The private letting industry and checking future tenants' immigration statuses. Why private landlords should always be vigilant when referencing prospective tenants.
LONDON, August 14, 2013 /PRNewswire/ --
- With the new immigration bill proposed in May 2013, landlords should now more than ever thoroughly reference any prospective tenants to avoid risking their rental business' financial well-being
- Landlord insurance by NatWest (underwritten by U K Insurance Limited) can help landlords further reduce risks affecting their income and business by offering cover for buildings, content, loss of rent & alternative accommodation costs and property owners' liability.
If you're a landlord, you're essentially operating a rental business. Your tenants are your customers and provide your income and financial well-being. So it's important that you protect yourself against potential risks to your property/ies and income.
In the Queen's Speech this year, May 2013, legislative plans for the coming year included a new immigration bill making landlords responsible for checking the immigration status of all prospective tenants. Should landlords fail to do so, they could be fined thousands of pounds.
Whilst the proposed bill has created criticism with suggestions that the government is passing a level of responsibility for immigration policing to the general public, regardless, landlords should be thoroughly reference-checking any prospective tenants.
Richard Pitt, Head of U K Insurance Business Solutions, which arranges NatWest Business Insurance, comments: "Before commencing a new tenancy, you should carry out reference checks on all tenants as you are trusting them to look after your property. You may think it won't happen to you but unfortunately tenants aren't always who they appear to be and you could be putting yourself and your property at risk of losing income."
With properties providing you with your income, you need to protect your investment and financial well-being by making sure that your tenants are who they say they are, that they can afford the rent payments and hold a solid record of meeting payments in the past.
Properly referencing your tenants can provide some peace of mind that your property will be well looked after but it's important to remember that the unexpected can occur and that once the tenancy has started, your income and livelihood could still be exposed to a number of risks.
Richard Pitt adds: "As a Landlord you're also responsible for the health & safety of your tenants and any visitors. Accidents can happen. For example a slate could fall from your property's roof and injure a passer-by or damage a car; or a visitor could trip or fall on loose flooring, or faulty wiring could hurt a tenant. It's important that you think about all risks before your tenants move in and seek specialist advice to understand how you can best protect the public as well as you, your property and your income."
Public and Property Owners Liability insurance can cover landlords should a member of the public be injured or suffer damage to their possessions as a result of visiting or renting the property/ies.
NatWest Landlord Insurance can provide up to £5 million Public and Property Owners Liability cover and has helped thousand of landlords protect their rental businesses. NatWest's Landlord Insurance specialists know property owners are busy so focus on offering helpful support and making insurance easy to buy - over the phone without any forms to fill in.
With NatWest Landlord Insurance, property owners can benefit from:
- Two months' cover completely free if they are new customers and a first-time landlord, operating for less than a year, paying monthly (no charge 0.00% APR representative subject to eligibility & credit agreements). Over 18s underwriting criteria apply. Excludes terrorism cover and not available with any other offer
- Up to 10% off renewal quotes if they are new customers and an established landlord operating for more than a year. Over 18s, underwriting criteria apply. Excludes terrorism cover. Not available on Direct Line for Business renewals or with any other offer
- Thorough insurance guidance: from specialists who understand landlords
- A simple process: cover can be arranged in one phone call with no forms to fill in
- No amendment fees should your insurance needs change
- A Free 24 hour business help line
- Up to 20% no claims discount and discounted premiums for multiple properties
- A personal claims handler with each claim to support you from notification to settlement
- Comprehensive cover including:
- Up to £5 million public & products liability cover
- Up to £1 million loss of rent & alternative accommodation cover
- Up to £5 million buildings cover (with optional accidental damage & subsidence cover)
- Unlimited glass cover
- £250,000 contents cover replacing old for new
- Up to £10 million employers' liability cover
Lines are open: Mon to Fri 9am to 7pm (excluding public holidays). Calls may be recorded. Max call charge from a BT landline is 8p plus up to 8p per minute. Business rates and calls from other networks may vary.
NatWest Business Insurance is arranged by U K Insurance Business Solutions Ltd and is underwritten by U K Insurance Limited trading as NIG. U K Insurance Business Solutions Ltd is authorised and regulated by the Financial Conduct Authority and U K Insurance Limited trading as NIG is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. U K Insurance Business Solutions Ltd. Registered office: Churchill Court, Westmoreland Road, Bromley, Kent, BR1 1DP. Registered in England No 05196274.
U K Insurance Business Solutions is part of the Direct Line Group. The Direct Line Group Media Relations Team handles media queries for the Direct Line Group including for its brands. The Media Relations Team can be contacted on +44 (0)20 8313 5850.
2 months' free terms and conditions: 1. Only valid on quotes provided by U K Insurance Business Solutions Limited given between the 1st January 2013 and 31st December 2013. 2. Offer quotes are valid for 30 days. 3. Only available to businesses started within the last 12 months. 4. New policy holders only. 5. This offer is not available in conjunction with any other offer. 6. Minimum premium and qualifying criteria apply. 7. Not available to: Public Houses, Hotels, Guest Houses and B&Bs, Restaurants, Cafes/Takeaways/ Fast food restaurants, Heating/Plumbing/Ventilation Engineers. 8. The premium must be paid by monthly Direct Debit. Subject to qualifying criteria. The first two monthly instalments and the standard charge for payment by this method (£39) will be waived in year 1. The interest rate is 0.00% APR representative. Over 18s only. If you were to cancel within the two month offer period, no refund would be due. 9. This offer excludes terrorism cover. 10. Offer not available in Northern Ireland. 11. We reserve the right to cancel the 2 months free offer at any time.
Up to 10% off terms and conditions: 1. The Price Promise is only valid on quotes given between the 1st January 2013 and 31st December 2013. 2. Offer quotes are valid for 30 days. 3. Your expiring cover, or best alternative quote for the same period of cover as our quote, must provide cover on an equivalent basis to the product on which our Price Promise is available. 4. The Price Promise is not available to existing policyholders. 5. Minimum premiums and qualifying criteria apply. 6. This offer is not available in conjunction with any other offer. 7. Not available to: Public Houses, Hotels, Guest Houses and B&Bs, Restaurants, Cafes/Takeaways/Fast food restaurants, Heating/Plumbing/Ventilation Engineers. 8. This offer is only available on the following basis: a By up to 10% for quotes obtained from the following insurers; Ageas; Allianz; Arista; Aviva; AXA; Brit; Ecclesiastical; Groupama; Hiscox; LV; MMA; NFU; QBE; RSA; Travelers; Zurich b Price match by £1 for any other insurer except Direct Line for Business where Price Promise is not available. 9. We will only agree to beat the initial quote obtained from an alternative insurer. 10. This offer excludes Terrorism cover. 11. Offer not available in Northern Ireland. 12. You must not have had more than 1 claim in the last 3 years on your previous equivalent cover. 13. We reserve the right to cancel the Price Promise offer at any time.
NatWest Business Insurance is committed to providing insurance for your business. If it cannot find appropriate cover from the products offered by its underwriter U K Insurance Limited, it will call on the help of its preferred independent brokers, selected for their experience and understanding of your particular situation. In these circumstances, the two months free cover offer is not applicable.
Notes to editors:
Call 0845 835 4449 Minicom 0800 051 3030 or visit http://business-insurance.natwest.com/small-business-insurance/landlord-insurance
For more press information please call +44(0)207-672-1931
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