Have you ever watched the news after a big natural disaster and seen the interviews? Invariably they interview someone who has lost their home and “everything” in it.

They are teary eyed and swear to the viewers on TV that they will not be defeated and they resolve to put their lives back together and rebuild their homes. Further, they always add, at least our family is safe and we are alive, thank god for that. It is amazing how these types of interviews are always the same no matter what the crisis.

We saw this after Hurricane Katrina, we saw this after the Wild Fires in California, and again after the Mississippi Jumped it’s banks in the Mid West. You might also recall that the television cameras also show up after ever intense Tornado to interview folks.

The look on people’s faces, their words and their tiers tells us so much about human nature as we find an empathetic side to ourselves, even if the folks live in areas known for the destructive tendencies of Mother Nature. But, have you ever considered how many of these people who almost lose their lives, lose their homes and everything they own in them are ever going to put their lives back together?

It is known that most people do not have adequate insurance for their homes and the same is true for their personal property. In other words whatever those folks lost, whatever personal property is gone, the insurance company may never pay to have replaced. I’ve said this before and I’ll say it again, you need to get an insurance audit for your family and really determine what is covered and what is not. Think on this.

By: Lance Winslow

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Buy-to-let property insurance, some times also known as residential property owners insurance, is needed if you own houses and/or flats to tenants – either on a short-term or long-term basis. Ordinarily you can buy cheap buy-to-let property insurance in the event that you rent five or less properties in the UK than is the case if you rent more than five properties, as in the case of the former you are seen as a small time landlord with a small business, whereas in the latter you are seen as a full blown property-owning company.

Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases you’ll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that you have the following minimum provisions in your insurance policy:

Fire

Insuring against any fire on the property

Natural Disaster (also known as tempest insurance)

Insuring against natural disasters that may occur, such as a storm where the winds tear off your roof or guttering

Theft

Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance

Public Liability Insurance

This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property

Lost Earnings

There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period

Employee Liability Insurance

If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task

Legal Expenses Insurance

As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time – when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy.

Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.

By: Joseph Kenny

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Property and casualty insurance takes care of many risks to the individual or the business’s property, such as theft, damage, loss of money, furniture, machinery, records, even trademarks, brand names, and supplies. There are certain particular insurance policies available which cover natural disasters like earthquakes, fires, and floods which damage your residence or business.

Your property can get insurance for multiple or specific dangers. You will be asked to identify very specifically what was lost in the incident. An example being, your house burns down, you may make your claim under “fire disaster property insurance”, so long as you explicitly asked to have your house insured from fires. Other disasters very commonly covered: lightning, flood, explosion, earthquake, and theft. One should consider the potential dangers of their property and location to decide upon a sound property and casualty insurance option. If careful planning is not used, you may find unnecessary expenses for insurance you don’t really require.

If you acquire what are called “open perils”, these cover all the causes of damage and loss, which are not excluded by your policy. Unless the contract denies it, you should be able to obtain assistance from the “open peril” insurance for almost all instances. If you decide to refuse coverage for floods, obviously you won’t receive reimbursements for damages caused to your home or business by flooding. You will find these items on the list of exclusions to open perils: earthquake, war, nuclear incidents. Your property might be susceptible to such events, and you will be able to purchase specified property and casualty insurance for these open peril circumstances. People on the west coast may want to be conscious of earthquake dangers; people in the south may consider tornado dangers, while people in Hawaii may have the potential danger from volcanic activity.

The property insurance premiums may be lowered if one has a positive claim history. Costs of property and casualty insurance may be reduced if one takes smart and proper precautions to avoidable damages. Examples being, smoke alarms, security cameras or personnel, flame retardant furniture, flame resistant building materials.

Many businesses and companies will often choose to insure their properties with what is called a BOP or business owner insurance policy. Property and casualty insurance, and liability insurance get combined into a single policy, to create these business owner policies. Some of the BOPs offer added expense interruption insurance. There is an option for “added expense insurance,” this giving you money that covers short term moves after incidences covered by the policy. This type of insurance will cover moving costs due to something like a flood. Interruption insurance covers losses of profits in case of interruptions, like requirements to retrofit.

BOPs typically provide less coverage compared with traditional property and casualty insurance, albeit convenient. So this is why many businesses and home owners decide to opt for additional coverage, as every location and situation may require a different level of care and caution. Be smart.

By: Abu Monsur

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When it comes to taking out second property insurance the first thing you have to remember is that it varies a great deal from the type of insurance that you will have taken out to cover your home. It will also depend on what you intend to do with the property you are buying. For example if you are going to turn the property into a holiday home let then you will need more extensive cover than had you bought the property for the intentions of it just being your own holiday home.

Second property insurance includes many different components, some of which you will already know about while others are more complex. The standards of any insurance policy should be included and the most obvious of these are of course the contents and buildings, however if you have such as a swimming pool then this will have to be taken into consideration and should be covered. If you need second property insurance for a holiday let then this is even more extensive, along with the usual components of the insurance you will also need to think about taking insurance that covers you for such as liability to tenants and any staff that you hire to run the holiday home.

One big problem for those who know very little about insurance is the fact that within policies there can be many exclusions, which means if you haven’t noticed them due to not reading the small print then when you come to make a claim it could mean you are turned down. Very often insurers will state in the small print that you have to meet certain requirements when the property is left empty, most holiday homes will be empty for periods during the winter months and this is when factors have to be taken into consideration, which include such things as the risk of flood due to burst pipes.

In order to get the best second property insurance deal then it is essential that you go with a specialist broker, you will be putting a lot of money into the venture and of course want the best possible chance of success. A broker can provide you with the essential information that is needed when it comes to your needs and can also save you a lot of time and money by shopping around for you to make sure you get the best possible deal for your second property insurance. Along with this you will be able to ask any questions regarding anything you are not sure about concerning your second property insurance.

By: Sean Horton

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Landlords and Property Owners have many options when it comes to the management of their property or properties. From sorting everything on their own to employing the services of a property management company. Here are therefore some tips for Landlords and Property Owners to make sure their assets are protected:

What can you do to protect your property?

Landlord Insurance is available so that in the event of a loss (by an insured event) you will be protected and covered. In order to reduce the chances of a loss you can however take certain steps to help. These include:

- Make your property more secure by installing deadlocks on doors and locks on the windows.

- Install an alarm system. Many insurers will offer a lower premium because you have lowered the risk of loss through theft. For certain postal areas a minimum level of security will be required.

- Remove potential fire hazards from around the outside of the house as well as inside

- particularly around the kitchen.

- Make sure you have working smoke detectors and a suitable fire extinguisher. Put the extinguisher somewhere handy and make sure members of your household know how to use it.

What should you insure your contents for?

As a landlord, it’s quite possible that the property that you are letting contains contents that you own. It is important to note these contents and ensure that you have provided adequate cover for them in your insurance policy. It might be worth doing a room by room inventory and working exactly what level of cover you require. Again though if you are in any doubt, just ask your Insurance Broker.

How can landlords minimize financial losses related to repairs and maintenance?

You can avoid many problems by maintaining the property in excellent condition. Here’s how:

- Use a written checklist to inspect the premises and fix any problems before new tenants move in.

- Encourage tenants to immediately report safety or security problems such as plumbing, heating, broken doors or steps

- whether in the tenant’s unit or in common areas such as hallways and garages.

- Keep a written log of all tenant complaints and repair requests with details as to how and when problems were fixed.

- Handle urgent repairs as soon as possible

- take care of any safety issues within 24 hours. Keep tenants informed as to when and how the repairs will be made.

- Twice a year, give tenants a checklist on which to report potential safety hazards or maintenance problems that might have been overlooked. Use the same checklist to personally inspect all rental units once a year.

Also, your commitment to repair and maintenance procedures should be clearly set out in the lease or rental agreement. Owning a property or a portfolio of properties can be very rewarding so follow these simple tips and make sure you and your properties are protected at all times.

By: Mark R Burdett

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property insurance

Buy to let property insurance is a unique insurance product designed specifically fr landlord renting out properties on short hold tenancy agreements. Choosing this kind of specific buy to let insurance is an absolute must for anyone considering becoming a buy to let landlord.

By having a regular domestic property insurance policy (not specific buy to let property insurance) can leave you not covered adequately should something go wrong. One example of the difference between a regular and buy to let policy is the amount of time you are allowed to have the property unoccupied. With many domestic policies you’ll be covered if you leave your property unoccupied for a short period such as 3 weeks, for example if you go away on holiday. However when renting your property, the time between one tenant moving out and another moving in can in certain circumstances turn into several weeks or months. This covers you for longer periods such as this.

Imagine you are letting a property out, the tenant moves out. While you letting agent is searching for a new tenant for you something happens such a subsidence over the period of a few days, causing the place to fall down. Imagine the horror when you discover that because you property insurance is not buy to let specific, you are not covered! Yes this might be a far fetched example, however it illustrates what may happen if you do not upgrade your policy to buy to let property insurance.

For the sake of a phone call and a slightly higher premium, this can save you thousands in the long run.

By: James McKerr

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Home sellers need to be aware of certain important details when they decide to carry back a note in a real estate transaction. When the complexities of traditional financing are removed from the sale of real estate transaction and seller financing becomes the solution, the process is so simple that it is easy to over look some of the details.

The only difference between traditional lending methods and seller financing is who the lender is. The financing process should be the same in both instances but with seller financing it is easy for seller to get overwhelmed and lose track. Sellers should follow the same process just as if a third part lender were involved.

Fires do happen and if you are the note holder of a property that just went up in flames, you want to have piece of mind that the payor has adequate property insurance to cover for the loss. If property insurance with adequate coverage has not been put in place then you just watched the collateral secured to your note go up in flames. What are you going to foreclose on if the payor decides to quit paying you and walk away?

The policy should designate the note holder as the Loss Payee. This designation will ensure that the he or she is informed on the status of the policy and receive a certificate of insurance with each renewal. Every year the note holder should insist that the policy be renewed with adequate coverage for property loss.

Often when seller financing is the solution to a real estate transaction, the insurance policy is the item that is overlooked because it is the responsibility of the payor. Note Owners should require home buyers as a part of the contract to purchase adequate property insurance. Selling a note that does note have adequate property insurance or no insurance at all would be very difficult to sell on the secondary market. Expect to take a deep discount if a seller is willing to purchase without insurance. This is why it is so important to have a note professional on board to verify each element and protect the structure of the note and the creator.

Story: The Texas Note Company recently assisted a customer with the sale of an owner financed note in Pflugerville Texas. A mobile home note with land. The note had a face value of $50K with a balance just over $42K. We were able to give her a full purchase offer for the note which she accepted. She provided us with all the necessary documents we needed for the sale of her note.

Deed of Trust
Note Document
Warranty Deed
Settlement Statement
Property Insurance
Social Security Numbers of the payor
Payment History with Bank Deposit slips
Pictures of the property

(Just a little note: If you are considering selling your note or want a note quote we will need these documents t)

Upon reviewing all the documents it was determined the the property insurance policy was only for $5,000.. This was an issue because if the home burned down or was destroyed the home owners policy would have not been able to replace/rebuild their home with just $5,000. The risk to an investor would have been to great and to find a buyer without the proper coverage would have been very difficult. If the home was destroyed and the payor walked away what would be left to foreclose on? This story ends well, Texas Note was able to work with the payor and their insurance agent to increase the amount of the policy to the required level of $45K at a cost increase of just a dollar a day to note payor. Additionally, we amended the Deed of Trust to include the clause that the proper amount of property insurance must be maintained each year. Then the deal was closed and the note seller received a lump sum of cash.

By: Robert E Young

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When the recent economic recession was at its nastiest point, a change in attitudes began to influence the housing market. As thousands started to find it difficult to make ends meet, mortgage defaults became commonplace. With an increasing number of former homeowners needing somewhere to live but unwilling or unable to borrow large sums of money, leasing their residence was the only reasonable option.

More and more people now consider mortgage ownership unthinkable, with the prospect of having a major loan suddenly seeming more of a problem and less of a solution. Scanning the property websites, as well as the local newspaper listings, reveals a high proportion of rented homes these days, reflecting the nervousness that has blighted the housing market in the last few years.

It goes without saying that when there’s an increase in rental properties, there’s also an increase in the amount of landlords. Buying a flat or house purely to rent out to someone else can be a very lucrative investment. It’s not difficult to enter the buy to let market, and if the home is occupied every month, the rewards can be high. There are a few administrative details to take care of, however.

Drawing up a contract is an important factor, for a start. Specialist letting agencies will be able to do this for you, ensuring your new tenants know all about their responsibilities and obligations. It covers various items, including upkeep of the garden, redecorating and repairs. Landlord property insurance is also vital, so it makes sense to find the most appropriate cover at the best possible price.

There are so many providers around, so you should take a little time to compare them. It’s a highly competitive market, with many of the most famous names in finance all competing for your business. A comparison website will be able to provide you with a range of excellent quotes, so choosing the best one isn’t as complicated as it once was. And it all takes just a matter of minutes.

As the property owner, you have a responsibility for your tenants as well as for the building itself. You need to be covered for every eventuality, so a little care is needed when checking out the Internet. Buildings and contents insurance is a must, and will protect you against things like fire and flood damage. However, you also need to be aware that you’re also responsible for the safety of the occupants.

If a tenant has an accident in the home, you could be dealing with an expensive lawsuit. Serious injuries can lead to fines adding up to hundreds of thousands of pounds, so it goes without saying that it’s vitally important that you choose the correct landlord property insurance.

By: Kat Brunton

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* Consider protective devices (smoke alarms, fire extinguishers, deadbolts on all exterior doors etc) – and save up to 15%.

* Consider building house from Fire Resistive material – it could bring you up to 15% discount depending on the materials.

* The newer the house – the cheaper insurance ( 25% reduction).

* The older you are – the less insurance price (you might qualify for as much as a 10 percent discount).

* Always take inventory – it will help you to claim property worth.

* Keep pace with inflation – follow the coverage amount when renewing your policy.

* Consider your deductible – the higher the deductible, the bigger the discount (it could produce savings of 15 percent to 30 percent or more).

* Insure your car and home in the same place – and get the discount.

* If you modernized your heating, plumbing or electrical systems – let the insurer know about it, you could get the discount.

* Stop smoking – some insurers offer to reduce premiums if no one in the home smokes.

* Insure your house, not the land – do not consider the value of the land when buying house insurance policy.

* Do not loose the chance to inform insurer about your past insurance history – no claims history could get you a discount.

* Consider safe installation – high cash rating attributed to the safe could result in cheaper rates.

* Do not exclude joining local neighborhood watch scheme – sometimes you could save money on the insurance cost.

* Do not save money on low quality locks – install quality locks and qualify for the discount.

* Hidden cashback – some insurers pay out cashback if you sign up to them via the specialist cashback shopping sites.

* Increase your voluntary excess – the higher the excess you are willing to pay, the lower your premium.

* The fewer the claims, the higher your no claims discount.

By: Adela Naizoff

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