Landlords insurance specialist Nick Cole takes landlords through the regulations of the letting process
When letting out a property, there are many issues that a landlord needs to consider, as most regulations governing landlords are legal requirements. From tenants deposits, to gas certificates, a landlord – whether professional or someone who is just simply renting out their house – has much work to do.
A major priority is getting good landlords insurance -this will protect landlords and tenants alike against a number of issues, from insurance against loss of rent, to unoccupied property cover, and can be tailor made to suit client’s individual landlords insurance needs.
Plan Insurance Brokers offer bespoke landlords insurance policies for established and new landlords and pride themselves on providing a wide range of landlords insurance cover at the most competitive prices.
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“We deal with a wide variety of customers, from clients who want landlords insurance when they decide to rent out their home out, to landlords who have upwards of a hundred or so properties,” says Nick Cole, Commercial Plan’s landlords insurance specialist. “But we find with new landlords in particular that some are unfamiliar with the full list of requirements which a landlord must comply with.” As a specialist in the landlords insurance department, Nick is keen to encourage new landlords to carry out a checklist to ensure that their rental property is legally compliant.
“Landlords must join a government-authorised tenancy deposit scheme within 14 days of receiving a deposit from their tenant,” says Nick. “This is a legal requirement for all tenancy agreements that started on or after April 6, 2007. Landlords must also inform their tenants how their deposit is protected.” landlords insurance policies do not offer protection against a landlord losing a tenants deposit, and so all landlords are legally obliged to join one of three schemes (more information can be found at www.direct.gov.uk/en/TenancyDeposit)
“Another legal requirement is a gas certificate from a Gas Safe Engineer. A landlord will need a new certificate every year, and they must leave a copy with the tenant. It’s also a legal requirement that landlords show tenants how to turn the gas off.” Landlords Insurance policies do not usually require landlords to produce gas certificates, but a claim could be rejected if it was found that a landlord did not have one.
One other key legal requirement a landlord must provide is an Energy Performance Certificate, known as an EPC. Nick says: “As of 1st October, 2008, landlords must provide an EPC to prospective tenants before they let the property. This could be decisive in helping tenants decide whether they would like to rent the property as it rates its efficiency on a scale of A-G and suggests recommendations for improvements. EPC certificates are valid for ten years.”
Although landlords insurance policies don’t usually require prospective clients to provide an EPC, Nick thinks that the EPC often helps landlords reduce the number of claims on their landlords insurance. The EPC flags up if a boiler is inefficient or old, and so many landlords will act on that information and replace equipment meaning there’s less chance of a landlords insurance claim for things like water damage or boilers breaking down. Landlords Insurance claims are therefore less frequent.
If handled correctly, being a landlord can be a lucrative and extremely satisfying career, or simply a great way to invest in property. And speaking to landlord insurance experts like those at Plan will enable you to get high-quality landlords insurance at the best possible rates (source: www.thepattisallgroup.com).
Plan Insurance Brokers can provide a range of landlords insurance policies, tailor-made to customers requirements.
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