We all know the old Adage “A dog is man’s best friend” well now, thanks to Endsleigh Insurance and the Dogs Trust; the UK’s largest dog welfare charity, letting your home to tenants and their furry friends just got a whole lot easier!
According to an article posted on Landlord Today a new specialist insurance policy is being launched this month that will give piece of mind to landlords and hope to pet owners struggling to find private rented accommodation that will accept their four legged accomplices.
The insurance policy will be available to individual landlords and will cover accidental pet damage as standard, as well as 120 days occupancy, £2m property owners’ liability, theft by tenants, malicious damage by tenants, and landlord’s contents.
A recent survey revealed 88% of landlords would rent to pet owners if there was an insurance product available covering pet damage.
The ‘Specialist Landlords Insurance – In Partnership with Lets with Pets’ was created as a response this demand, and caters to landlords who need specialist buildings and contents insurance to cover rental properties where tenants have pets.
Dogs Trust Lets with Pets manager, Clare Kivlehan, said: “Over three-quarters of pet owners experience difficulties finding privately rented accommodation that allow pets, so we are delighted to be teaming up with Endsleigh to offer landlords this specialist cover.”
To find out more about lets-with-pets insurance visit Endsleigh website here
Our advice at TIC is to ask for a specific pet reference before taking a measured risk. If you are letting a property to professional tenants you are also entitled to enquire if they will be hiring a dog walker. A positive to consideration is also that tenants with pets on average stay longer, which also helps to account for any additional wear and tear.
In order to ensure that your insurance will pay out in the event of a claim, it is always recommended that you inform your insurer of any changes that may occur throughout the year, and not just at the renewal of your policy.
Let’s take someone renovating their property as an example. If the building work involved some roofing, and that roof was then damaged in a storm, the insurer may not pay out for the damage caused by the storm and deem that the damage may not have occurred had there not been work being done on it at the time.
They may also wish to apply terms to the insurance such as a ‘contractors’ exclusion clause’ which would exclude cover for damage specifically caused by the contractor. This would then be covered under his insurance, and is a good reason to check that he has adequate cover in place prior to commencing work.
Another example would be someone who at the time of insuring was letting their property to a working couple on a 6 month tenancy directly between them and the tenants. The insurer will work out a premium based on this information and their previous experience of claims with these types of tenants.
If, a month later, those people move out and the property is then rented to the council, this may well be seen as an increased risk to the insurer and some insurersmay not offer cover for properties being let to councils.
A quick chat with the broker would mean that the insurer could be informed and the appropriate terms applied or alternative cover sought. Again, failure to inform the broker of these types of changes could lead to a claim being refused.
If in doubt, let the broker know!
Article by Thomas Roe from Coversure Insurance Kennington
The well publicised coverage of the riots has recently led many business and property owners to look into their insurances and question what type of cover is in place for such events. Property owners need to be aware of their policy restrictions governed by the Riot (Damages) Act. Under the Act, individuals and business owners who have suffered losses due to rioting can make a claim under their insurance. Insurers then have the right to recover the cost from the Police, who they can claim have failed to keep the peace.
In order to comply with the Act, most Property Insurance policies have strict reporting procedures on riot damage claims. The majority require notification of the claim within seven days of the incident to allow them to reclaim the cost of damage from the relevant Police authority. Indeed with any claim, the sooner it is notified to the broker or insurer, the better it can be dealt with and the higher the chance of the insurer being able to fully reimburse what has been lost.
This is a good time for people to consider their insurances and whether their cover is sufficient. At Coversure Kennington we sell policies based on their content, the service provided by insurers in the event of a claim and offer advice specific to each client we speak to. As people are looking to save money, it is crucial now more than ever to ensure the insurance they have is not only competitive but comprehensive as well.
Article by Tom Roe from Coversure Insurance Kennington
The recent riots, labelled by many as the worst in living memory, have left many estate agents and landlords reaching for the residential property insurance documents.
The Association of British Insurers (ABI) estimate over £100m of damage was done to individuals, businesses, and residential property in London and across the UK. The ABI advises landlords, lettings agents, such as The Islington Company, and estate agents with riot-damaged property to lodge a claim with their insurers within 14 days.
What if you didn’t have insurance?
You can apply to a police compensation scheme, citing the Riot (Damages) Act 1886. The Act compels the police or Government to compensate those who suffer loss or damage to their residential property. The deadline for submitting the paperwork is within 14 days.
There are houses, devastated by fire, which remain unsafe to enter. Prevented from ascertaining the extent of the damage, landlords of these properties will therefore be unable to make a claim within the required time. The Home Office have acknowledged this and have agreed to extend the deadline to 42 days.
Landlords with residential property in some of the worst-hit areas such as Hackney or Dalston may worry about the effect on future premiums. According to the ABI, the rarity of such events mean: “There is no reason for premiums to have to rise to pay for such a once in a generation event as a riot.”
For more information, access the ABI site here
And don’t forget to review your residential property’s fire risk assessments and let's clean up!
Article written by Steve Alphabet for TIC Blog