9 Crown Row, Bracknell, Berkshire, RG12 0TH
Liam McDonnell
Lettings Valuer
Liam attended school locally in Ascot and began his career in estate agency aged 18 in the Bracknell area. He has gone on to gain experience within the Maidenhead, Reading and Wokingham markets too. Building relationships is what Liam enjoys the most in his role, which gives him the opportunity to meet and help all kinds of people. Away from work, Liam enjoys playing football throughout the week and for a local Bracknell team on a Sunday (some say the next Sunday League Pirlo).
The best piece of advice I’ve ever been given is…
The way to get started is to quit talking and start doing.
Top of my bucket list is…
To travel around America and Australia.
On Sunday mornings, you can usually find me…
On a football pitch in all weathers – potentially a little jaded from the night before.
My guilty pleasures are…
Watching Super Sunday and the F1 whilst devouring a takeaway. Highly recommended.
The thing I like best about my job…
Helping and advising landlords on how to make the process of letting their property as stress-free as possible, and assuring tenants throughout the process so that it becomes an enjoyable and exciting experience.
The person I’d most like to go for a drink with is…
Sir Alex Ferguson.
4 May 2021
If you’re a landlord looking to take out insurance or renew a current policy, there are a few things you should know.
The insurance market is “hardening”, or in other words, insurers are tightening their belts. The rising costs of claims due to extreme weather events such as last year’s Storm Dennis and low interest rates (meaning insurance firms make less on their investments) have hit the industry hard.
As a result, insurers are upping the cost of premiums and employing other – less obvious – tactics to increase their bottom line.
But first, a quick reminder…
Landlords need specific insurance; a standard home and contents policy will not suffice. Landlord insurance is usually a condition of a buy-to-let mortgage, but even if you’re debt-free, it’s worth getting. (You hope the worst won’t happen, but if it does, you’ll be covered.)
Standard policies include buildings and liability cover, although you can also opt to include things like legal costs, accidental damage, or loss of rent.
Insurance tips for landlords – follow this checklist to get the best deal:
- If you already have a policy, read it thoroughly before you start your research. It might not be the most exciting few hours of your life, but your diligence could save you time and money in the long run.
- Note in your diary when your policy is due to expire and leave yourself enough time to shop around. You won’t get the best deal if you’re in a last-minute panic.
- Look at what the premium covers. Is there a gaping omission that could leave you exposed? If it’s an existing policy, has your coverage been reduced?
- Check the standard excess (excess rates have been creeping up). The policy premium might be appealingly low, but if the excess is high, you could wind up paying more in the long run.
- Be aware that some types of claims have a higher excess. For example, escape of water (which covers leaks and burst pipes) has a higher excess as it’s a more common occurrence.
- Check the rules around vacancy as some policies become void if the property is empty. As there could be a rise in tenant turnover when furlough ends later this year, ensure your policy gives you a bit of leeway on vacancy periods.
- Have your paperwork to hand when talking to insurers. They’ll want to know (and see proof of) the age of the property, state of repair, and claims history.
- Some policies only cover certain types of tenants – for example, professionals – who are viewed as low risk. It may pay to include other tenant groups, such as students, in your policy to give you more flexibility.
For more advice about protecting your rental property in the Bracknell area, get in touch with us here at Duncan Yeardley.
COPYRIGHT Duncan Yeardley 2021
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