Be prepared!

Investing in a buy to let property is just that, a great investment, but landlords do need to be prepared.  The least stressful part  is the buying, redecorating and finding a tenant; the blood pressure starts to rise when your tenants leave unexpectedly or damage the property.  Investing in a specialist landlord insurance policy is something that all potential landlords should take time to do.  Standard buildings insurance cover will not provide protection in the event of tenants maliciously damaging a property nor will it provide any cover for loss of earnings if tenants should do a moonlight flit, leaving before the end of their contract. For many landlords, they only discover that their insurance does not cover them for the buy to let market when they try to make a claim for damaged property or loss of earnings.  They are then faced with a large bill in order to make the property habitable again so that they can let it to another set of tenants. Many residential buildings policies state in the small print that the policy will be voided should the property that it covers be used for rental purposes. Insurance for rental properties provides a far more comprehensive level of protection and should include third-party liability in case the structure of a property is damged by the tenant or should the tenants need to be re-housed in the event of a disaster such as a fire or flood making the rental property uninhabitable for the forseeable future.

Adding to the need for blood pressure tablets is the feared 4 o’clock in the morning call when a hysterical tenant calls a landlord to tell them that the boiler has just blown up.  Not much fun for any of the parties concerned. I strongly advise all our landlords to invest in a boiler maintenance contract with a gas-safe registered plumber.  For a modest monthly outlay, they can be assured that if the unfortunate happens, then their boiler will be replaced. The figures speak for themselves: from £14.99 per month for the contract as opposed to a hit of £1400 for a new boiler and all the associated costs.  Like all insurance, nobody wants to pay for it until they need it!

Here at Cheshire and Co we can arrange for a quotation that could ultimately leave you with peace of mind.  Please feel free to ring us on 01633 869086, visit the website or pop into the office for an informal chat.