How to get cheap landlord insurance.
As a landlord, you will probably be aware of some of the rising costs and it is important to get the best deal where possible. You have probably been faced with situations where tenants have not paid the rent, and have left the property in a mess. This can be a double whammy, because not only have you lost rent, but you have also got to incur redecorating and repairing bills. Also, with recent changes in council tax regulations, you will have to pay council tax while the property is empty. We have listed 5 tips for landlords, that can help them along the way.
- Use a letting agent to find and credit check perspective tenants for you. They see tenants day in, day out, and will probably advertise extensively on the internet. Let them filter perspective tenants so that you only receive good quality options.
- If you do not use a letting agent, and you have done the vetting procedure yourself, ensure that you do credit check and obtain all references on a work and personal basis for the individuals. There are various websites that you can use for credit checks, that are not overly expensive, in the region of £10-£15 per credit check. Be sure to see the individual’s pay slips and bank statements to enusre that all of the information given to you is valid and correct.
- Ensure that all tenants are signed up on 12 month tenancy agreements and take a deposit to offset against any bills or damage that may occur.
- Make sure that the property is well maintained and has the neccessary gas safety checks done. If you have multiple properties, then getting a gas engineer to check all of the properties on the same day can help reduce the costs as they will reduce the individual price.
- If you are going to do the vetting procedure yourself, make sure you see numerous tenants before choosing which one to go for. Generally having pets, dogs or cats etc, can lead to problems, particularly if the pet is left in the property all day. If the tenant does have a pet, then one option is to increase the deposit by 100% to offset against any damage.
Be sure to find a competitive quote, include accidental damage, and have a low excess so that your property is covered against any damage in the future.