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Hello Paul, has been a while since I posted but I've just found this article:
on landlordtoday.co.uk and am pretty worried now because my letting agent has taken my property insurance out with HomeLet
I've seen you're now offering insurance products and just wondered if you could give me some advice as to what to do ASAP and what you can offer me as an alternative?
I don't think there is any need to panic they are only the reseller and not the underwriters so you policy should be valid for the period no matter what happens to them in the future.
We do indeed now offer our insurances product for Landlords & Letting Agents our Property Let Rent Protection and Legal Expenses Cover for £96 is great value or our specialist Landlord Property & Content insurance.
Our members are taking up these so please give us a go they really do offer a layer of protect against damage to your Property & Rental income the whole thing, references + rent cover including legal expenses cover for £50,000 per claim costs £124 including all the taxes etc. for the year. The policy we offer You can also use our Quick link button but the most important thing is you may get offered a lesser policy and the referencing a bit cheaper elsewhere but the small profits go into keeping the network free and growing the membership which in turn help us all in keeping the bad tenants out rather than into buying the MD a new Rolls lol
If you need Landlord Building and Content insurance we can offer a great 121 service at great rates.
All is available here at WELCOME TO OUR LANDLORDS INSURANCE PRODUCTS.
But as always I am at the end of the phone if you need any help.
Thank you for your continued support.
I'm interviewing tenants all this week and next, so when I've got that out of the way I'll definitely be in contact about the insurance.
It will be interesting to see how this impacts on HomeLet's insurance sales, don't you think?
Paul I still think it is the case; but still no one in the UK insurance industry offers cover for loss of rent if a property is vacant in between tenants, with no AST signed.
So let us say a flood occurs and it takes 6 months to repair.
Buildings insurance obviously pays for the rebuild cost.
However that is not a lot of use if the property has been repossessed due to inability to pay the mortgage as there would be no tenant.
Even if there was tenant they may decide not to continue with the alternative insurance provided accommodation and consequently stop paying rent.
Most AST's allow this to occur; even if it doesn't how would you enforce that on a tenant.
It would be a bit unreasonable.
Every LL faces this risk inbtween tenants.
I would willingly pay £50.00 per property to cover this situation
After all the cover might only be needed once a year.
After all a lot can hapeen in a day or so.
I know I experienced 4 floods whilst all properties were vacant inbetween tenants and nearly lost all 4 to repossession.
No insurer will cover you for loss of rent if your not actually losing it and that is why they do not cover /rent-receivable/
Yes I hear what you are saying.
This situation effectively means EVERY LL is exposed to being bankrupted in extremis if their property suffers loss of amenity whilst the property is vacant making it unlettable
Very few LL are able to have a AST ready to go by the time a previous tenant vacates.
There is generally speaking always days of void period between tenants.
A lot can happen to a property in a few days!!!
It would appear that no matter what a LL has to have a valid AST in force,
Well if that this the case then so be it.
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