As we reported in our recent blog, Hull is experiencing something of a property boom. Demand for homes has risen by 26% in the last year, according to eMoov, driven by a surge in private investors and first-time landlords who have been attracted by the 6% increase in average rental returns in 2017 and average rents of £479 per calendar month – 5.4% higher than the UK’s average.
P. Exciting as this trend of property prosperity is, there are risks attached to property ownership – some of which even seasoned investors and owners are unaware of. In this latest blog from Coversure Hull – East Yorkshire’s leading property insurance providers – we’ll look at these risks and give you some insider’s tips on how to protect your investment against them.
Flooding has been much in the news in the last few years. The terrible flooding that hit Hull in 2007 and the more recent Yorkshire floods of Christmas 2015 have become part of a worrying trend that local home owners and landlords need to be aware of. With 90% of Hull laying below the high tide line, the chances of another severe flood are, alas, high.
As the risk has risen so have the insurance premiums in flood-risk areas. The issue has become so serious that some insurers are simply refusing cover, leaving landlords and home owners with a real problem on their hands. Reducing the chances of water getting in will make getting cover both easier and cheaper and this can be done by;
- Investing in flood guards – residential flood barriers that can be fitted in front of doors or gates, barriers for air bricks and even specialist doors that can keep the water at bay
- Sand bags – old school, but still hugely effective. If you think there’s a risk of trouble then get these deployed around your property ASAP
- Fit non-return valves to pipes – these simple devices will prevent water backing up in drain pipes and other outlets
At Coversure Hull we remain happy to quote on flood-risk properties, so even if you have been refused cover in the past, please feel free to call us on (01482) 434343.
A lot of property owners don’t realise that if their building is left vacant for an extended period of time – typically around 30 days or more – then their standard insurance cover will be invalidated. This is obviously a problem, especially as the chances of something happening to the property – burglary or vandalism – rise when its empty and also because damage due to flood or fire is likely to be greater as no one is there to deal with it.
Properties become vacant for a number of reasons; probate following a bereavement, homes undergoing refurbishment or redevelopment, while the owners are working away or on extended holidays, and rental ones being left without a tenant. This latter problem is particularly acute in university cities where students’ holidays lead them away for weeks on end on a regular basis. Hull, with its 16,000+ university students alone, is hugely susceptible to the problem.
Happily, there is an affordable solution to this headache; unoccupied property insurance. Unoccupied property cover allows you to protect your property when it’s empty. It’s a flexible cover that can allow you to;
- Choose how long you need cover for – days, weeks, months, longer than that even
- Have cover for buildings, contents or both
- Only pay for the time you need – soon as the property is occupied again you can cancel the policy without incurring any fee
- Cover that includes a range of risks – storm, tempest and flood, escape of water and oil, theft or attempted theft, malicious intent, accidental breakage of fixed glass and double glazing, subsidence and property owners’ liability insurance
If you have a property that is, or that is set to become empty, and would like to know more about our unoccupied property insurance, then please get in touch. You can call us on (01482) 434343 or start your unoccupied property quote here.
From an insurance perspective, being a landlord is a complex area as it exposes you to a range of risks you may not have considered as a private home owner, risks such as;
- Landlord’s contents (including communal areas)
- Loss of rent – should your tenants be unable/unwilling to pay you
- Landlord’s liability – should your tenants or a member of the public be injured or have their property damaged while on your premises
- Landlord legal protection – should you become involved in legal action over the property or with your tenants
You will also need to consider the type of tenant you have when getting landlord cover as some brokers will not be able to cover all types – some may shy away from asylum seekers or students for example. At Coversure we are able to cover for a range of tenants including;
- Asylum seekers
- Housing association
- Letting agent
- Local authority
Finally, you need to consider the type of property that you are renting out. Contrary to popular belief, landlord insurance can protect not just flats and houses but;
- Office blocks
- Industrial units
- Listed buildings
- Weekend or holiday homes
- Unoccupied properties
How To Save On Landlord Insurance
The easiest way to save on your landlord insurance costs is to get a quote from us. We guarantee* that we will beat any genuine quote, so with Coversure Hull you can get the best of both worlds; great cover for an unbeatable premium.
Yorkshire is packed with holiday homes and given the beauty of our stunning county it’s easy to see why. Holiday homes also need a special type of insurance protection as they too are left empty for long periods of time and if they are being used by paying guests then there are liability issues to consider. With our affordable cover you’ll have protection against common issues such as;
- Accidental damage to fixed glass and sanitary ware and underground services
- Trace and access cover – in case of a leak
- Loss of rent / alternative accommodation cover – should the property become uninhabitable
- £5,000,000 property owner’s liability
- Buildings and contents
- Water leakage from fixed water tanks, equipment or pipes
- Theft or attempted theft
- Impact by vehicle or animal
- Riots, strikes, civil commotion and malicious damage
- Subsidence, landslip or heave
- Falling or collapse of radio and television aerials (buildings only)
- Falling trees
Like To Know More?
If you’d like to know more about protecting your property – be it empty, at a flood risk, rented or a holiday home – or would like some independent property insurance advice, then please get in touch. You can call us on Hull (01482) 434343 or send us a message here and one of the team will get back to you as soon as possible.