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INSURANCE
Should you wish to keep your present insurance
policy in force you will be required to notify the Insurance Company,
both for Buildings and Contents, that your property is to be Let.
Failure to do so may invalidate your insurance policy and result
in serious consequences. If your insurers are unwilling to continue
cover, or become uncompetitive, we are able to offer an insurance
quote from a company that specialise in Landlord's buildings insurance
and legal protection insurance.
First Choice offer building insurance specially arranged for landlords
and their rented property. The scheme is administered by HomeLet
and the policies are underwritten by one of the country’s leading
companies, Commercial Union. Rates are very competitive and policies
feature the benefit of no excesses when making a claim (excepting
subsidence claims and student lettings). A Further benefit of this
scheme is that premiums may be paid over a 12 month period at no
additional cost and claims are dealt with in a speedy and efficient
manner.
HOMELET
LANDLORD INSURANCE
A unique policy specially designed for
the private or professional landlord. The flexible cost effective
policy helps to protect the property owner's investment by providing,
not only buildings and contents cover but also by giving financial
support where the rent is unpaid by the tenant. Additional benefits
include cover for legal expenses arising out of tenant disputes,
a full parts and labour repair service for central heating plumbing,
electrical systems and domestic appliances so that the problem can
be resolved without cost to the landlord or inconvenience to the
tenant.
BUILDINGS INSURANCE
- One National Rate £2.10 per
£1,000 insured.
Covers loss or damage caused by fire,
aircraft, smoke, malicious persons (including tenants), accidental
damage to bathroom fixtures & fittings and glass, lightning,
explosion, collision or impact, falling trees and earthquake, theft
(by forcible means), subsidence, riot/civil commotion, storm, flood,
escape of water or oil leakage, and loss of rent up to 20% of the
sum insured following the damage. Also included are Employer's
liability (£10,000,000) and Property Owner's Liability (£5,000,000).
CONTENTS INSURANCE
- One National Rate £7.00 per
£1,000 insured.
Covers loss or damage caused by fire, aircraft, smoke, malicious
persons (including tenants), lightning, explosion, impact, theft
(by forcible means), subsidence, riot/civil commotion, storm, flood,
escape of water or oil leakage, breakage of mirrors and glass in
furniture, replacement locks following theft of keys and loss of
rent up to 20% of the sum insured following damage. Cover on new
for old basis. Also included are Employer's liability (£10,000,000)
and Landlord's liability (£5,000,000)
LEGAL EXPENCES
- £50,000 Cover for £4.16
per month.
You may be unable to collect the rent, your tenants may damage or
remove your personal possessions or, indeed, make changes to the
house and its decorations. You may even be unable to regain possession
of your house. This policy covers your legal expenses in disputes
with tenants or unauthorised occupants to a limit of £50,000
for each claim.
RENT GUARANTEE
- From £10.50 per month.
Covers rent arrears (excluding the first month's lost rent) up to
12 months or until vacant possession is obtained. Additionally
HomeLet will pay 50% of the rent for up to a further 3 months after
vacant possession is obtained, while a new tenant is found.
HOME GUARANTEE
- From £14.00 per month
Option 1 - Covers the cost of repairs following the mechanical or
electrical breakdown of your central heating system, plumbing system
and electrical system.
Option 2 - Covers the cost of repairs following the mechanical or
electrical breakdown of your cookers, ovens, hobs, grills/ranges,
refrigerators/freezers, washing machines and dryers, microwave ovens,
dishwashers and waste disposal units.
Parts and labour included. 24 hours a day 7 days a week freephone
number. No limit to the number of claims.
Note: All rates quoted are at rates quoted in March 1999 and are
subject to variation by Homelet. For an up to date quote please
contact our office. All quoted prices include Insurance Premium
Tax (IPT) at the prevailing rate.
Conditions:
Properties must be let on an Assured Shorthold Tenancy
To be eligible for Rent Guarantee all tenants must be satisfactorily
referenced by HomeLet Referencing Service
To be eligible for Legal Expenses all tenants must be satisfactorily
credit checked by HomeLet Referencing Service or another recognised
credit referencing agency and provide a satisfactory employers reference.
(DSS and students may require a guarantor.)
Home Guarantee excludes existing defects.
HomeLet Landlord's Insurance does not cover landlord's personal
possessions or valuables.
14 day money back guarantee if not entirely satisfied
This web page is a summary of policy cover. If you require
full details, a copy of the policy is available on request.
Tenants - HomeLet cover student, DSS bedsits and Housing Association
at standard premiums
Unoccupied Property - The property can remain unoccupied between
tenancies with no restrictions in cover for up to 90 days. Notification
of becoming vacant is not required.
Policy Excess - There are no excesses except for student lets (£250)
and subsidence claims (£100)
REFERENCING
SERVICE
Whenever you are considering a tenant for your property, ask your
letting agent to provide a HomeLet Reference. This service includes
a check of the tenant's employer, previous landlord and a credit
check. A Guarantor reference is also included where this is required.
The benefits are:
• Accurate tenant assessment
• Rapid response normally within 48 hours
HomeLet Referencing Service is the natural choice to protect you
from fraudulent tenants. It is a compulsory requirement for the
HomeLet Rent Guarantee. Using HomeLet Referencing Service is the
best way to ensure that you have satisfactory tenants and avoid
most of the potential pitfalls.
FURNISHING SERVICE
- As a Landlord you should consider
furnishing your property to:
Benefit from the earlier letting prospects which furnishing brings
Appeal to corporate and business clients
Conform to the Furniture and Furnishings (Fire)(Safety) Regulations
1988 (and subsequent amendments) including CRIB source 5 for beds
and sofas
Gain any retail premium which furnished property attains
The HomeLet Furnishing Service is specially designed for let properties
and takes the time and effort away. Providing furnishings selected
for suitability and compliance with current Regulations, the service
represents excellent value and includes delivery and installation.
Furniture which complies with the Regulations is not always available
from furniture retailers.
Lease purchase and outright purchase available. (Finance is available
subject to status. Full written details on request)
If you would like any further information on this or anything else
please contact us
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