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  • Property-a-holics

    Common problems when arranging LL insurance



    Welcome to Day 2 of a themed week - Landlord Insurance Week 2017. Property Tribes will be running "Insurance Week 2017" all this week, and we will be addressing key insurance issues faced by landlords.

    As property is likely your greatest asset, we believe that it is vital you have the correct insurance in place for the property type and the perils it may be subject to.

    The content line up for the week is as follows:

    Monday - A beginner's guide to landlord insurance

    Tuesday - Common issues with landlord insurance

    Wednesday - 3 types of personal protection all landlords should consider

    Thursday - Rent defautlers - insurance perspective

    Friday -   The importance of calculating rebuild value

    Here is the today's instalment:

    Common problems when arranging landlord insurance

    Landlord insurance can be confusing. There are many factors involved that can affect the cost of your insurance. In some cases these can actually lead to your insurance being refused.

    Here are a few of the common reasons your buy-to-let insurance can be expensive, refused or revoked.

    Untenanted property

    Many policies include a clause that states if the property is unoccupied for a certain period - typically 45 days or more - your cover may not be valid. While vacancies of more than six weeks aren’t desirable, it could happen, especially if you’re carrying out renovations.

    In this case, the amount of work can prove to be a sticking point with some insurers. Many policies insist on a limit to the value of work being done. The nature, value and time scale of the works being carried out may also affect your premium.



    Unconventional property

    Some policies require your property to be 'of standard construction'. This means it has brick or stone walls and a conventional pantile or slate roof.

    Flat roofs can be a particular obstacle. Many insurers will ask how much of your roof is flat, and increase your premium accordingly. Flat roofs can increase your risk of flooding, because they don’t allow water to drain off like a pitched roof.

    Thatched and timber properties, on the other hand, can have increased risk of fire and may also be subject to higher premiums.

    While these features can raise the price of your insurance, they shouldn’t pose a significant barrier to arranging comprehensive cover.



    Stay secure

    Issues around security may also affect your chances of getting landlord insurance. While you should always make your property as secure as possible, there may be structural reasons why your windows can't be fitted with modern locks. Insurance brokers should be able to take this into consideration.

    Personal history can affect insurance

    You may be refused insurance for reasons that are not to do with your property. For instance, if you’ve been declared bankrupt, subject to a county court judgement (CCJ), refused insurance in the past, you may find this is challenge.

    And it may not just be your past that affects the policies available. If you let to the local authority, housing association or to a charity, you may find that some insurers refuse cover.

    A leading independent insurance broker should be able to get over these by shopping around to get the cover you need. Alan Boswell Group is an insurance broker that specialises in arranging landlord insurance. If you’ve come up against obstacles when arranging cover, give them a call on 01603 649736.
    ________________________________________

    The above content was prepared by our insurance partner, Alan Boswell Group and is celebrating their "price beater" guarantee which aims to beat any other insurance quote a PT landlord has received.



    Alan Boswell Group are one of the most long-standing and trusted insurance companies in the landlord space.  You can call the team on 01603 649736 for all your landlord insurance needs.

    See recommendations for Alan Boswell Group from PT members - Landlord Insurance recommendation please and here Landlord insurance unoccupied property

    Tune in daily all next week to get the lowdown on landlord insurance!

    By using the services of our trusted suppliers of products and services, you are helping maintain Property Tribes as a free to use community resource as PT receives a small commission for any policy that a PT member takes out through ABG.

    SEE ALSO  -          Insurance for small portfolio...

    UP NEXT -              8 things landlords should do after a flood

    DON'T MISS -         Threats faced by empty properties

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    Great thread Vanessa, is there anybody you would recommend for multi shared non licensed HMO landlord insurance

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    Hi Jake,

    As mentioned in the video, Alan Boswell Group can arrange most types of property insurance so give them a call on 01603 649736 . Smile

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