Insurance and Letting Your Home on Short Lets
There are often opportunities for home owners to let their properties on a short-term basis, say for one week or perhaps up to a month.
Typically this could be during a major sports event or maybe just during typical holiday periods.
Huge numbers of people regularly visit London every year perhaps for Wimbledon Fortnight, others may be travelling and wishing to stay in say Edinburgh for the Edinburgh Festival.
Those who can't afford hotel accommodation will be renting private houses or flats from anything from one week to a month.
Large homes will be attaining incredible rents of up to £7000.
00 a week - so it's a fantastic money-spinning opportunity for home owners who are well located and who are prepared to temporarily vacate their homes.
Obviously at these kind of rents they will be able to afford to go to the Bahamas or maybe The Seychelles for the duration! However, there are certain things to consider before handing over the keys and jetting off to the sun for a week or two.
As an owner-occupier you will almost certainly have Owner Occupier Household Insurance, which is typically cheaper than Landlord Household Insurance - mainly because there is greater risk when a property is let.
So, just supposing that your lovely £7000 a week tenants manage to severely damage your home or its contents, you would not be covered by your standard Owner Occupier Insurance.
You would need Landlord Household Insurance or UK Holiday Home Insurance and ensure that your insurers are aware of the exact nature of let you are planning.
Indeed, you should also notify your mortgage company as they also have a financial stake in the property.
I have referred to the examples of Wimbledon Fortnight and the Edinburgh Festival, but of course there are many other opportunities for letting your property on a short let basis, and of course you may simply need to let your home on a short let to travel abroad perhaps on business.
Remember that a standard Assured Shorthold Tenancy is for a minimum let of six months and it is essential that you see to it that you are adequately insured for short term or holiday lets.
In addition to ensuring that you as a landlord are covered by suitable Landlord Household Insurance there is one other point to bear in mind.
If you are intending to let your property for less than 90 days you are required by law to seek the permission of your local authority and it is an offence not to so notify them, punishable with a fine up to £20,000.
00 - so take care and good luck with your short lets! There are many specialist insurers who offer some very competitive specialist insurance for landlords, including UK Holiday Homes Insurance.
Typically this could be during a major sports event or maybe just during typical holiday periods.
Huge numbers of people regularly visit London every year perhaps for Wimbledon Fortnight, others may be travelling and wishing to stay in say Edinburgh for the Edinburgh Festival.
Those who can't afford hotel accommodation will be renting private houses or flats from anything from one week to a month.
Large homes will be attaining incredible rents of up to £7000.
00 a week - so it's a fantastic money-spinning opportunity for home owners who are well located and who are prepared to temporarily vacate their homes.
Obviously at these kind of rents they will be able to afford to go to the Bahamas or maybe The Seychelles for the duration! However, there are certain things to consider before handing over the keys and jetting off to the sun for a week or two.
As an owner-occupier you will almost certainly have Owner Occupier Household Insurance, which is typically cheaper than Landlord Household Insurance - mainly because there is greater risk when a property is let.
So, just supposing that your lovely £7000 a week tenants manage to severely damage your home or its contents, you would not be covered by your standard Owner Occupier Insurance.
You would need Landlord Household Insurance or UK Holiday Home Insurance and ensure that your insurers are aware of the exact nature of let you are planning.
Indeed, you should also notify your mortgage company as they also have a financial stake in the property.
I have referred to the examples of Wimbledon Fortnight and the Edinburgh Festival, but of course there are many other opportunities for letting your property on a short let basis, and of course you may simply need to let your home on a short let to travel abroad perhaps on business.
Remember that a standard Assured Shorthold Tenancy is for a minimum let of six months and it is essential that you see to it that you are adequately insured for short term or holiday lets.
In addition to ensuring that you as a landlord are covered by suitable Landlord Household Insurance there is one other point to bear in mind.
If you are intending to let your property for less than 90 days you are required by law to seek the permission of your local authority and it is an offence not to so notify them, punishable with a fine up to £20,000.
00 - so take care and good luck with your short lets! There are many specialist insurers who offer some very competitive specialist insurance for landlords, including UK Holiday Homes Insurance.
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