Rented Property Insurance Uk

London Landlords Facing Rents of Zero Turn Offices Into Condos

Feb. 3 (Bloomberg) -- More people will be making their homes among the banks and insurance companies of central London as a shrinking financial industry and the prospect of leasing out buildings for free prompts landlords to convert offices into luxury apartments.

Developers including Axa Real Estate Investment Managers Ltd., Berkeley Group Holdings Plc and Heron International Inc. also plan to build homes in the heart of Britain’s financial services industry, known as the Square Mile, after purchasing obsolete commercial buildings in the area.

“The fringes of the City are struggling in terms of letting secondhand buildings,” said Anthony Duggan, head of real estate research at Deloitte LLP. “There will be a number of developments looking at alternative uses.”

London has seen demand for offices slump after banks cut more jobs in the U.K. than in any other country last year. Rents in the City of London will fall 4 percent this year, compared with earlier predictions of a 6.1 percent increase, JPMorgan Chase & Co. said in a Jan. 11 note. Values will drop 7.3 percent in 2012, the bank said.

Axa is seeking older offices or partly developed “brownfield” sites on the fringes of the financial district to turn into housing. Berkeley plans to renovate a derelict office property near Moorgate into 90 residences. Heron is building a 36-story residential tower near the Barbican, and Hammerson plans to develop 253 apartments near Liverpool Street station.

Finance Jobs Lost

Employment in the Square Mile dropped 8.5 percent last year and it will remain below 1998 levels until 2014, according to the Centre for Economics & Business Research Ltd. The cutbacks and the amount of aging space give City tenants greater bargaining power on rents with owners of older, empty office blocks.

About 54 percent of office space in the City of London and on its fringes is more than 15 years old, meaning it can no longer be marketed as “prime,” according to research from DTZ Holdings Plc.

as a landlord do I have to have homeowners insurance and ...

I am a first time landlord and was told by many people that instead of having homeowners insurance on the rental property I just need an umbrella coverage policy. My insurance salesman said I need both, plus he is telling me I need a more expensive homeowners policy because I am not occupying the property, is he trying to rip me off? so is there a difference between a primary homeowners policy and a rentel unit policy?

Chosen Answer:

You won’t be able to buy an umbrella policy without underlying liability coverage. The liability coverage for the Rental Dwelling will be primary and the umbrella kicks in secondary.

Yes, Rental Dwelling coverage is a higher risk policy because tenants don’t take as good of care of property they don’t own, in general. Rental Dwellings don’t qualify for homeowners insurance because they are not occupied by the owner. Coverage is completely different.

You also need to tell your tenants they need to purchase Renters insurance as their belongings won’t be covered at all under your policy. Also, their liability won’t be covered at all if they cause harm to the property or to someone else due to their negligence. I wouldn’t rent to anyone who didn’t carry Renters insurance.

Insurance is one of the most regulated businesses in the world. Your agent wouldn’t be in business long if he were scamming you. He would lose his license, be subject to huge fines and your claim would have to be covered under his errors and ommissions insurance if he knowingly falsified information to you. He’s not a car salesman, he’s a licensed professional.

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