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Gone are the day’s when being a land lord meant only huge income, in today’s society being a landlord comes with a lot of responsibility. If you are a landlord who is planning to use your property for a second source of income then you need to think about landlord insurance cover. The reason is fairly simple you do not want to be one of the unfortunate landlords who did not invest in a good insurance policy, and then they end up paying for the damage to the property either by tenants or due to other reason. This is the very reason why you should learn about landlord insurance cover.

In this article we are gone discuss about various types of landlord insurance available and how can one get a cheap policy. For starters one should know that the term landlord insurance involves many policies. The most basic policy is the property insurance policy. This policy will provide coverage if the property is damaged by tenant or due to other factors during the time when you had given your property for rent. The other type of policy which most landlords prefer is the rent default policy. Imagine if the tenant has defaulted the rent and you and the tenant are locked in a legal battle, the loss which occurs is for you the most. In such cases this policy will provide you a predetermined amount of money monthly for a specified duration of time. The third policy which is preferable if you are not planning to be sued is the liability policy. Now this here is a unique policy, imagine if the tenant staying at your property is injured due to some defect in your property. They it is for sure you will end up in a soup and have to face law suit. In order to prevent such things from happening this policy provides coverage if third party is injured while staying in your property.

Now coming to the part on how to find a cheap policy? The best place to find a cheap landlord insurance cover is the internet. No matter where you search it is absolutely sure that you won’t be able to get the amount of information you get when you search for it online. There are hundreds of websites which deal with this type of policy all you got to do is to log on to these sites and start providing the needed data and you can go through the policies which suit your needs.

Angella Brown is an expert author on various interesting topics. To know more about the various policies why not compare landlord insurance cover yourself, from a range of top providers. For more in-depth analysis of insurance feel free to visit us at Landlord Buddy Insurance

Renting your property to students is a potentially lucrative market. In University cities there is a constant stream of new tenants looking to rent which offers guaranteed income year after year for landlords. It isn’t without its potential hitches though. This will be the first time many of them have rented and, for many, the first time they have lived away from home, which can bring with it problems like property damage and non payment of rent. Here are seven tips to make it a little easier.

Make sure you are insured

When renting out any property it’s important that you have insurance for landlords in place. This will cover any potential damage or theft, and protect you if you fall out with your tenants; something much more common when renting to students.

Target the quality end of the student market budget range

Think about what they’ll be looking for in a property and try and add extra facilities or services which may attract a higher quality tenant and ensure you’re able to charge a higher rent.

Advertise through letting agents

Students are likely to thoroughly research everything about the area and if they were in halls of residence the previous year they’ll know it well already. They’ll probably know where they want to live, but will contact letting agents to view their properties. You don’t want to miss out on this.

Get a guarantor in place

Insist on an income earning guarantor being in place for all of your tenants. This is as close as you can get to guaranteeing you’ll receive the rent. As a minimum, for each guarantor you should ensure you obtain work and credit references.

Reduce accidents / wear & tear

It’s important to take the time to show your new tenants how to use all the appliances in the home correctly. As this is likely to be the first time they’ve lived away from home they may struggle with some of the appliances in the property. If you’ve employed a letting agent for the property, save yourself some time and add this to the list of services they’ll be providing.

Leave a welcome pack

Leaving a welcome pack containing all emergency procedures and telephone numbers will save you time and worry, as it will your tenants.

Carry out regular inspections

It’s important to carry out regular inspections to ensure your property is being properly looked after. You should do this at least every three months.

photo credit: Andypiper

If you are thinking of opening up your place of work to the public, whereby you are displaying your goods for the purposes of retail, then you need shop insurance.
As well as the standard cover that Employers and Public Liability Insurance provides, you also need to protect your stock and premises – if you were to lose either, it would be disastrous for the business into which you have ploughed your time, effort and capital if you weren’t easily able to replace anything lost in this manner.
As there is so much to consider when opting for such a policy, there being so many variations of type of shop that you may be considering opening, it is imperative to ensure that whoever you choose to cover you, actually does.

Many providers will provide a list of basic items that are must haves for any retail outlet in the event of unforeseen circumstances.
This list of essentials will normally always include protection against some, or all, of the following: accidental loss or damage (incl. theft), malicious damage or riot, fire, lightning, explosion, burst water pipes (underground areas may not be covered by your buildings policy), storms and floods, window-frame and glass replacement and lock replacement following theft.

Add-ons that you may want to consider would be freezer cover, stock in transit, removal of debris, ‘attractive commodities’ if you are selling tools, spirits and tobacco. These add-ons can be decided by using a calculation of the value of the stock to cover versus the likelihood of you needing that aspect against the cost of addition of these extra clauses. Be wary of taking out policies for services that your business is unlikely to utilise.
Another extra you should consider, as well as protection against the tangible goods that can be replaced from a warehouse or distribution outlet, is protection against your livelihood.

Most insurance firms will offer you insurance against interruptions to your business in the event that you have to make a claim against any of the afore-mentioned circumstances. The fact that you may have a warehouse full of undamaged stock is of little use if your premises are unsafe for the public or provide an unfit environment for your staff.

Business interruption cover is a basic shop policy extension, which provides cover for loss of income due to inability to trade in the event of any claim under your Shop Buildings and Contents policy, including additional expenses necessary to keep your shop in business whilst repairs are carried out.
One last point – most policies are index-linked. If the value of your goods insured was valued at £500 when you bought them, but you know their nett value has risen, be sure to press home this fact when making a claim. This is a double-edged sword. If the value of that commodity has depreciated, you are unlikely to get back the sum originally insured.