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Opt for the Best Residential Property Insurance to Protect your Rental Abode!

Article by Harmony
























You might be a proud owner of several houses or flats that you want to rent out. Therefore, you need to protect all of them by choosing the right insurance provider. This implies shielding these properties from wreckages, sabotages, fire, or any other physical damage that might threaten them. To get the best, you have to choose the best residential property insurance. Why do you work so hard? You do it to live comfortably. And to live well you need to generate additional income from your residential properties that you rent out. You never know when a fire will create a havoc or a hurricane will sweep cities! Therefore, it is high time that you get your property insured with an all comprehensive residential property insurance.

The Initial Step towards Insuring PropertyThe first and foremost step towards insuring your residential property is to find an insurance executive having prior knowledge in this kind of policy. You have to find an agent who works independently, and helps you with the best packages and rates. The person who has been managing your personal insurance is not the person to help you out. He might not possess the expertise that you require. You are free to ask him whether he has the skills you are looking for. If yes, well and good, otherwise look for an experienced one having knowledge on residential rental homes.

Will You Get Enough Coverage? In case you are the owner of a few flats or simply occupying a flat of a multi-storeyed building, your policy might provide enough coverage. This can be done with an endorsement known as “additional residence rented to others”. It will work fine for a maximum of 4 different housing properties.

What Happens If You Own More than Four?In case you have more than 4 such properties, you are left with two options. You can either opt for an insurance firm that will create separate policies for each, or simply buy a commercial policy covering all your premises that you have rented out.

A Policy that Suits your NeedsThe residential property insurance you are opting for should actually pay for all the expenses of reconstruction or repairing. It should also cover additional expenditures related to upgradation of materials. If a disaster like fire makes the property uninhabitable, and results in the loss of rental earnings, then the policy should cover that as well. You should also get covered for any damages caused to fixtures or appliances.

What about Your Tenant’s Belongings? In case any belongings of your tenant are damaged, then the policy will not cover those. Tenants need to opt for a separate policy for getting coverage. I would suggest that you enlighten your tenants on the risks of not obtaining a cost effective renter’s policy.

Separate Policy for Natural Calamities If you reside in an area that is prone to floods or earthquakes, then have a word with your insurance executive. Tremors and floods come under separate policies.

Does the Policy Cover Physical Injury? When you rent out property to tenants, you should take some onus. Ensure that the policy covers physical damages as well as insult, defamation, illegal expulsions and discrimination suffered by tenants.

Opt for Discounted Premiums Insuring your residential property might also lessen your premiums, provided your insured house or flat meets specific parameters. You can lessen the amount of premium if your property is equipped with the following: – Fire and smoke alarms.- An alarm system that directly alerts the fire department or a central reporting unit. – Deadbolt Locks.- Modern fire extinguishers. Even if your property has been recently built, i.e. not more than eight years old, you can expect a discount for the new dwelling.

Good Customer Service It is finance that matters when opting for a residential insurance policy. Therefore, look for a company having good track record in terms of customer service and payment of claims.

On a final note, you should not renew a policy as soon as it expires. Analyze the coverage once more to check whether it still has all that you need. If no, move ahead and look for an insurance provider offering flexible plans at cost effective rates.

About the Author

Harmony general is a general insurance company based in Barbados. We provide customized insurance deal to our clients. Harmony General benefits you in a number of ways, among which, our articles over several directories provide you with insurance information you need.












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Importers Can Cut Insurance Premiums with Marine Insurance

Importers Can Cut Insurance Premiums with Marine Insurance











Graham Webster of aba Group

(Vocus) November 20, 2010

Businesses in the North West that import goods should be able to save money on their current insurance premiums by switching to a more effective but relatively unknown policy.

Graham Webster, Managing Director of Lancashire business insurance brokers, aba Group, based in Bolton, says that many businesses should consider a ‘stock throughput insurance policy’ if any aspect of their business involves importing reasonable quantities of goods and equipment from overseas.

Said Graham: “Traditionally, businesses importing from overseas use a combination of policies, one covering the transit and the other the storage aspect of the business. Some businesses also rely on the insurance policies of sea freight companies, road hauliers or other intermediaries to cover the risks, which is very dangerous as their cover will be based on their trading conditions which severely limit their liability.

“However, a type of marine insurance known as stock throughput can provide wider cover often at a much lower cost than a combination of property and marine policies.

He added: “A stock throughput policy is a cradle-to-the-grave policy that covers importers from the dispatch of the goods from overseas, whilst in transit to our ports, transportation to UK warehouses, storage, and then distribution on to UK customers or customers overseas.”

Graham says a stock throughput policy is suitable for businesses from virtually any sector but typically it can benefit manufacturers, distributors (both wholesale and retail), retail stores, importers/exporters, logistic service providers, warehouse/storage companies, and companies involved in sea, air and road transportation. A stock throughput policy covers the transporting, storing, handling, and packaging of raw materials, work in process and finished goods.

Graham added: “Marine insurance is a specialist area and even Manchester business insurance brokers are, therefore, less likely to recommend it to their clients. We have had clients over many years that have benefited from this type of insurance policy so are perhaps more familiar with it than other insurance providers.”

Graham went on: “It is very important that the insurance broker knows the market and the product well; it also helps if the insurance broker knows the industry. Every aspect of a stock throughput policy is negotiated from scratch with the terms, warranties, standards of care, and other conditions in this policy being tailored and worded to meet the client’s needs.”

aba Group was started in 1993 and employs 10 people. It comprises two companies: aba Risk Management Limited and aba Insurance Services Limited.

aba Risk Management Limited aims to identify and control areas of risk in a business and to minimise those risks wherever possible by providing a range of risk protection insurance. These may include Risk Management, Health and Safety, Risk Assessments, Fire Risk Assessments, Asbestos Reports, COSHH, PAT Testing, Energy Certificates, and HR Assistance and Services.

aba Insurance Services Limited arranges insurance protection against the risks identified. The company offers advice and guidance to produce a tailor-made insurance programme to protect a client’s business and its assets.

aba Group has access to around 50 insurers and is part of a network of insurance brokers that gives it extra buying power in order to provide more competitive premiums for clients.

The company provides the following types of insurance including business insurance, building content insurance, Property Owners’ Insurance – Commercial Building Insurance, Residential and Buy-to-Let Insurance, Contractors’ Insurance – specially-designed insurance schemes for businesses in the contracting industry, professional indemnity insurance – businesses and consultants needing liability, Prestige Home Insurance – competitive personal household insurances to protect valuable personal assets, pub insurance and night club insurance – for tenants, managers, landlords, and Company Car Insurance – motor insurance for business vehicles.

It is a member of Manchester Pub & Club Network and The Village Business Association.

For further information about aba Group, please visit aba Group or call 01204 364 842.

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Understanding The Nuances of Landlord Home Insurance!

Article by Kirthy Shetty
























Any landlord who owns a small property to a large property owner will require a landlord home insurance to protect his assets. Yes you have a good amount of equity attached to your property and expect a certain amount of income from your property, you would want a good appreciation for your property.

As a landlord, you should realize the importance of your property insurance, more specifically when the property is not used by you and is let out on rent to your tenant. Any landlord can benefit from building insurance to protect a property from accident and calamity, but there are also more specific needs that you may have for your property.

What should a landlord home insurance comprise of?It should cover any legal liabilities

A property damage cover will definitely be incorporated, to protect you from natural disaster, theft, fire or accidental damage and any other damage source.

Business cover – after a claim is made, so that you don’t suffer any financial loss from interruption to your business from any incident.

If there’s any loss of rent cover, or other commercial tenancy dispute, your land lord house insurance will cover you.

Landlord insurance protects your income any benefits from tenant’s rent. You as a landlord are more concerned about insuring your own contents rather than tenant’s contents. It is the responsibility of the tenants to insure his content through a separate tenant insurance cover. It can be done through normal method of home insurance policy. With this home insurance, a landlord can insure all contents that he owns in the property.

Requirements of insurance for properties are subjected to all the different types of landlords. the safety of the property where your tenants are living depends upon the landlord and he will definitely be responsible for this. The landlord liability will pay for the damages that are given to tenant and also the legal costs involved in the claim. Renting and property to tenant is a kind of a business. So it is necessary to buy business insurance policy in which landlord liability forms the subset.

Accidents or mishaps are inevitable and one can’t stop it fro happening, well you can safe guard your tenants from any such happenings through your insurance cover. It can be possible, that your property gets damaged by fire and fortunately no one is injured but you have to move out of the damaged house. It involves a lot of time to repair the damage and certain cost is also involved. You can repair your property and also cover the rent amount which you are missing due to the accident.

About the Author

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Getting Good Building Insurance

Article by Albie Steyn
























If you have just bought a property with buildings already on it or are intending on building fixed structures, you probably need to have building insurance. Building insurance is cover against damages caused by natural disasters or people. It covers only the structure of the building itself, not the contents of the building. For that, you need contents insurance. Let us stick to building insurance for now.

There are a number of different options when it comes to building insurance, each different type will cover you for different damages.

The first type of building insurance is loss and damage insurance. This type of insurance covers you against acts of God. That means you are covered against damage caused by natural disasters as well as damage caused by usual weather patterns, like lightning strikes or rain damage. It will generally cover your actual home as well as any other buildings on your property.

You can include standard accidental damage cover in your building insurance policy. This will cover you for damages caused to external fittings and add-ons to your home like solar panels and the glass in your windows. It can also be extended to include the piping and cabling that runs to your house.

For those of us who are lucky enough to own more than one home and rent out the additional properties, can invest in building insurance to protect the building but not the tenants belongings. What happens to the tenants possessions is not the responsibility of the landlord. However, tenants have a tendency to cause considerable damage to property and building insurance can cover the cost of repairs. One can also include legal and maintenance cover under this kind of insurance. In order for the tenant to be covered against theft and other eventualities, they have to take out their own insurance.

Then there is builders risk insurance, this kind of insurance covers the building against damages whilst it is still under construction. That way, should a particularly vicious storm cause damage to your building before it has been completed, you do not have to pay for the repairs out of your own pocket.

There are many other types of building insurance available, which you decide to opt for is dependant entirely on what you intend to do with the building you are insuring. Older houses which have historical value will never be insured for their true value as this is inestimable. Insurance for this kind of home will only cover the actual cash value of the house, not the replacement value. Building insurance for a commercial building varies according to what use the building is put. A shopping centre will need very different building cover than a warehouse, for example, will require.

The general idea is to ensure that you are able to rebuild you building in case of it being damaged by any cause whatsoever, within reason of course, without costing you, the owner, very much. The more risks your building faces, the more you will pay in insurance premiums and the higher your excess will be. As with most insurance policies, it is often possible to tailor the policy to your needs.

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