This week we’re talking about insurance…no wait, come back!
It’s not the funnest of topics, but it’s a very important one: having no insurance is dangerous, but so too is thinking you’re insured but not actually being covered as fully as you think.
Int this episode we ran through some of the many risks that you can insure yourself against as a landlord:
- Buildings insurance
- Public liability insurance
- Malicious and/or accidental damage by tenants
- Landlord’s contents insurance
- Non-payment of rent
- Legal fees
If you take nothing else away from this discussion, the key points were:
- Cheapest isn’t best. A cut-price policy could have all manner of exclusions and restrictions, and it’s up to you to read the small print and make sure you’re satisfied with the level of risk you’re taking on.
- Disclose everything to your insurer. If you don’t tell them the full truth about something, they could reject any claim – even if it’s totally unrelated to the issue you’re claiming for.
- Check how your insurance is affected if the property is empty for any length of time, as all insurers treat it differently.
- Consider using an insurance broker to help you find an appropriate policy if you have an unusual situation.
Oh, and the episode title wasn’t (just) a gimmick – we do run through some ways to get free beer at the end!
Resource of the week
Christmas is coming, and what do you buy for the person who has everything? Well, something from Outgrow.me – a site that collates unique products which were originated on crowdfunding platforms like Kickstarter and have now gone into general production.
These products have only just gone on sale and mostly aren’t available in any shops, so it’s a great place to look for a quirky and unique gift – especially for gadget-lovers.
Rob B quite fancies the ostrich pillow, if he’s on your list…
News this week
We’ve spoken about the advantages of renting your own home several times in the past, and this story from Monevator gives a very thorough run-through of the main factors affecting whether you come out better by buying or renting.
The interesting thing is that most of us have grown up with the “renting is dead money” argument, but in fact it’s nowhere near as cut and dried as that. Well worth a read.
Join the conversation
What’s your view when it comes to insurance: get the bare minimum, or really dig in to the T&Cs to make sure you’re covered for all eventualities?
As we said in the episode, we’re far from experts on this topic – so please share what you know by joining the discussion in The Property Hub!
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