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What is Residential Landlords Insurance?

‘Residential Landlord Insurance’ commonly known as ‘Buy to Let Insurance’ are terms used when describing a specific policy designed to cover a property owner who receives remuneration for providing residential accommodation. Alternatively, if the property is occupied for commercial use a ‘Commercial Property Owners policy’ will be required instead.

Here are 5 top tips to keep down your Landlord Insurance Premium;

1. Make sure you have the correct ‘Buildings sum Insured’

To ensure you are paying the correct premium, make sure that you have the correct sum insured. House rebuild costs (depending on your property location) are generally lower than the property value. A common mistake is to give the value of the property as the sum insured, which in turn will make your premium higher.

To obtain an accurate price it’s essential to ensure you have the correct sum insured. The best way to find out is from a professional survey of the property or if you haven’t had one recently visit the Association of British Insurers who will assist in getting the correct figure.

2. If you have more than one property put them all on one policy.

If you have a portfolio of properties Peacock Insurance can give you some considerable saving on your premium. Instead of insuring your properties individually you can add them to one policy with one common renewal date. The savings made can be huge with no difference in the cover you will receive. You can start the policy off and when your other polices fall due for renewal simply add them onto your policy. With Peacock you can also add other types of properties like shops and offices to the same policy and receive the same discounts.

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One of the Central Finance Conference’s requirements on finance is “to make efforts to upgrade the innovative capability and the service level in finance”. Why should so much importance be attached to financial innovations? How should commercial banks carry out financial innovations so as to satisfy requirements of the ever-developing economy and society? With such questions, Zhao Xiaoqiang, a reporter of Economic Daily, had an interview with Ma Weihua, President of China Merchants Bank.

Reporter: One of the Central Finance Conference’s requirements on finance is “to make efforts to upgrade the innovative capability and the service level in finance”. Why should so much importance be attached to financial innovations?

Ma Weihua: On last December 11, China began to fulfill its commitment to the WTO; the Chinese banking industry began to competed against the international banking industry, and it became faced with impacts and challenges from various aspects in terms of conception, system, institution, technology, product, profit generation and thoughts for supervision. In general, the revenue structure of a bank can reflect its level of financial innovation to some extent. For the moment, the main source of revenues for banks in China is still the traditional revenues from interest differences. The highest proportion of non-interest earnings in various banks is less than 30 percent while that in quite a lot of commercial banks simply maintains less than 10 percent. Thus, it can be seen that it is very urgent for Chinese banks to accelerate their financial innovations. Financial innovation is the source of vitality for commercial banks in China and the only way for them to strive for a survival and development.

Moreover, the proportion of enterprises’ direct financing has increased by a large margin in recent years; the traditional management and profit-making pattern of “relying on major clients” for earnings from interest differences that commercial banks used to adopt is being impacted. It is necessary for commercial banks to transform their management thinking and management strategies while making more efforts to develop financial innovative products and new profit-making patterns.

In the meantime, the financial awareness and financial demands of residents in urban and rural areas are becoming stronger and stronger. They are not satisfied with traditional savings and simple investment forms but require that banks offer various financial products for them to choice and create diversified investment products and investment patters to satisfy their demands for investment, risk evasion and value maintenance and appreciation. And the banking industry must conduct reforms and innovations in time to satisfy the diversified financial demands from various aspects of the economy and the society.

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