More news for landlords to consider when looking for cheap landlord insurance. The government has stated that it wants to reward tenants that look after their own properties. It wants to give them control over the repairs budget. It says that councils spend £1000 per property a year through various repairs, and a lot of this could be carried out by the tenants who live there. The National Housing Federation stated that the idea was worth examining and instigated two pilot schemes with landlords. Apparently, the repairs and maintenance for social landlords is about £4bn per year. A lot of the small jobs the tenants may be able to do themselves. They have referred to routine maintenance, like leaky taps, new locks, and have suggested that the big items should still be the landlord’s concern. A tenant cash back scheme would enable the tenant to ask the landlord if they could do the work themselves or pay somebody locally to do it, and then they would keep the savings. The government stated that the tenant would not be obliged to do anything more than they wanted, and there would be no new cap on the budget for maintenance.
Another significant cost to the government is when properties are left empty, and by the nature have become more decrepid over time. Empty property landlord issues also occur in the private sector, and if a property is empty it is very important that the landlord has the right cover from their cheap landlord insurance as many landlord insurance policies will only cover a property that is vacant for 30 days or less. It is important that when searching for cheap landlord insurance policies, landlords are ensuring that this cover will include accidental damage, and also cover for the property being unoccupied for more than 30 days. Different insurers have different unoccupied periods, some will allow up to 30, others say 60, and a few others will allow it to go up to 90 days. Beyond this, you would need to find a specific unoccupied cheap landlord insurance.