Similarly, when buying and renting out a house in the UK, some people can sit back and collect the rent comfortably, while others have to repay the rent.
Although there is no law in the UK that requires landlords to buy house insurance, I have seen some Chinese in the UK I didn't take insurance seriously. Later, when the house was damaged, I had to pay for repairs .... That month's rent was completely wasted, which was really distressing.
Today, Lan Shajun will take stock of ——British landlords for you Five insurances you must buy.
Note: You need to buy house insurance from an insurance company, and you can buy it separately according to your personal circumstances. An insurance policy.
1：Building Insurance#{ 55}
As the name suggests, construction insurance covers the construction of your house itself (the part made of bricks, cement, reinforced concrete and wall paint) and attached objects (fixture and fittings), it sounds a bit strange, but you must buy a single-family house and a house near the sea.
§ Fixture: Lamps attached to buildings , heating equipment, wardrobes, cupboards (kitchen suites), bathroom elements (toilet, sewer pipes, bathtubs), electrical sockets, wall paint
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§ Fittings: A painting (mirror) hanging on the wall (removable) ), carpets, curtains, free-standing ovens, refrigerators, washing machines, beds, sofas, free-standing furniture lampshades, TV antennas and satellite dishes
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Does not cover leaking gutters, insect damage, doors or fences damaged by storms
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There are only advantages to buying construction insurance:
The UK is now big Some projects will come with 10 years of construction insurance (NHBC), such as if there is a typhoon or rain If a tree falls on your window, you can save a lot of money on repairs. The annual premium of 249 pounds is 950w#{68 }’s protection fee
As a mortgage loan for a house, construction insurance is required, otherwise the bank will not provide it~.
Website needed:
Not bad for money, choose Direct Line and Aviva#{ 27} and other large insurance companies
Save money MoneySuperMarket, a large UK price comparison website, even broadband ... Pay attention to what each insurance company provides. The packages are different, and the value and price will also be different.
British Insurance Association website. Royal Institution of Chartered Surveyors, find the construction cost calculator and use this calculator to roughly estimate the amount of insurance for your house, to help you avoid blind selection of premiums.
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2：Landlord Liability Insurance
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This insurance is basically for you as a landlord, after renting out the house, if there is a problem with your house and the tenant is injured or suffers property damage, you will be held responsible. Help you pay a certain fee. This insurance is a standard clause in most landlord insurance policies. {18}3: Financial insurance
and domestic Financial insurance is similar, it protects the interior of the house and other things besides building insurance, such as household appliances, kitchen supplies, clothing, jewelry, etc.
If these financial matters are due. If it is lost or damaged due to flood, fire, storm, theft or other accidents, financial insurance will take effect to compensate. Insurance has price limits. For example, some items guaranteed are priced at 1500 pounds
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4: Rental deed insurance compensation and reinforcement insurance
Suppose you buy a very old villa in the suburbs. The house may have aged due to the long construction period, and the land deed given to you by the previous landlord did not clearly state it. Whether the house has construction insurance or not, you need to add insurance compensation and reinforcement insurance to the house deed at this time.
Actual case: A buyer dug a basement and accidentally dug up the house. Without construction insurance, he would have to pay to rebuild the house out of his own pocket. With this insurance, he would be fully reimbursed and pay for the excess of the insured amount, saving whatever he could.
The insurance amountSum Insured is the cost you need to rebuild your house. The cost is generally lower than the market Price, the amount you need to pay out of pocket is called Excess.
5: Life Insurance
Most UK property buyers are people who buy houses with mortgages. Please look at life insurance and mortgage payment protection insurance.
This insurance mainly prevents the buyer from having any accidents and being unable to repay the money on time every month. , Life insurance is also a kind of protection for the borrower's family. It may seem unlucky, but it is also a very important insurance.
Mortgage payment protection insurance:
#{7 }If the buyer borrows money to buy the house, is involuntarily laid off or becomes ill, and has no income and cannot repay the loan, then the mortgage payment protection will take effect
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MPPI can help the buyer pay the buyer’s monthly repayment in full, which usually does not exceed the buyer’s annual salary. 65% of the total amount can be used for a principal and interest mortgage or an interest-only mortgage
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This insurance is essentially a form of income protection
本Lansha Jun’s landlord tips will be shared here first. Landlords who have any questions about renting or buying and selling a house in London can directly contact Lansha Real Estate Consultants
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