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Welcome to the final day of a themed week - Landlord Insurance Week 2017. Property Tribes is 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 has been as follows:Monday - A beginner's guide to landlord insuranceTuesday - Common issues with landlord insuranceWednesday - 3 types of personal protection all landlords should considerThursday - Rent defautlers - insurance perspectiveFriday - The importance of calculating rebuild valueHere is today's instalment:
When you’re buying insurance online, it’s very tempting to rush through the questions to get your insurance quote. However, there are fields that require careful consideration. Answering these isn’t as simple as ticking a box and moving on to the next one.In fact, skipping through the questions without thinking about it may affect the price you’re quoted. Worse than this, if it transpires that the information supplied has been inaccurate you may find that your policy is invalid when you need to make a claim, which means that the premiums you have paid have been for nothing.A question you’re likely to be asked online is the value of your property. But you’re not likely to know it off the top of your head, especially because it’s not the same as market value. It’s usually lower than that, but there is a variety of factors that may affect it.It’s vital to get this figure right because this is largely what your level of buildings insurance is based on. If you underestimate this value, your pay-out might not be enough to rebuild the property in the event of a claim. If you overestimate, you might pay more than you need to for your insurance.What is rebuild value?
Put simply, rebuild value refers to the cost of completely rebuilding your property following a fire, flood or devastating event.This tends to be a lower value than the market value (how much you might sell it for) because it doesn’t include the cost of the land. There is a chance it might be higher, however, if you have a listed property or unique features that are difficult to replace. The value could increase further if materials aren’t available locally and need to be sourced from further afield.If you have recently bought the property the rebuild cost will be on your mortgage valuation or deeds, but bear in mind that this can change according to improvements that have been made, or even just inflation. Plus, you will also need to factor in the cost of professional fees, as well as demolition and clearance before a rebuild can begin.The Building Cost Information Service (BCIS) has a handy guide to help you work out your rebuild value._____________________________________________________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 propertyTune 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 - Terrorism InsuranceDON'T MISS - Correct insurance for refurb project?NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**