Monthly Archives: January 2012

Reasons for looking for let property insurance quotes

If you are a landlord then you may be considering looking for let property insurance quotes.

Although home buildings and contents insurance is widely available for owner occupiers or people renting a property, this is typically unsuitable for landlords who require extra (and different) cover to protect their investment.

If you are in any doubt as to whether to begin to search for let property insurance quotes, it may be a good idea to look at some of the main reasons for taking out specialist cover for landlords.

Protect your investment from damage

Wherever your property is located, there is always the chance that it may become damaged by things such as fires, floods and bad weather.

Even if you are a very careful landlord and look after your property well, some things may remain out of your control.

By looking for landlord insurance you may be able to find a policy which provides you with financial protection if the worst comes to the worst and your property is damaged by the elements.

Protect your rental income

If your property does become damaged due to reasons beyond your control, you may end up losing rent because you are unable to let out the property to a tenant.

However, if the property is your main source of income then the results of this may be very difficult to deal with.

You may find, therefore, that suitable buy to let landlord insurance provides you with protection for your lost rent in such circumstances which may help to ease the financial strain. This is often known as landlords rental income cover.

Enjoy greater peace of mind

A property is typically a very large investment, and it may therefore be a sensible idea for you to do everything you are able to in order to protect it.

Buy to let insurance may be able to provide you with cover for a range of situations in which your property may be at risk, allowing you to enjoy more peace of mind knowing that your investment is safe.

Other possibilities

There are some events which may not be covered by a standard landlords insurance policy, but which may be covered on a separate policy.

One of these is unoccupied property insurance, which may be able to provide you with cover if you have to leave your property unoccupied between rents or because you need to carry out repair works.

It may be another way to protect your investment, but remember that this is typically something which is insured separately.

Protect your property

If you are a landlord then it may be a good idea to ensure that you have appropriate cover in place for your property. By looking for suitable let property insurance quotes you may be able to find a policy which is appropriate for your needs to give you greater peace of mind.

Your questions on the best bike insurance for classic bikes

The subject of the best bike insurance for classic bikes sometimes generates a number of questions, including those below.

When does a bike become classic?

There may be no universally accepted definition and different insurance providers (plus bikers) may have very different views on the subject.

As a broad guideline, you may find that age is a big factor for typical insurance providers with some working to definitions along the lines of saying that any bike made before (e.g.) 1990 is by definition a classic bike.

Note that if the bike has been significantly modified over time, some insurance providers may no longer consider that it meets the criteria for acceptance as a classic machine.

What is the advantage of having the best classic bike insurance?

Those insurance providers who offer specialist cover in this area may be able to offer you a more cost-attractive policy than those who do not.

Some of these companies may adopt the position that it is unlikely that you will be using a classic bike to the same extent as you would a more modern everyday machine.

This is why they may be able to offer attractive prices.

These providers may also offer other more specialist policies, so may be able to provide you with a convicted biker insurance quote for example or cover targeted at female riders or biker who are either younger or older than average;

Would this insurance cover exhibitions and demonstrations etc?

It would be necessary to check the specifics of your policy detail to answer the question with any degree of certainty.

It may not be unusual to find, however, that any form of motorcycle insurance policy may well exclude the use of your bike for hire or reward unless you have taken out appropriate additional cover.

Is this the cheapest motorcycle insurance for classic bikes?

As stated above, if you have a classic bike, then a specialist policy may typically offer you a cost-effective solution.  Yet what you consider to be the best or cheapest, taking into account the cover provided, may not be the same as somebody else.

In the final analysis, only you will be able to decide what is the best bike insurance for you.

Why may landlords insurances be important to you?

Why might landlords insurances be important to you as a landlord?

Here are a few powerful reasons:

  • comparatively few people may be inclined to put at risk the huge capital investment they have in a property, by failing to insure its bricks and mortar and/or where appropriate, its contents;
  • once you commence obtaining income from the property, then you typically no longer have the option of covering it with standard owner-occupier insurance protection, due to the changing nature of the risks that it faces in certain areas;
  • landlords insurances exist to provide such protection for buildings and their contents in a situation where they are being let out for income generation purposes;
  • although attempting to compare owner-occupier and landlord insurance may not be terribly meaningful given the fact they are fundamentally different products, some landlords may be tempted to make do with owner-occupier home buildings and contents insurance in the belief that an insurance provider will never know that they are obtaining income from the property – that may prove to be a serious mistake leaving them liable to have claims refused and in some cases, possibly in danger of committing a prosecutable offence;
  • let property insurance may encompass a number of different options but a standard policy typically will not provide cover for a property that has stood unoccupied for more than approximately 30 consecutive days – in such circumstances, you may need unoccupied property insurance;
  • although it may be a painful realisation, as a landlord you may be exposed to a number of risks that are simply not applicable to the typical owner-occupier (e.g. tenants suing you for third party injury claims) and you may consider it important to have insurance that may cover such circumstances should they arise;
  • if you took out a buy to let mortgage, the conditions of your loan agreement may commit you to having insurance protection for your property up to and including its full restoration value, therefore, you may be legally obliged to ensure that you have suitable insurance protection for landlords;
  • all things being considered, you may conclude that landlords insurances are less of a nice-to-have and more of an essential necessity.

The Subject of Professional Indemnity Insurance

Individuals who make major decisions on a regular basis, such as solicitors, accountants, and mortgage brokers, are putting themselves at risk of sustaining a legal claim for giving out incorrect advice to both individuals and companies. Although the risks are not particularly high, the claims which do occur might be considerable as larger companies can and do pursue these issues through the legal system.

Professional Indemnity Insurance

Professional indemnity insurance is usually a requirement for the previously listed professions as the industry standard because claims can have such a catastrophic effect on both individuals and businesses. Usually, it is easy to acquire protection against such an event as a professional indemnity insurance online quote can easily be found and then acted upon.

But what’s wrong?

Basic professional indemnity insurance is not usually sufficient enough cover because legal cases which come from large companies can quickly wipe out your insurance limits, and then you have absolutely no protection at all so any further costs will have to come out of your own pocket.

What Can I Do?

By all means consider looking at a professional indemnity insurance online quote just to check the prices, but take into account some of the other factors which come into play in order to protect yourself against the most expensive claims which could be made against you.

Your potential insurance provider will look at the following when considering the level of cover in your professional indemnity insurance package:

• The client base which you are dealing with is critical because if you are dealing with high profile clients then mistakes can be much more costly, which means you will need a larger amount of cover than if you were purely dealing with small businesses.

• The type of work you do is also very important because the history of legal cases can also be looked at so your insurance company can accurately assess the risk you are at should you make any mistakes.

• Your business status is relevant. If you are a limited or public limited company it is the entity being insured but if you a sole trader or in a partnership it is you as the individual that is the insured party. In this case getting the right amount of cover is essential as being under insured can result in the loss of personal assets as well as those belonging to the business.

A professional indemnity insurance online quote is available from Specialist Risks