WITH optimism creeping back into sectors of the property market, the signs are good for Landlords to achieve strong returns from their property – and it is vital they protect their asset with Cheap Landlord Insurance.
The National Federation of Property Professionals predicts that the rental market will continue to forge ahead as demand stays strong in many areas. The Federation’s members are reporting a shortage of rental supply so this demand/supply imbalance is helping Landlords by pushing up rates. Add to this the predictions that the buy-to-let mortgage market is set for strong growth in 2012 with lenders in particular preferring to loan for professional purposes as opposed to residential.
So the outlook for private Landlords is an optimistic one, especially in areas where demand is outstripping supply. Despite this optimism, if you are looking at becoming a Landlord, to avoid some very expensive mistakes I would urge you to follow some very simple rules:
- Choosing the property – do your research, look for areas of strong demand, particularly areas with a strong economy
- Selecting tenants – be very careful, always undertake thorough reference checks
- Insuring your asset – you need specialist insurance cover from a provider experienced in the landlord/letting market.
If you are a Landlord and needing to purchase insurance for the first time then please don’t cut corners and avoid standard home insurance at all costs. Cheaper it may be but this is false economy once the Insurance company is aware of true circumstances i.e. that you are letting the property then any claim will be declined, so a total waste of time and money! And don’t think you will not be caught out because in the event of any claim there will be a major investigation and the insurer will discover the true situation and when it comes to paying out, they will refuse if the terms and conditions are not as agreed.
You have a considerable amount of money tied up in the property and my advice is to purchase specialist Landlord Insurance that will protect the structure and the income you earn from being a landlord. Your choice of provider is also important; you need someone that understands the landlord/rental market and will ensure your investment is protected from the unexpected.
If you need Cheap Landlord Insurance go to The Property Insurer and click on the Landlord Insurance button. Insurance is provided by one of the UK’s leading specialists in landlord insurance, they will establish your needs and tailor cover to suit your circumstances and your budget.
The Property Insurer