Insurance companies offering flood insurance cover

Neil Cook, insurance broker has today sent us this note. We have deleted part of the names of the insurance firms he refers to.



“I was just speaking to a client unfortunately he was with a firm called insurance XXXXX although he was in a very low risk flood area they charged him an unreasonable premium with a vast unjustified £2500 flood excess which in truth was unacceptable to his mortgage company so was not worth the paper it was written on I got him a quote that cost 25% with just a £100 flood excess.



Other common bad practice is offering those with flood cover policies excluding flood that still cost a fortune when in truth I as am a true specialist can always get flood cover at affordable prices. I never unlike others ask for flood surveys which in themselves cost a lot of money so I
can offer an instant saving.



Similar bad practice applies to homes suffering from subsidence, mining subsidence, historic movement IE cracking in an older property. Bad specialists require expensive survey reports upfront which is no help if the house is on the market then charge unfair premiums and unrealistic subsidence excesses. The client needs to remember that your lender will only
accept a policy with a £1500 subsidence excess at most although some lenders will only accept £1000 again don't take cover without subsidence you can often find full cover through a true specialist at less premiums less than you would expect.



Don't be fooled by the bad brokers when they say "you don't have to tell the lender about the flood or subsidence excess" your lender will find out and will cancel your mortgage.



Nor should you be fooled by your insurer or the rantings/scare mongering from the Association of British Insurers that if you have suffered flood or subsidence that you must stay with the existing insurer and pay vast premiums for the privilege!



Common bad brokers are insuranceXXXX and  XXXXX (some real horror stories about them such as a cheap premium that once pay for it, it doubles in price) Neil also names a further nine companies and mentions insurance companies who claim to offer specialist cover, but in fact don't as they just own the search engine writes to the word "insurance" so don't be fooled by them either please.



It might be worth setting up a forum were clients can name and shame bad brokers like this."



If you would be interested, please contact Neil Cook here about this.


If you want an insurance quote from Neil Cook, please follow this link.

Source: Neil Cook

Insurance bill for October 2011 floods in Ireland reaches €127 million

The Irish Insurance Federation (IIF) issued a press release a month ago on about the cost of flood damage in the Republic of Ireland.

The Irish Insurance Federation is the representative body for insurance companies in Ireland representing 62 member companies, which employ over 14,300 people.



Their press release of the 12th January 2012 said "The Irish Insurance Federation (IIF) today announced that the estimated total insured cost of last October’s floods is €127m. Many homes and businesses suffered substantial damage as a result of the flooding that mostly affected the East Coast, in particular Dublin. This was the fourth costliest weather event to affect the country, and the second largest flood event ever according to IIF data.


Michael Horan, Non-Life Manager, IIF said, ‘The October floods caused significant destruction during a very short time frame and insurers worked with customers to ensure they were back on track as fast as possible. 6,703 customers were affected during this period and the total cost of claims amounted to €127m. This money was injected back into the economy creating employment through repair work carried out to homes and businesses’.


The breakdown of claims and costs by class of business is as follows:


• €58m in household claims (3,532 claims),


• €59m in commercial property claims (1,251 claims),


• €10m in motor claims (1,920 claims).


The cost of this flood event is the fourth largest weather-related loss in Ireland after the January 2010 freeze (€297m), the 2009 floods (€244m) and the December 2010 freeze (€224m). These four events, all of which have occurred over the past two years, have cost €892m and are a graphic illustration of how the Irish insurance industry protects millions of people against financial loss.


“The October 2011 and November 2009 floods highlight the importance of adequate investment in flood defences in vulnerable areas. Action needs to be taken now in these areas so that flood damage is minimised in future”, said Mr Horan. " Source IIF

At jml-insurance.co.uk / irishpropertyinsurance.com we promote companies who offer various insurance products. There are a couple of specialist insurance brokers advertising who will help with flood insurance in England, Wales, Scotland and Northern Ireland, but unfortunately not in the Replublic of Ireland. These are Homeprotect   and Allstyles Insurance

We are still searching for partner firms in the Republic of Ireland who can advertise their services on jml-insurance.co.uk / irishpropertyinsurance.com as there is a big market on Ireland there. This includes normal property insurance, property rental insurance plus, unfortunately the firms we approach are not interested which is a great shame as we would have thought the more business they can get the better it would be all round.

If you run an insurance business in the Republic of Ireland we would love to hear from you and you can contact us here 

NLA survey finds that Landlords in the UK see Property as Pension

A survey by the National Landlords Association (NLA) has found 81% of landlords expect to rely on their portfolio to help them financially after they stop working.

Landlords regard their property portfolio as an important part of their post-retirement income, as their confidence in the economy slumps to an all-time low.



The news comes after the number of savers contributing to pensions dropped by 8%** in the last 10 years – from 46% to 38% of all employees.



The NLA survey also found that landlords are increasingly pessimistic about the UK economy, with confidence dropping to a record low of just three points, down from 11 points one year ago.



David Salusbury, Chairman, National Landlords Association, commented: “Landlord confidence in the financial market is at an all-time low. This combined with record low interest rates means that many individuals are looking for alternative ways to secure their financial future.



“Private-residential property can be a sound long-term investment for those planning their retirement. But potential landlords must realise that letting property is a lot more complicated than contributing to a pension.



“Becoming a landlord is just like starting any other small business. Anyone considering using property to bolster their pension plans must make sure that they put together a long-term business plan, taking account of the various regulations governing the letting of property, as well as their responsibility to tenants.”




*550 NLA members were surveyed. The survey was conducted by the NLA and BDRC Continental, the UK’s largest independent research agency, to evaluate landlord’s concerns during the fourth quarter of 2011.



**Statistics from the Department of Work and Pensions, December 2011. The overall number of people saving into a private pension fell from 46% in 1999/00 to 38% in 2009/10.

Source NLA jml Property Services (Jeffrey Milner Ltd) have been members of the NLA since the mid 1980's when it was known as the SLA (Small Landlords Association) 

Flood risks in political constituencies across England and Wales

The ABI - Association of British Insurers - "The voice of the UK's insurance industry" issued a news release on the 31st January entitled  "From Aberconwy to York, Boston to Windsor - ABI Highlights the serious Flood Risk facing communities in England and Wales"

They said The worrying scale of the flood risk faced by communities in political constituencies across England and Wales is revealed today, 31 January 2012 by the ABI. Boston and Skegness in Lincolnshire is the constituency with the most homes at significant risk of flooding followed by the Vale of Clwyd, Folkestone and Hythe, then Windsor. In 92 constituencies there are 1,000 or more homes at high flood risk.


The ABI has analysed the latest Environment Agency flood data against the 573 parliamentary constituencies in England and Wales. This shows that, despite Government pledges to tackle the rising flood threat, thousands of homes and businesses remain at significant flood risk. Significant flood risk is defined as a greater than 1 in 75 chance of flood in any given year.

The findings reinforce ABI’s warning that, with the insurance industry’s voluntary flood agreement with the Government ending in June 2013, a new sustainable long-term solution needs to be urgently agreed to avoid as many as 200,000 high-risk households facing problems in getting flood insurance after then.



The analysis highlights that the constituencies with the most homes at significant flood risk are:


Boston and Skegness, where 7,550 homes are at significant flood risk
Vale of Clwyd 7,339


Folkestone and Hythe 7,196


Windsor 7,125


Runnymede and Weybridge 6,541


Clwyd West 6,160


Aberconwy 5,500


Nottingham (south) 5,043

Great Yarmouth 4,965


Sittingbourne and Sheppey 4,295


Leeds (central) 4,209

Canterbury 4,199


Source ABI Media to read the entire news release follow this link

Many people are now finding it difficult to insure their homes in a flood risk area  or if they do, finding the excess for any claims very high. Neil Cook a very well respected experienced insurance broker can normally help, so if you are experiencing problems why not contact him. Follow this link to make contact.  

Support for Mortgage Interest (SMI) scheme from Rentguard News

  Just come across this piece from Rentguard Landlord and Tenant insurance.  Government payments to help people afford to stay in their home should go directly to the lender rather thanthe Landlord Insurance holder – according to What Mortgage– according to What Mortgage.

The Department for Work and Pensions (DWP) announced this week that it’s launching a Call for Evidence on how the Support for Mortgage Interest (SMI) scheme could be improved in the future.


But while Ben Wilkie, editor at What Mortgage, thinks the principles behind the SMI are good, the scheme must ensure funds are used directly to help struggling homeowners keep their property – rather than to pay off other debts.

He says: “The whole point of Support for Mortgage Interest is that people don’t lose their homes, but having the money paid directly to the claimant could increase the number of people who do”.


However, Mr Wilkie also notes the SMI could be changed to include a charge on any homeowners who use the scheme and later benefit from property price rises.


In other landlord insurance news doing the rounds today, it’s being reasoned that buy-to-let lending looks set to make up a larger percentage of the mortgage market next year.

David Whittaker is managing director at Mortgages for Business, and he thinks the current “soft” state of the UK mortgage market suggests the share of buy-to-let lending could increase this quarter and throughout 2012.

He says: “Historically, [buy-to-let lending] ran at about 13 per cent of the market, but dropped as low as eight and a half or nine per cent of the market in 2009, so you could say that all it is doing is re-establishing its status quo relationship with the residential mortgage market as a whole.”

The comments follow the announcement that Paragon Mortgages has won the ‘best buy-to-let portfolio lender’ title at the Your Mortgage 2011-12 Awards.

And despite all the hype, it seems the promise of the Olympics has had no effect at all on the London rental market from the point of view of any buy to let insurance holder.

discountletting.co.uk is an online letting agent, providing letting agent services to 31,829 landlords across the UK.

Daniel Burgess is managing director of discountletting.co.uk, and he says: “The Olympics is the last thing on the minds of landlords or tenants. Getting through the next three to six months is what people are thinking about.

Discover the wide selection landlord insurance available from Rentguard and see how cost effective the all-rounded residential landlords insurance can be. - More Information Here

Source:  Rentguard Insurance

If you live in a "flood area" it could be a complete "no go area" says some insurance companies

Neil Cook an insurance broker who specialises in areas like flood affected property insurance, ex offender insurance and a lot more is a regular contributor to this blog.

He has just contacted saying that "I am hearing yet more and more reports from clients saying  that certain parts of the country are now complete no go areas because of either flood risk (such as SL6 5ND a rather nice part of  Maidenhead) rather than wasting clients times and effort just say to them we KNOW A MAN WHO CAN !! "


He goes onto to say that "rather than worst case of selling them worthless cover IE without flood or subsidence or a vast excess and premium any excess over £1500 is totally unacceptable".

So if you are having problems obtaining cover, or cover with a very high excess, contact Neil for more information.

How do I do this? Follow this link please  

HomeLet insurance raises money for the Nomad Trust of Lincoln

HomeLet the specialist landlord and tenant rental insurance company has raised money for a charity based close to their Lincon offices

The Nomad Trust is a Christian based registered charity which provides welfare services in the City of Lincoln for those who are homeless or otherwise in need.

HomeLet  insurance has raised £4,000  in just five months at various events organised by members of staff, including a cake sale, quizzes and a Halloween fun-day that included a fancy dress competition and trick or treat game.



This staggering amount of cash is more than half of the £8,000 target HomeLet has set itself to raise by April 2012. The cash will then be spent on a mini bus for the charity’s service users to travel around the area for journeys, such as to job interviews, to help people move off the streets and begin to lead a more normal life.



The Nomad Trust is a Lincoln-based charity that helps homeless people in the area from all walks of life to regain their independence and self-respect. For the past 26 years, the organisation has been helping homeless and vulnerable people in Lincolnshire by running an emergency night shelter and charity shop. The Trust’s workers also support its service users by offering life skills and resettlement advice when they are able to move into their own home.


HomeLet announced its support of The Nomad Trust in May 2011. Its employees are set to raise money for the charity for three years, and a calendar of events has already been organised so another £1,000 is raised in time for Christmas.


Brenda Shiels, Service Manager at The Nomad Trust, said: “For HomeLet to have raised more than half of the amount needed to buy the new minibus already is a fantastic achievement. The vehicle will be a massive benefit to our service users who struggle to travel to different places once trying to rebuild their lives. Therefore on behalf of The Nomad Trust I would like to thank everyone at HomeLet for all their hard work and generosity.”

John Boyle, HomeLet’s Managing Director, said: “Raising the money at so many events has not only been enjoyable, but also very gratifying as we know the cash is going to be spent on local people who are finding it hard to get themselves out of a traumatic and difficult situation.


“We’re now confident we can raise even more than the £8,000 needed for the minibus, so we can help this very worthwhile cause assist as many local homeless people as possible over the next few years.”

 Find out more here about fundraising for The Nomad Trust Here

Source HomeLet Insurance

If you are a landlord (or tenant) looking for HomeLet specialist rental insurance click on the logo below

Latest HomeLet Rental Index is out now

Seasonal trends see rents dip across UK as the latest HomeLet Rental Index shows that average UK rental amounts have decreased in eight of the 11 regions, including London, as part of a seasonal dip.

According to HomeLet Landlord and Tenant Insurance  


■The average UK rental amount fell in October, when compared to September by 2.5% to £763pcm



■Despite falling, the average agreed UK rental amount in October 2011 was still 4.2% higher than rents recorded in October 2010


■Rents in London are still 23% higher than October 2009, and remain 8.8% higher than 2010


■The number of tenants sharing a property has increased in the last two years. The average number of tenants per property was 1.7 in October 2011, compared with 1.4 in October 2009


■Greater London has the highest level of sharing in the country with an average of two tenants per property


■Average UK tenant incomes dropped from September to October by 0.6% to £27,201


■18 – 21 year olds have seen the largest drop in income over the past year. Incomes for this age group have dropped by 5% in October 2011 when compared to October 2010


■The percentage of 36 - 45 year olds renting after living at home with a relative has risen from 18% in October 2009 to 23% in October 2011




If you are a landlord (or tenant)  looking for HomeLet specialist rental insurance click on the logo below

Source: Homelet



HomeLet Insurance wins a national award for its innovation within the lettings industry

The specialist insurance company HomeLet for Landlord and Tenant insurance has won the Innovation category at this year’s 2011 Landlord and Lettings Awards.

In addition to this, HomeLet Insurance was a finalist in the Insurance Services, Supplier and Website categories.

The Innovation award recognises the supplier that has been most innovative in their sector, and HomeLet was praised in particular for the launch and success of its new referencing product, Optimum. Optimum was launched earlier this year and has not only achieved 150% above predicted sales figures, but also been very well received by customers.



As well as offering a robust tenant reference, Optimum offers the unique guarantee – if any tenant referenced through one of two HomeLet checks, Insight and Enhance, either default on their rent within 12 months of moving into the rented property, HomeLet will evict them – for free.

The increase in sales has also seen an increase in customers, with the company’s 1,000th customer being welcomed to HomeLet in October.


Kyle Clark, who works for Homes4U – the 1,000th letting agent to partner with HomeLet, said: “Signing up with HomeLet couldn’t be easier. We signed up online and processed our first reference that day. To be their 1,000th customer is a privilege; although I’m sure there will be hundreds more to join before the year is out!”


HomeLet puts this success down to a number of factors; increased demand for rental properties, the importance of using a reputable letting agent and referencing supplier, its innovative products and services, and the fact that many more landlords are asking their letting agents for HomeLet by name now.


John Boyle

                              
Managing Director of HomeLet, John Boyle, said: “I am delighted at our success at last week’s Landlord and Lettings Awards that recognises our innovative contribution to the lettings industry. It is not only testament to the hard work of our team who’ve developed the product, but also our customers who’ve used HomeLet to reference potential tenants.”



Heidi Abbott, HomeLet’s Operations & Marketing Director, who collected the award, said: "To win the Innovation award was a fantastic result in itself – however, to be finalist in three other categories reflects the commitment we continually dedicate to our customers to make sure they receive the best possible service.”


jml Property Services have been HomeLet agents since 2002 and market the products for the company on the jml insurance and property websites. Find out more details HERE



Source: HomeLet Insurance

Lettings agency is now 10 years Old

South Buckinghamshire Letting agents, The JNP Partnership have just passed the ten year milestone.

In the summer of 2001 the Directors of the JNP Partnership, a very well known firm of estate agents in South Buckinghamshire took the decision to open a lettings office to cater for the expanding rentals business in the area.


Philip Suter who had previously established a residential lettings department in 1984 for Frank Farr & Sons, a firm of long established estate agents in the Slough / Uxbridge area, joined JNP in early November to launch the lettings office.

Philip a landlord himself and via his own company jml Property Services has been a member of the NLA (National Landlords Association) since the early 1980s when it was known as the Small Landlords Association.

Over the past ten years the JNP lettings office has grown from a small “add on” department employing two members of staff to a highly profitable operation employing some 10 members of staff.

Philip still acts as a Consultant for JNP, but the day to day running of JNP Lettings is the responsibility of Lettings Manager Vicky Lyle.



Vicky Lyle Manager JNP Lettings



Vicky has a strong Lettings background having a couple of her immediate family members as seasoned Landlords and having been a tenant herself for a number of years. She has worked for several years within the Lettings Industry, mainly working within the High Wycombe area for another major High Wycombe letting agent before joining JNP two years ago, but having also gained valuable experience working in North London and Hertfordshire.

In 2010 a few months after joining JNP, her lettings department portfolio nearly doubled overnight with the addition of the Philip Green and Partners High Wycombe letting business. Along with this additional portfolio came Lettings Negotiator Adam Green, Property Manager Julian Britton and Administration Manager Angela Wilson. Other members of the team include Doreen Coburn, Trefton Joyce, Charlotte Moxon, Jo-Anna Warren and Wendy Buckley who has been managing the landlord and tenant accounts for over four years.

Vicky said ”The rental market is very positive at the moment and with plenty of investment potential with new developments being built (and sold by JNP New Homes) we are increasing our portfolio of let property from an excellent tenant base”.

“We have a very experienced team who are kept up to date with legislation by following ARLA training courses. There is a constant change of legalities that can affect residential lettings, however this minefield is not so bad for experienced staff like ours to tackle and advise our clients on.” 



Stephen Grace MD JNP



Managing Director of The JNP Partnership is Stephen Grace. Stephen has been an agent since 1993 and with JNP since 1998 and he also spent eighteen months running the JNP lettings office.

Stephen said ”I am very proud of the way in which the JNP letting business has grown. We are now the number one choice for clients in the area letting out their property.”

“The JNP Letting Business has become such a major and integral part of our company. I am delighted with the achievements made to-date and am confident in Vicky and her team continuing to lead the way as the chief local lettings agent and their on-going success.”

To celebrate the 10 year anniversary, JNP has been running some special promotions. For Landlords and Tenants and will be holding an anniversary evening for clients in mid December.

Apart from being a member of the NLA, Philip has been associated with ARLA (The Association of Residential Letting Agents) also going back to the early 1980’s when he brought Frank Farr into ARLA membership. He was involved with the ARLA Council in the late 1980’s responsible for a membership drive and recollects going to one of the SLA meetings that was chaired by Geoffrey Cutting and Lillian Cline and introducing the Chairperson of ARLA to the NLA.

Commenting on JNP Lettings 10th anniversary, Philip said “JNP are now the first choice for hundreds of landlords and tenants in the High Wycombe area. They have a very professional team and I wish them even more success in the future”.


More information about The JNP Partnership


The JNP Partnership is the trading name of JNP Estate Agents. It was established in 1994 fast becoming a very well known firm in South Buckinghamshire, Chilterns and the Thames Valley area with sales offices in High Wycombe, Hazlemere, Prestwood, Princes Risborough and Stokenchurch. It has a specialist New Homes Department, operates The Fine and Country estate agency is Hazlemere and Princes Risborough and is shortly launching an Auction department.

JNP’s residential letting office is a member of the Association of Residential Letting Agents (ARLA), the National Approved Letting Scheme (NALS) and MyDeposits (the Government-authorised tenancy deposit protection scheme). Website: http://www.jnp.co.uk/
Source JNP Estate Agents Ltd