Hull’s Rental Property Boom (And How To Capitalise On It)

Hull’s Rental Property Boom (And How To Capitalise On It)

Hull and the rest of East Humberside experienced a property boom in 2017 with demand for homes rising by 26% according to eMoov. Hull’s Year of Culture helped raise awareness of what a fantastic place Hull is and how much Humberside as a whole can offer property owners and property investors alike.

Property investors have been flocking to Hull of late with over £10m of acquisitions being made since 2016. A large part of this boom has come from 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.

Attractive as the prospect of becoming a landlord is – especially when other traditional investment vehicles such as savings are still providing low returns – there are some things you need to consider when becoming a landlord, one of which is landlord insurance. In this new blog from Coversure Hull, East Yorkshire’s leading property insurance providers, we’ll give you some helpful advice on what you need to do protect your rental property and yourself as you become a landlord. We hope you will find it useful, though if you would like some more, specific help then please feel free to get in touch with us by calling Hull (01482) 434343 or click here to send us a message.

Landlord Insurance

Whether you are looking to become a buy-to-let landlord, a landlord to Hull’s 16,000 strong student population or are looking to become a professional property magnate with an estate of properties, you are going to need landlord insurance cover.

Landlord insurance cover is a flexible policy that can protect you from the range of risks associated with being a landlord. The exact form of cover you will need depend on the nature of your property business but you will need to consider:

  • Buildings Insurance Cover – any property is a massive financial investment and so you need to make sure you get good buildings cover. Your buildings cover needs to insure your building against the full cost of repair or rebuild in the unfortunate event that it was damaged or even destroyed due fire, accident or a natural disaster such as a storm or subsidence.
    It’s essential, therefore, that when taking out a policy that you know how much it would cost to rebuild your property – not what the market value is – but the amount it would be to rebuild it from scratch as the two sums are likely to be very different and getting it wrong could cost you dear…
  • Contents Insurance – if you are letting your property as furnished – something that will typically allow you to realise a higher rental value – it’s essential that you protect its contents. Particularly useful for student landlords and for lets that have communal areas or fully-furnished properties, contents cover can protect your furniture, white goods and technology from damage caused by tenants, visitors or even natural disasters and can help cover the costs in case of theft. So, if you’re a landlord supplying a comfortable furnished flat or house for your tenants, then contents cover should be included in your landlord policy to keep your money in your pocket.
  • Property Owners’ Liability – liability cover is something that many new landlords are unaware of. It’s a policy that will protect you financially if someone is accidentally injured while on your property – by tripping on a loose piece of carpet, for example – or if they or their property is damaged by your property – by a falling slate for instance. This may be something you feel doesn’t affect you, but it’s something that is often in landlord insurance policies due to the level of financial harm that these claims can cause. If your property has communal areas, has trees in the garden or is given over to multiple occupants, then it’s well-worth including.
  • Loss of Rent Cover – first and foremost, being a landlord is about making money and the major source of that money is through the rental income – the other being the longer-term appreciation in the property’s value. If you should find yourself in the unenviable, yet all-too common – position of finding yourself in dispute with your tenants or if they are simply unable or unwilling to pay you, then loss of rent cover can cover your lost income. The cover can also help If, for any reason, your property is unable to be rented, say for example following fire damage, and will keep the money coming in while you make the necessary repairs.
  • Legal Protection – this specialist aspect of your policy can assist you with legal expenses that are bought about by eviction costs, recovering rent and other legal claims you may need to make as a landlord. As a new or inexperienced landlord, this cover can help you if your situation escalates to the point that you need to head to court and can give you a great deal of peace of mind at a stressful time.

Like To Know More Landlord Insurance?

If you would like to know more or would like some help getting the landlord insurance that’s right for you, then please contact us by calling us free on 0800 977 6037, on Hull (01482) 434343 email us by clicking here or get a no-obligation landlord insurance quote here.

Archive by Date


Your Local Office is:

HULL

Call us: 01482434343

Address:
Suite 10, Dunston House,
Livingstone Road
Hessle
HU13 0EG

Contact us

PLEASE NOTE: Coversure will save details on this computer regarding your postcode and the location of your nearest Coversure office. This will help us display relevant information to you on future visits. For more information please review our cookie and privacy policies.