Life on Earth is risky in its own right, but the level of risk doubles when you decide to become a landlord. If you think that your tenants will be special – tidy, cautious, and willing to sacrifice their lives in the name of the safety of your belongings, you’re just fooling yourself. Windows get broken, wine spills on the carpet, children paint monsters on beige walls. And there’s almost nothing you can do about it. I said ‘almost’ because there’s a great way to protect you from all threats related to renting out. When it comes to property management, realists tend to do better than optimists – and for a good reason. It’s better to be safe than sorry; that’s why making every...
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Do I need landlord insurance if renting to family? In general the answer is yes you do or you risk being without cover if something goes wrong. It is no suprise that with a property market defined by high rents and increasingly unaffordable house prices there are plenty of tenants in the UK renting from family. A recent survey revealed there are currently 730,000 parent landlords in Britain. Parent landlords are the most common as it is a logical decision that parents invest savings in the relatively low-risk asset class of property to save their children money. Any rent paid stays within the family while the capital value of property (providing all is well in the property market) should...
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As time passes and our lives change, the insurance coverage we need changes as well. As an example, let's say you get a new job in another state. Instead of selling your home, you decide to keep the house and rent it out, as you've seen a number of your neighbors do. You think your home's value is protected by your existing homeowners policy, and it doesn't occur to you that your insurance coverage needs have changed with your move. But, in this scenario, like any change in circumstance, you must review and adjust your coverage to protect you from the new exposure and liabilities you face as a landlord. Homeowners insurance vs. landlord insurance coverage The key difference between...
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Between 8 and 10 million landlords manage their own investment properties in the U.S. — and unsurprisingly, one of their greatest concerns is whether their tenants will pay the rent. Avail has partnered with Steady Marketplace to address this concern and bring landlords the best financial protection for their investment properties: rent guarantee insurance. Steady is backed by a Fortune 100 insurance company and provides landlords access to rent guarantee insurance for their rental properties. The partnership with Steady will provide Avail landlords across the country with rent reimbursement options should a tenant stop paying rent, and will add to the already comprehensive platform of...
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Insuring a shake-up in residential rentals By: Natalie Muller, Regional Head of Rentals for Jawitz Properties Jawitz Properties in conjunction with oobainsure (the insurance arm of the bond originator, ooba) has launched a product called Rent Protector. In today’s economy, it isn’t easy for every tenant to produce a sizeable deposit to secure a property. But often two or even three months’ worth of rent is required, making many tenants fall short of consideration. Rent Protector aims to solve this very problem and put the power back into both the hands of the tenant and that of the landlord. The product requires that tenants need not put down a deposit, and instead works as a rental...
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Letting property can be lucrative, but it’s a business packed with hurdles and risks. Insurance cover is important. But taking out landlord insurance for the first time throws up many questions, from legal requirements to whether cover is necessary when renting out a room only. Read on for our guide to landlord insurance for dwellings. Landlord insurance covers a property owner for the risks associated with letting any part of a property as a dwelling. This includes a house or apartment as well as a floor, room or annex within the property where you reside. A landlord insurance policy can be an all-in-one package, providing building and contents cover in conjunction with the extra cover...
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Landlords Insurance Update Vince Casals 2020-04-06T12:50:44+10:00 Due to the current unprecedented circumstances, Kogan Insurance has made the difficult decision to temporarily suspend the sale of Kogan Insurance Landlords Insurance as of 26 March 2020. This is a temporary pause, and we are committed to providing Kogan Insurance Landlords Insurance cover to our customers in the future. Why have we made this change? The circumstances created by COVID-19, including the current economic downturn have affected our business just as it’s affected your life. We’ve had to make some tough decisions so that we can continue to serve our existing customers. What does this mean for existing...
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Everything landlords need to know about insuring residential property. What landlord insurance do I need? Letting out a home can make you money, but it also comes with risks. From damage to the building or your contents through to unpaid rent, there are many things that could go wrong. Our simple guide to landlord insurance runs through all the things you should consider when renting out your property, to get the right insurance to protect your investment. What is landlord insurance? Landlord insurance works in a similar way to standard home insurance, but it’s designed to cover the additional risks you face when renting out your home. In addition to cover for your buildings (required by...
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Like most people, I get annoyed by insurance. It's boring and complicated to buy, but my ultimate hope is that I don't need to use it. Then if I do need to use it, there's always the worry that the company will try to wriggle out of actually upholding their side of the bargain. Unfortunately, we all have little choice but to buy at least some level of insurance cover. And if you're in the position of needing to buy, you're probably wondering things like: What type of landlord insurance do I need? How do I know how much landlord insurance costs? Will the insurer actually pay out if I need to claim anyway? Who should I use as a landlord insurance insurance provider? In this article, I'm going...
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You’re here, so its crossed your mind that you may need some level of landlord insurance since you’re now a landlord. Perhaps you’ve been a landlord for a while and you’re reevaluating whether you’ve got the right coverage. Well, it’s good thing, because we’ve built this guide to specifically help you figure out if you need insurance, what your options are and what you can expect to pay. Before we get started, let’s talk quickly about what landlord’s insurance is. What is Landlord’s Insurance? Hopefully you’ve realized that having rental properties is a business, even if you have just the one unit. You have rental income and you have expenses. And the fallout from that is your profit (and...
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