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PROTECTION MONEY: A GUIDE TO LANDLORD INSURANCE AND REDUCING YOUR PREMIUMS
We all know someone who never insures anything and never has any problems. But given that £8m is paid out every day in home insurance claims, not everyone has the same luck.
Although it isn’t a legal requirement to insure rental homes, a survey of 3,000 landlords revealed that around 85% do protect their buy-to-lets. For the other 15%, research by LV suggests that landlords spend £600m every year on repairs that could be covered by insurance.
Most of our landlords are properly covered, but we also speak to some who haven’t fully considered how to protect themselves and their buy-to-let. Confidence and luck are wonderful assets, but not much use when a boiler breaks down late at night, or a tenant runs into difficulty.
A comparatively small monthly cost could save you from enormous bills and nasty surprises. With that in mind, this week’s blog looks at the different types of landlord insurance available, and how you can reduce your premiums while having complete peace of mind.
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COST OF LIVING CRISIS: WHAT CAN LANDLORDS DO?
We've all seen the headlines: inflation at its highest point in almost 30 years; interest rates are rising, and the energy cap is about to lift. Everyone's on tenterhooks to see what it will mean for their bank balance, and of course, landlords and tenants are going to be affected.
Nobody quite knows how things will turn out, but the forecasts are stark. It's estimated that 7 million people will fall into financial difficulty after the energy cap lifts on April 1st, rising to 14 million with a further expected price rise in October, just in time for winter.
So, what can landlords do to get ahead of the problem? The short answer is "act now". The longer answer is "actually quite a lot".
To get you started, this week's blog is chock-a-block with practical tips on how you can work together with your tenant on making things easier for them while still protecting your income, investment and costs.
Remember that you're always welcome to get in touch about life as a landlord. Call us on 0151 280 4047 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it. – we're here to help.
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BEHIND THE SCENES OF A TYPICAL WORKING WEEK
To describe this job in a single phrase, it would have to be 'never a dull moment'. Aside from opening the office, making a coffee and checking new messages, no two days are ever the same.
Meeting new people and being out in the neighbourhood are two of our favourite things, but the icing on the cake is handing over the keys on moving day. It's such a moment of joy for everyone – the landlord, the tenants, us – as a whole new chapter begins.
The lettings world moves much faster than sales, but agents have far more paperwork and responsibility. With no solicitors checking contracts, it's down to us to get everything right, and all while keeping up the pace.
There's a lot more happening than showing people around homes, so join us for a glimpse behind the scenes to see how it all comes together.
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DOES YOUR BUY-TO-LET TICK THE RIGHT BOXES FOR THE RIGHT TENANTS?
There’s a book by Simon Sinek called Find Your Why, and it's all about identifying your reason for having a business: why do you do what you do?
The same question can be applied to your rental property: why would a tenant choose your buy-to-let instead of another one? Why would they pay you more rent? And why would they stay beyond their initial contract?
Asking yourself these questions helps you appreciate everything that's already great about your rental property, and to seek out areas for improvement. It's an integral part of owning a successful buy-to-let, both when it’s empty and while it’s occupied.
It's also why we carry out interim inspections – not just to identify repairs, but also to ensure our landlords' lettings portfolios keep up with the local market and ahead of government legislation.
So let's look at how you can review the rentability of your own buy-to-lets to keep them performing at their peak and pulling in the crowds.
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LEVELLING UP LETTINGS: SHOULD YOU SELL OR UPGRADE YOUR BUY-TO-LET PORTFOLIO?
What a time to be a landlord! No sooner are we passed the phasing out of mortgage interest relief than the Government announces new areas of expense.
The Levelling Up white paper released on February 4th aims to make the Private Rental Sector in England and Wales more eco-friendly. It's all part of a drive to reduce carbon emissions as part of the UK's target to be net-zero by 2050.
While everybody agrees that energy-efficient homes are a good thing, the white paper has left landlords in Liverpool and around the country with more questions than answers.
- How much will it cost to upgrade your buy-to-let?
- Will you get that money back through higher rent?
- Is funding going to be available?
- Are you better off selling up and buying a more energy-efficient property?
- Should you stop being a landlord altogether?
There's plenty to unpack in there, and our blog this week does just that, so you can make a plan that's best for you.
Why sell or let with us?
Here are some of the reasons why you should choose Homelets to sell or let your property:
- Dedicated Local Experts
- 24/7 Contact
- No Commission
- No Sale No Fee
- Accompanied Viewings
- No Let No Fee
Submit a valuation opposite or call us on 0151 280 4047.
