Keep That Rental Property Insured as Economic Downturn Continues
average between 1.5 per cent to 3 per cent of the monthly rental income. What a lot of Landlords don’t realise of course is the fact that insurance expenditure can be offset against their income tax liability for the rental property.
Many tenants of course go out and by expensive computers, ipods, cameras and televisions and might consider taking out an extended warranty, but completely forget to actually insure them and their other possessions thinking no one will ever break and steal their belongings.
With some policies, a tenant can even take out cover against damage to the landlord’s property so if they accidentally spill coffee or wine on the carpet or settee they can claim for this instead of loosing a large junk of their deposit at the end of the tenancy.
One provider, HomeLet also has a “Landlords Portfolio” policy. This means as there are more and more landlords with several properties, they can gain advantage of having their portfolio covered at more advantageous premium.
Philip Suter is a Director of jml Property Services; http://www.jmlproperty.co.uk a UK based company offering Insurance products on line at http://www.jml-property-insurance.co.uk and a holiday home advertising service and management training within the UK. He is a very experienced property consultant with over 30 years work in the Residential letting business in the UK and served on the National Council of ARLA. He is a Fellow of the National Association of Estate Agents (NAEA) and a Member of The association of Residential Letting Agents (ARLA)
GROUP 1 Property and Casualty Insurance PART 2
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