Nottingham Letting Agent Property Blog

The number of buy to let properties has increased significantly over the past few years, but there are concerns that many may be underinsured. Apparently some landlords are trying to cut corners on their insurance premiums, but may be at significant risk of being left out of pocket should they need to actually make a claim. In some cases this could mean landlords are unable to raise funds for the work required which could leave them with a property that's unfit to be let, leading to a significant loss of rental income. Some of the problems are arising due to the...

Buy to let landlords have been warned to check that they have adequate insurance, as apparently not everyone is updating their property insurance cover levels regularly enough. Some may take the view that as long as they have a policy their level of protection will be adequate. However a recent case involving a block of flats that burned down, may leave a landlord with out of pocket expenses of around £100,000. This highlights the need to check policies at regular intervals. The landlord in question only discovered he had been under insuring the property for a number of years when he...

The Association of British Insurers have pointed out that as many as 200,000 homes may be unable to get insurance against flooding once current agreements between home insurance companies and the government come to an end on July 1 2013. At the moment an agreement called the Statement of Principles is in place which guarantees that homes at risk of flooding will be able to continue with their insurance while the government improves flood defences. As yet there is no firm commitment that the protection will be extended, and the ABI is keen to see the government take on at least...

Nottingham lettings agents know that some people have been forced to become landlords, as they are unable to sell their homes, and people frequently need to move for work or personal reasons. The problem with this situation is the reluctant landlord has to face the problem of deciding whether or not to tell their mortgage company they have rented out their home. Obviously it is better to be honest about the situation, but increasing numbers of banks are forcing people onto expensive buy to let mortgages which often cost up to 1.5% extra. Some are even charging hefty fees for changing...

Landlords insurance is quite different from the traditional insurance policies on private homes, and it's essential to make sure your investment property is adequately covered. It depends on the way the property has been constructed and the occupancy levels, but if you have incorrectly insured your property you could find yourself out-of-pocket regarding claims.Going for the cheapest insurance may mean you will have insufficient coverage, as a comprehensive insurance policy will cover you for a number of different things. It's important to have coverage for any damage to the building or contents, and ideally an insurance policy should cover the costs...