An A to Z list of what you should know about Landlord’s Responsibilities and Insurance for residential let properties, let under Assured Shorthold Tenancies.
Minimum Security
If because of the area in which the property is situated or say because of a previous theft claim an insurer when being asked to insure contents, requests that the property be fitted with minimum security, the following level of security would be required, before theft cover could be granted.
Either of the following to the main entrance door:
a lock approved to BS3621 or
a mortice deadlock of at least 5 levers or
a rim automatic deadlatch with a key-locking handle on the inside or
a key-operated multi-point locking system with at least three fixing points and a lock cylinder with at least five pins to the main entrance door
Other external doors: key-operated security devices top and bottom in addition to existing locks or a lock to the standard as specified for the main entrance door; except sliding patio doors for sliding patio doors, a key-operated patio door lock mounted internally on the centre rail(s) or protection to the standard as specified for other external doors above
To all opening windows and skylights on the ground floor and those which are accessible on other floors: key-operated security devices All fitted security devices would have to be put into operation and all keys removed from locks and placed out of sight whenever the private dwelling was left unattended.
All external accessible windows skylights as described above and all external doors would have to be secured as above when the household had retired for the night, except windows in occupied bedrooms which could be left open for ventilation. You would have to get your insurers written agreement if you wanted them to accept alternative security devices.
Mortgages
If your property is mortgaged, if you have not already done so, you should obtain your mortgagee’s written consent to any letting. If you have a specific Buy-to-Let mortgage they will already be fully aware of your intentions, but you should still let them know if the status of your tenants changed as opposed to what was originally agreed to. Any mortgagee will also require their financial interest to be noted under any buildings insurance and will insist that your sum insured be as stipulated on any building surveyor’s report and be indexed linked.
Motorised Vehicles
Motorised vehicles are specifically excluded but the definition does not exclude vehicles used only as domestic gardening equipment within the boundaries of the land belonging to Your Home.
No Claims Discount
This is a discount offered by some, not all, insurers that recognises the fact that a policy has been claim free. The discount given can vary from insurer to insurer. It is normal for a claim free period to be recognised (subject to written confirmation) and a discount given, even if the last insurer themselves gave no discount. All the insurers used by Household Insurance Services give and allow no claim bonus under their Landlord’s policies. It should be noted that in the event of a claim subsequently being made the discount will be reduced in accordance to the scale applicable at the time.
Occupancy-Multi
We at www.Landlords-insurance.com do not differentiate between properties that are let to a sole Tenant (just have the one Tenancy agreement in force) or those that contain multiple Bedsits or Flats (have multiple Tenancies). Our rating is the same for either circumstance, although we are aware that many insurers do differentiate between the two and prefer not to insure properties with multiple tenancies.
Perils
A standard policy covers a wide range of incidents which are known as Perils. The standard Perils are as follows: Fire, Explosion, Lightning, Earthquake, Smoke (non gradual), Storm, Flood, Riot, Civil Unrest, Strikes, and Labour Disturbances, Malicious Acts (not by tenants, unless specifically requested). Being hit by: Aircraft or other Flying Objects, or anything falling from them; Vehicles or Animals. Water escaping from water tanks, pipes, equipment or fixed heating systems. Water freezing in tanks, equipment or pipes. Oil leaking from a fixed heating system. Theft or Attempted Theft (not by tenants, unless specifically requested). Falling radio and television aerials and dishes, and their fittings and masts. Subsidence or heave of the land that the Buildings stand on, or landslip (does not cover coastal erosion). Falling trees or branches. It should be noted that not all Perils apply when a property is Unoccupied or Unfurnished for more than 60 days (with some insurers the period is longer and/or can be extended if required) in a row.
Preparing the Property
It is important that your Tenants should feel comfortable in their temporary home, and feel that they are receiving value for their money. It follows, therefore, that a well maintained property in good decorative order will go a long towards this, whilst at the same time achieving a maximum rental figure. Tenants are also more inclined to treat such a property with greater respect.
Property (see Home)
