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What you need to know when buying Landlord Insurance

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By John Healy of Healy Insurances

If you own a residential investment property that is rented out on a long-term basis you will need specific landlord home insurance in place for your Buildings, Contents and Public Liability.

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The number of tenants may impact on the quotes given. Properties rented to local authorities would need to be specially referred with some underwriters.

Here are some tips when buying Landlord Insurance including some cost saving tips.

Buildings: Your Property should be insured for its rebuild cost not the market value. Rebuilding costs have increased substantially over the past 12 months. There is a handy rebuilding calculator on www.scsi.ie where you can calculate your own property. Under-insurance can have serious consequences in the event of a claim, so it is advisable to review annually and get professional advice from an insurance expert.

Contents: Landlords contents will cover the replacement cost for the items that the landlord owns, examples would include dining tables and couches. The tenants should have their own contents policy in place to cover their own belongings.

Review: Landlord Home Insurance rates use many data streams so it is crucial to ensure that your details are correct when quoting. Important factors are your Eircode, number of tenants, intruder and smoke alarms, year of construction and flat roof details, if applicable.

Shopping around: When shopping around it is important to understand that direct insurers and banks will only sell their own products. They may not be able to offer you choice or advise you on your options. It is also worth noting that you are free to move your insurance from your mortgage provider, we do this on a regular basis and succeed in securing large savings for these customers.

Use a Broker: As experts in Home Insurance we understand the market conditions and can advise which insurer or which product is most suitable for your specific needs. Aside from understanding the discounts than can be achieved in each case, we also negotiate bulk discounts from insurers to get the best prices for our customers.

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LOCAL GOLD:

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LOCAL GOLD: Terrie O’Shea, founder and owner of Killarney-based business Sorella Berries, celebrating her Gold award win at the Blas na hÉireann Irish Food Awards held in Dingle last week. Her hand-crafted chocolate covered strawberries secured the top spot in national competition, earning recognition for the local food producer on the national stage.

LOCAL GOLD:

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Grady demands Killarney traffic review

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Killarney councillor Martin Grady has called for an urgent review of traffic management across the town following severe delays along the Muckross Road during the morning rush hour.

Constituents living along Muckross Road, Woodlawn, and outer Muckross areas raised serious concerns with the local representative, reporting that motorists now face delays of over 30 minutes to travel from Flesk Bridge or Woodlawn Cross into Killarney town.


The situation is causing major disruption for parents doing school runs and commuters traveling to work every morning.


“This level of congestion is simply not acceptable,” said Cllr Grady. “I have been contacted by constituents who are experiencing significant delays every morning, with parents trying to get their children to school and people trying to commute into work being caught in traffic for prolonged periods.”


Cllr Grady urged Kerry County Council to look closely at the operation and light sequencing along the route.


“I am calling for a review of the traffic situation along the Muckross Road, including the operation and sequencing of the traffic lights and whether there are any other obstructions or traffic management issues contributing to the delays,” he said.


He stressed that the gridlock is not isolated to one approach road, but affects the entire urban area as population and traffic volumes continue to rise year on year.


“But this issue goes beyond the Muckross Road. Killarney as a whole is experiencing increasing levels of traffic congestion across the town. The people of Killarney have been suffering with traffic for far too long, and the situation is getting worse,” Cllr Grady said.


“Our population is growing and traffic volumes are increasing year on year. We need to look at the bigger picture and develop a proper traffic management plan for Killarney. We need to identify where the problems are, examine how traffic is being managed across the town and put measures in place to improve traffic flow. The current situation has gone beyond what is acceptable for residents, commuters and visitors to Killarney.”

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