When you take out an Insurance Policy, your insurer will want to know you know what you are doing. After all, it is a ‘business’. Insurers will give discounts to Landlords who have had plenty of experience and do things correctly – and doing things correctly means knowing your obligations as a Landlord. A well run rental property means less friction with tenants which in turn leads to fewer claims from the landlord due to the actions of a disgruntled tenant.
You must supply all tenants with certain information in relation to their tenancy. You may be fined if you do not do this within a specified period of time.
Tenants have the right to peaceful enjoyment of the property they have paid good money to rent from you. Don’t get yourself in trouble by turning up unannounced at the property trying to gain entry without permission.
Repairs & Maintenance
As well as an implied and expressed condition on most insurance policies you should keep the property to a certain standard and carry out repairs in good time. This will keep a good relationship going with your tenant.
Keep tenants informed
Remember, it is your property but it is also your tenant’s home. You have a responsibility to keep tenants informed of any possible developments that may affect their home & their ability to stay there.
Your tenant has a Legal Right to know who you are, where you live and how you can be contacted.
Possession Access & due process
When evicting tenants you must follow the correct procedure. If you don’t you could be breaking the law and end up with a conviction yourself – convictions must be declared to insurers and often results in cover not being offered or higher premiums charged.
Any deposits taken today must be registered. You can register with an authorised Tenancy Deposit Protection Scheme Administrator.
Mandatory Landlord Registration
In Northern Ireland, all Landlords of private tenancies must register. The registration is required every 3 years and there is a fee to pay.
Landlords and your Letting Agent (if you have one) will be required to register with the Information Commissioner’s Office and pay the appropriate fee.
Mortgage and Rates payments
If you have a loan against the property you must make sure payments are up to date. This also means you should explain to your tenant (being responsible for rates payments as part of the tenancy) that payments should be kept up to date, but getting rates paid can be your legal responsibility.
The above information has been supplied by Housing Rights which has been funded by the Northern Ireland Housing Executive. For more information please follow their link and click here.
Landlord Insurance in Northern Ireland has many rules. Sticking to these rules and obligations will assist you in getting the best premium and cover with your Insurance Provider. Call us on 0800 085 3761 if you need any information or direction on your Landlord Insurance.