200.00

* Boat and trailer $1,000.00

* Mink coat and jewelry $1,000.00

* Antique shotgun $2,000.00

* Silverware $2,500.00

As you can see, only $8,500 of the $35,000 loss will be covered under a typical homeowner’s policy. This is due to the special limitations for personal property in a homeowner’s policy that limits recovery. Standard industry forms for the most part contain the limits noted above, in addition to other specific limitations. Some of the special limits only come into play for certain types of losses. For instance, loss to jewelry is limited to $1,000.00 for theft only.

Insurance companies have developed alternative forms to override these standard limitations, and there are endorsements you can purchase to place agreed value limits for certain types of personal property. For example, the Coverage C Increased Special Limits of Liability Endorsement will allow increased limits for certain types of personal property. Additionally, a Scheduled Personal Property Endorsement can be added to your policy, which will increase limits to an agreed value for Jewelry, Furs, Cameras, Musical Instruments, Silverware, Golfer’s Equipment, and Fine Arts. This endorsement can also expand the types of losses that are covered for personal property. Under an unendorsed policy, personal property is only covered for specified causes of loss.

The above noted limitations are just a few examples of the types of personal property subject to the special limits of liability. Become familiar with the special limits of your own policy, and talk to your agent about additional insurance for those items that may warrant it.

Commercial Insurance – Get it Right or Risk Everything

If you own a business there is every chance you will try your very best to make sure it is run in the correct way. From employing the right staff to what service providers to use, you are faced with decisions at every turn to make sure your business runs smoothly and hassle free.

The trouble with running a business (and indeed life in general) is that the unexpected often happens and as a business owner it is your responsibility that if the unexpected does happen your business isn’t affected too much.

And that is where buying commercial insurance for your business is so important.

Here are just a few examples of things that can happen to businesses and what might happen in the event of no insurance, the wrong insurance and right commercial insurance being in place.

Landlord Building Insurance Claim

You are a property owner with a portfolio of house, flats, apartments and commercial property. You have decided that the chances of anything happening to your new block of flats is pretty remote as they are currently empty so you have decided to either not insure them or you have not got around to telling your insurance broker.

Over the weekend your newly built and decorated flats are broken into and the brand new kitchen and bathroom suites are ripped out and stolen.

What happens now?

1. With no insurance you basically have to pay for everything
2. If you did actually get around to getting the flats insured but decided to exclude theft cover (what with no tenants and no furniture you may have done this to save some money). As the damage caused was as a direct result of theft then once again it is possible the damage costs will have to met by you
3. If you have correct level of landlord building insurance in place you ring your insurance broker, they hopefully sort the repairs and replacement of items with your insurance company and the flats are restored to their original state leaving you with just a small excess (or deductable to pay).

So for the sake of a relatively small landlord insurance premium you could be left with a bill for hundreds or thousands of pounds. Hardly worth the risk right?

So maybe you are thinking that if your have a portfolio of properties you would definitely make sure they are covered. What about if you just have one though and money is tight? There is every chance you might take the risk and either have no insurance or insurance that does not meet your needs.

People and businesses do it all the time. When money is tight a service like insurance is often the first thing to be sacrificed.

It maybe that you have just forgotten to renew your commercial property insurance or business insurance policy. With so many other things to think about that could easily happen.

Here is another example of a claim that could be made against you. You own a small business and need commercial property insurance for your factory. You know by law that employers liability insurance is needed so you always make sure this is in place. What about the factory though? The staff are all experienced, you have an alarm and people know what they should be doing (and more importantly what they shouldn’t be doing). The risk seems pretty low so when a fire happens overnight you are left with the following scenarios:

1. With no insurance your business is potentially destroyed as the burden of starting all over again is with you
2. You actually just renewed your commercial combined insurance policy so you are covered. Well done. However to make your premium cheaper you decided on a very big excess (or deductable) and you decided against business interruption insurance. The result being that you are left in a position without the correct needed for your business to recover.
3. You got advice from your insurance broker, they discussed the cover you really need and they made sure your excess was at a sensible and affordable figure. The result is they act to make sure you get a interim payment on the claim and that your business continues, just for the sake of a small premium and excess.

Most people do not like insurance but for any business owner, business manager or person responsible for making sure the business is protection it really is a vital purchase.

Get the right business insurance cover and if a loss occurs you will know the business is in safe hands. Risk having no commercial insurance or not getting the right business insurance cover can leave you and your business with nowhere to turn. Is it worth the risk?

Basic Risk Management For First Time Home Investors

First time property buyers ought to be aware of the potential rewards and pitfalls that can be associated with a first time investment. However, with savvy management and planning, the risks can be averted to improve your property investment rewards.

For first time investors entering the property market in the UK, there are some things that should be considered when purchasing a property. Along with the opportunity to make extra money from property equity growth and rental cash flow, there are common pitfalls that first time investors make when they purchase their first property. And more often than not, these pitfalls can often lead to costly overall outcomes.

The message that is usually promoted in property investment is “location, location, location”. However, in addition to the location and opportunity seeking, “risk management” is a fundamental factor in developing your property investment success.

In the United Kingdom, there are common expenses that come with property investment. The most notable being:

Stamp duty – a one off payment that you make for purchasing the property.

– Legal fees – The fees for processing the documents and property transfer.

– Council tax – The fees that are paid to the local authorities in the area that you buy and in return the council provides services such as garbage disposal, street lighting, hospitals, etc.

– Water – a fee for water usage is payable in the United Kingdom.

If these fees factors are mismanaged, they can cause problems which could possibly lead to legal action and at worst, foreclosure; putting an end to your property investment ambitions.

Therefore, with first time investors, it is good to have a ‘rules of thumb’ when you are investing in a property. The following guide will assist in planning for your first property investment.

Risk management and asset protection

You will be seeking to protect your property from physical damage, legal errors and financial foreclosure. The ideal way to protect your asset will be through a series of policies, legal documents and general practice.

1. Pay your bills on time.

2. Abide by the local authorities rules and legislations.

3. Ensure that you have to correct insurance policies to protect your property and mortgage. It is ideal to compare landlord insurance that is best for your situation.

4. Ensure that you have all legal documents that confirm your property owner status. It is good to have a personal lawyer as a reference for any issues that may arise in the future.

It is important to remember the importance of risk management and asset protection in property investment as well as the investment property search factors that are required to achieve your property investment success.

Property Quote Direct acknowledges the importance of potential risks associated with property ownership and property protection in both the financial and tangible aspects. Often, the risk management and the full scale of property protection is overlooked buy the first time buyers and increasing awareness in property protection. By making first home buyers aware of protection, they can assure themselves that their property will have a higher degree of safety measures in place in the case of any threats against their property.

Landlords Insurance is Just a Few Simple Steps.

I do not know exactly what comes in your mind with the mention of the word landlords insurances but if you are thinking like me, then you are absolutely right. Buy- to- let insurance is an arrangement of covers put together by insurers to provide landlords with the indispensable components to ensure that their investment is adequately secluded.

All types of property-owners require landlord insurance for their properties, ranging fro m the landlord who possess a particular small flat, to the industrialist who controls a huge assortment of property. Off course the likelihood of vast and therefore significant amount of capital is coupled in the property, and that a certain amount of income is expected out of the use of that property is high. Landlord insurance protects you against losing your capital investment, and can also be of assistance to protect the income you receive through your tenants paying rent.

In this paragraph henceforth I will concentrate on summing up the typical insurance covers model which makes up a landlords insurance policy. The building itself (which is the property insured), is protected against most risks such as flood and fire for the entire cost of repair or rebuilding. It is imperative to consider that when you affirm the worth of your property you are in reality approximating the cost of renovation should it be totally destroyed-total loss. A good number of insurance companies put forth out a rate to charge the landlord based on the site of the property and then apply it to the Buildings Sum Insured.

It is by the same token imperative to ensure that you do not miscalculate the cost of upgrading your property. If you have been paying a lower premium by miscalculating the Buildings Sum Insured, then the insurer will normally only pay your claims up to the section of the building that you have insured. It is important not to be caught out by this by being tempted by lower premiums for lower Buildings Sum Insured.

For a landlords insurance policy ,when an insurer talks about insuring contents they are not talking about the tenants contents, because the tenants have a responsibility of protecting their property by purchasing a policy to secure them. The contents that you can insure are items that you own in the property but which may become spoiled such as carpets, all sorts of furniture and pictures if you are renting the property as furnished.

Landlord Liability is the next thing in the landlord insurance policy model. As a landlord you are accountable for the protection of the property that your tenants are living in. This then translates that, should a tenant harm themselves due to something hazardous in the property they can make a claim against you for compensation. A tenant may electrocute themselves on a faulty light switch and badly burn their hand as a result and this is a base enough to sue you as their landlord. The Landlord Liability cover will pay for any damages that are granted to the tenant as well as all legal costs.

Poly Muthumbi is a Web Administrator and Has Been Researching and Reporting on Debt for Years. For More Information Visit Her Site at LANDLORDS INSURANCE