Monday, 20 December 2010

December news from HomeLet Landlord and Tenant Insurance

As HomeLet agents we have just been sent the December 2010 "December's Landlord Lowdown"

The information is so good that we have to share it with Landlords and Tenants in the UK.

The Buy-to-Let Market finally on the up. Good news for landlords! In the last quarter, BTL borrowing has increased by 33% compared to the same period last year. A total of £2.8bn was advanced to investment landlords in the three months to the end of September, the highest amount since the final quarter of 2008, according to the Council of Mortgage Lenders (CML). The CML said the rise in lending during the third quarter, which was 12% up on the previous three months, was driven by ongoing strong demand for rental property as many first-time buyers struggled to get the mortgages they needed to buy their own home.

It is now the 20th December and Christmas is fast approaching, which usually means a rush for many tenants to get into their property and to make it homely before the big day. Although Christmas is a very happy time of the year, as a responsible landlord there are some additional concerns to consider…

Will your tenants have a safe Christmas? Unfortunately more people become injured and die from house fires over Christmas and New Year than at any other time of the year. Faulty Christmas lights, unattended candles, electric blankets and cooking pans are the main culprits. As a responsible Landlord you must ensure that you have installed working fire alarms on every level which must be checked regularly.

Along with this, Landlords should make sure they have comprehensive buildings insurance that covers for the event of fire. A policy should also include owner’s liability. 2000 people a year are admitted to hospital due to accidents that occur whilst putting up Christmas decorations. If they incur these accidents whilst using your step ladder they could choose to sue!

This month’s Cover Lowdown: Accidental Damage: any landlord will know that to ensure your margins are protected, you must prepare for every eventuality. It’s a fact of life that accidents happen. A glass of wine knocked onto a cream carpet, a bath that’s over flowed and caused a leak, or a Christmas candle that’s caused a burn mark on the wall. None of this damage is intentional, but that doesn’t make it any less costly to put right. HomeLet offers a very comprehensive Accidental Damage cover that protects your building up to the insured value of the property click here for more

Are your gas fires 100% safe? Every year 50 people die and hundreds are injured from carbon monoxide poisoning. This time of year people are putting their gas fires on for the first time since last winter. It’s almost impossible to spot whether any carbon monoxide is emerging from a gas fire. It is often referred to as the ‘silent killer’; it is tasteless, odourless and colourless and can kill in two hours. As a landlord you must by law have your gas appliances checked every year by a registered gas installer. In addition, there is also an option to install a CM detector for full piece of mind.

Freezing temperatures this time of year can cause havoc bursting pipes and tanks. If your tank bursts in your attic, water can cascade through the house bringing down ceilings and causing thousands of pounds’ worth of damage. Are you properly covered if the worst was to happen due to the harsh British winter? And if your boiler were to break, and leave your tenants without heating or hot water, do you have the plans in place to rectify the situation quickly and cost effectively? Please click here to see how we can assist you in reducing these risks and protecting your investment.

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