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After reading a Love Money article this week about the dangers of not having Landlord Insurance in place we started discussing how many Landlords and "Accidental Landlords" out there either do not have the correct type of insurance in place or no insurance at all!
Having a Landlord's Building Insurance Policy in place is not a legal requirement but many mortgage providers will expect you to have the correct cover in place - and for good reason! As a Landlord you are taking a risk when you take on a tenant but there are many ways to cut this risk down:
- Ensure that you reference your tenant - ensuring your tenants are who they say they are and that they can afford to pay the monthly rental payment is a good place to start!
- You should have a comprehensive Landlords Buildings policy in place as a matter of course - you never know what's around the corner!
- You should strongly consider taking out a Rent Guarantee policy - your tenant may look perfect on paper but a year down the line they may lose their job; protect your investment from uncertainty!
Don't be caught off guard. Call Leaseguard today on 0845 345 0315 or email firstname.lastname@example.org
Posted By Admin on Friday, January 27, 2012 | Type: Blog
Lately we have had one or two tenants who have called recently to claim for things which were damaged outwith their homes. As these tenants had advised that they did not want Personal Effects cover included in their Tenants Contents policy we have had to advise that we cannot assist them.
But what is Personal Effects cover?
This is an optional extra which you can choose to add to your standard Tenant Contents policy. It will cover your personal belongings should you take them outwith your home.
Why should I consider adding Personal Effects cover to my policy?
If your personal belongings are damaged, lost or stolen whilst you are out and about you can claim for them with your Tenants Contents policy. However, if you choose not to include Personal Effects cover with your Tenants Contents Insurance then we would be unable to assist you.
What kind of items are covered under Personal Effects?
Items which you are likely to take out of your home are covered. Below you will find a helpful list of suggested items.
- MP3 Player
- Portable Electronic Devices
- Mountain Bike
- Sports Equipment
- Bank & Credit Cards
- Tablet PC
- Musical Instrument
How can I obtain a Tenant Contents policy with
Personal Effects cover?
You can get a quote by clicking here or by contacting our friendly Insurance Team on 0845 345 0315 or email them at email@example.com
Posted By Admin on Wednesday, January 18, 2012 | Type: Blog
As a matter of course we always advise our agents that they should register with the Information Commissioner's Office (ICO) for Data Protection Purposes if they store their customer's details.
Last month we came across a story about an Estate Agent who failed to register with the ICO. In December 2011 an estate agent in Gwynedd, Wales was prosecuted by the ICO for failing to notify them that his business was processing personal data. The estate agent was ordered to pay £614 towards prosecution costs and was given a conditional discharge of 6 months.
The estate agent was prosecuted under section 17 of the Data Protection Act 1998. This act requires every organisation or person who is processing personal information in an automated form to notify, unless they are exempt. Failure to notify the ICO of this is a criminal offence and could lead to a fine of up to £5,000 in a Magistrates Court or unlimited fines in a Crown Court.
Had the estate agent notified the ICO at an earlier date he would only be £35 out of pocket (the fee for most businesses) and could have avoided a criminal record.
The ICO advises that anyone who processes personal information must comply with eight principles of the Data Protection Act, which makes sure personal information is:
- Fairly & lawfully processed
- Processed for limited purposes
- Adequate, relevant and not excessive
- Accurate and up to date
- Not kept for longer than is necessary
- Processed in line with your rights
- Not transferred to other countries without adequate protection
Any organisation who holds their client's personal information on record should really consider registering with the ICO as a matter of course. More information can be found at: http://www.ico.gov.uk
Posted By Admin on Friday, January 13, 2012 | Type: Blog