Rent Guarantee Insurance
Whatever type of property to rent in London you own, chances are you have a considerable amount of money tied up in that property.
Whatever type of property to rent in London you own, chances are you have a considerable amount of money tied up in that property. This is an investment you need to protect for a whole variety of reasons. What if there's a fire for instance? Even if you think, "it won't happen to me," investing in a landlords insurance policy might save you from possibly the costliest expense of your life. If you are a tenant renting a flat or house in London then you also need to consider Contents Insurance.
To find a flat or house to rent in London contact Black Katz. Black Katz have flats and houses to rent across London. If you are a landlord wishing to rent out your property contact Black Katz.
There are many benefits to buy-to-let insurance. Landlords Insurance can provide cover for a comprehensive range of properties catering for all types of styles, sizes, ages, conditions and locations.
Insurance can cover you for:
- Buildings Insurance
- Contents Insurance
- Liability Insurance
- Loss of Rent Insurance
- Rent Guarantee Insurance
- Accidental Damage cover on buildings
- Employers Liability Insurance
- Legal Expenses Insurance
Buildings Insurance - The structure itself is insured against most risks for the cost of repair or rebuild. Landlords insurance can cover you for the entire rebuild cost giving you complete peace of mind financially in the event of a flood or fire.
Contents Insurance - It is essential that you insure the items you own such as carpets, sofas, chairs and even pictures in case they become damaged or stolen. Many landlords insurance policies can cover you from £5,000 up to £50,000 for your possessions on a new for old basis.
Liability Insurance - One of the many benefits of buy-to-let insurance policies is that they're designed to give you complete peace of mind by making sure you have every risk factor covered. Many policies covers you up to £2million liability if someone injures themselves in your property you have rented out in London.
Loss Of Rent Insurance - Landlords Insurance covers you for up to 12 months rent if damage or building work make your property uninhabitable.
Rent Guarantee Insurance - Hopefully you won't have problems with your tenant paying rent. However, even with the best of intentions tenants can have difficulty paying their rent. Illness or sudden redundancy can strike at any time. If you are unlucky enough to get saddled with a bad tenant you could be in for a longish period of legal battles until you obtain possession through eviction.
Rent Guarantee Insurance therefore is an excellent and relatively inexpensive (3 to 5% of rental) way to minimise your risk and is especially valuable for landlords with perhaps only one property, which may be heavily mortgaged. Landlords with a portfolio of properties can usually stand a period of non-payment, whereas a single property owner may not be able to maintain mortgage payments in these circumstance, putting the whole investment at risk.
Rent Guarantee insurance is only obtainable once you have comprehensively verified your tenant.
Accidental Damage Cover on buildings- This cover is designed to protect you against damage by your tenants to your building.
Employers Liability - You might think that Employers' Liability is the last thing you need - you'd be wrong! Usually buildings policies will provide some kind of Employers' Liability cover. This covers claims for death or injury to anyone you employ at your property, for example you may employ, on a casual basis only, a gardener / handyman, a property repairer or a painter and decorator.
Legal Expenses Insurance - No matter how careful you are, it is inevitable that at some time or another a problem tenant will slip through the net. This is the case even if, as a landlord, you use a professional agent. You may be put in the position where you are forced to spend money on legal fees. It could take at lease six months and your costs can be above £1,000 and that's not counting loss of rent in the meantime and any damage the tenant has left.
A relatively small annual sum spent on landlord's legal expenses insurance can cover your for up to £50,000 worth of legal fees.
To find a flat or house to rent in London contact Black Katz. Black Katz have flats and houses to rent across London. If you are a landlord wishing to rent out your property contact Black Katz.