With pay monthly landlord insurance, no doubt you want to keep your monthly letting business insurance costs on the low side, so learning to avoid paying upfront and avoid a cash flow dilemma is important.
When you have properties that need insurance, no doubt it is important that you keep the insurance premium payment coming from the tenant and not your own pocket. However, if you end up having to make a payment from your own pocket because the tenant failed to pay on time, it would only be £15 to £20 in many cases.
Paying monthly may raise the cost of your landlords insurance because of interest rates that may be added because you have chosen that option. Also, you want to do everything possible to avoid making a claim, the following are a few tips that will help see the reason why you should pay monthly and why you avoid having to make a claim with your landlord insurance company if it's really not needed.
One way to keep your rent safe and your buy to let business safe would be to join a government-authorised tenancy deposit protection scheme. This can be extremely important and a great benefit to landlords. Make sure that your tenants are aware of this to encourage rent payments on time, it also makes sure they know you are operating your business professional.
This will help you ensure that there are no problems with mortgage defaults you won’t have to make a loss of rent insurance claim that will increase your rates the following year.
You never know when something can go wrong with a tenant, their attitude could change from time to time, but keeping your properties maintained can certainly help. A properly maintained flat or house is less likely to have moaning tenant and a tenant with no problems has a higher rate of rent payments.
So, if you want to avoid the rent being paid on time that will cause you problems, make sure to do proper maintenance when it is needed. Compare monthly landlord insurance right here if you are looking for a quality policy with all landlords’ benefits added.
Saying that, you could still get a tenant that doesn't pay on time even if you haver been a good landlord. All I'm saying here is look after them and they'll look after you.
It is important that you take the time to plan for emergencies. Have your tenants well trained in what to do if there is a problem. This is important as well and can help you to avoid having to get out your bed at 2 in the morning. Take out emergency assistance insurance from your landlord insurance provider, it will cover all emergencies, take a look at this page fro more information.
Using these three tips can really help you avoid having to make a claim that will increase what you’re paying for your buy to let insurance. So, keep them in mind and use them at your business for rates that stay low.
Also, use eLandlord Insurance every year and compare current prices for your business because it really does help save money and it sorts your cover out faster.