When your letting property is standing empty, it is obviously not earning rental income for you. As a landlord, while that may obviously give you cause for concern, there are also a few other issues that you may need to give some thought to:

• if your tenants move out of your property, you’d obviously like to have new ones moving in a quickly as possible and if you are experiencing difficulties in finding suitable tenants you may have to think about why this is the case;
• your property may be looking a little tired and in need of some refurbishment and you may need to bear in mind that some types of tenant may have exacting standards when it comes to the decoration and the equipment provided with the let;
• you may wish to make sure that you are targeting the right level of tenant for your property;
• when your property is standing empty, it’s appearance both inside and out as well as its general condition, may start to deteriorate quickly and it could become an easy target from thieves and vandals who may be able to quickly recognise signs that a property is unoccupied;
• it’s unsurprising then that from an insurance point of view, an empty property is regarded as a different type of risk than a property which has tenants in it;
• properties which are empty for extended periods of time, possibly in excess of 30 days, may typically need to be protected by specific unoccupied property insurance;
• it’s not just landlords who may need to provide this type of cover for an empty property, owner occupiers too may find that their existing insurance doesn’t cover them or their property if it is empty for long periods;
• if you find yourself in the position of having an empty property and have put the appropriate unoccupied cover in place, you may find that there are certain common sense conditions attached to such a property;
• so, you may be required to visit the property on a regular basis and to carry out repairs and on-going maintenance - including keeping the outside of the property neat and tidy;
• this ensures that your property is kept in a good state or repair but may also be very important in helping you to attract new tenants;
• since it may be in everyone’s interest to ensure that properties are not standing empty, you may find that there might be grants available from your local authority or housing association, if you find that you cannot afford to carry out required renovations prior to letting again.

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Our credit rating is a little number that banks use to give us credit. This can be for unsecured loans or mortgages, credit cards or mobile phone contracts, in fact there are all sorts of occasions where a bank or lender will want to know just what your credit rating is.

But why is this magic number so important? If you have a good credit rating you will be offered the best mortgage rates, loan deals and you won’t have any problems getting unsecured credit. You receive a good credit rating if you have always paid your bills on time and in full.

If you have a bad credit rating the opposite will happen. Loans will be so expensive you won’t be able to afford them and you might even be refused outright for a mortgage. You get bad credit if you have been or are currently in debt, have made late payments or missed payments or have ever been bankrupt. Additionally, you may have a poor credit rating if you have never taken out credit in the first place.

Now you should be starting to see why your credit rating is so important. Credit checking companies collate your personal information from the electoral roll and your credit history to give a credit score which they pass on to banks as and when they request it. You can find out what your credit rating is with Experian. Experian can help you answer the question ‘what is my credit rating’ through its online service. Not only will you be able to see what your rating is, you will be alerted to any changes as and when they occur so you can then work your way towards managing your credit rating. Remember that it’s never to late to act and the earlier you know what you rating is the sooner you can do something about it if it’s poor. Don’t wait until you need to take out a mortgage; it may then be too late and you’ll be left out in the cold.

The Citizens Advice Bureau has more information on credit checks, credit scores and credit history on its website.

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Review and Update Current Policies

If you haven’t examined your current insurance policies in a while, now is a good time to get them out and take a closer look at what they cover and how much you’re paying for them. Automobiles, for example, depreciate in value each year. The older a car gets, the less valuable it becomes–yet you may still be paying for new car coverage that you no longer need. Examination of your insurance policies shouldn’t end there, though–you need to examine the other types of policies you pay on as well. If you’re a homeowner, ask yourself if you’ve made any changes or improvements to your home since purchasing your policy. If you’ve done some major repairs or updates that make your home a safer place, you may qualify for a lower premium. Updated made to your home make you less of a risk to your insurance company, and there are rewards for that in the form of reduced rates. Routinely reviewing your insurance policies and adjusting them to your present-day needs may lower your premiums substantially.

Minimize Your Risks

The more risk you pose to an insurance company, the higher your premiums will be. If you want to lower the cost of your policies, look for ways to reduce risk factors. Do you own an older home? If so, you may be paying higher premiums simply because systems like electrical, heating, or plumbing are outdated and potentially hazardous. Do you live in an area that is considered unsafe due to high crime or frequent storms and other natural disasters? If the answer is yes, your premiums undoubtedly will reflect that. Consider how much money you might save by making necessary updates to your home, weather-proofing it, or installing an alarm system. Some of these updates may be expensive, but in the long run they may be worth it if you’re premium costs go way down.

In addition, there are other risks that insurance companies look for, and eliminating them might save you money on multiple policies. If you’re a smoker, not only will you pay more for health insurance, you may be paying more on your homeowner’s or renter’s policy as well. Kicking the habit will allow you to pay lower premiums on both of these important policies. Another risk that insured people often forget about is the one caused by aggressive pets in the home. There are specific types and breeds of animals that insurance companies aren’t fond of. The next time you decide to adopt a pet, you may want to consider choosing an animal that won’t frighten visitors, not to mention your insurance company!

Increase Your Deductibles

Increasing the deductibles on your current policies is a sure-fire way to instantly lower premiums. Insurance companies usually offer several different deductible options to choose from–the higher the deductible, the lower the monthly premium and overall cost of the policy. Making the decision to raise a policy deductible should be made with care–if you don’t have money in the bank to pay a deductible should you need to, it may not be the best option for you. If you’re current deductible is low, a reasonable decision might be to increase it slightly. Finding a happy medium will allow you to reduce the cost of your policy without an enormous deductible looming overhead.

Bundling Policies

When it comes to insurance, the term “bundling” refers to buying more than one policy from the same company. If you currently purchase policies from more than one insurance company, you should consider the notion of getting them all from the same place. Most insurance companies will allow you to customize a bundle that will meet your insurance needs and may include any or all of the following: homeowners or renters, automobile, business, health, and life. Shop around and compare quotes from different companies so that you can find the best bundling option for you.

Find a Top-Notch Agent

Insurance policies often include a lot of fine print, and navigating your way through your policies and options can be as challenging as attempting to learn a foreign language. Don’t be afraid to contact an insurance agent to help you sort out what you’ve got, find out what you really need, and figure out some different ways of lowering your insurance bills. It doesn’t hurt to get second opinions, either–consult with reputable agents from multiple companies and you’ll find out in a hurry if you’re paying too much for your insurance policies. In order to reduce costs, you may want to switch to a different company altogether.

Although insurance policies offer valuable protection that most people can’t afford to go without, the cost to maintain them can be overwhelming–especially if you’re on a limited budget. If you would like to reduce the amount of money you’re spending on insurance, take the time to explore some of these money-saving suggestions. You might be surprised at how much you’ll save just by making a few simple changes.

Guest post from Jessie Mars. Jessie writes for the Insurance Quote Guide.

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• lifestyle is something that applies to many people and not simply just to high income professionals;
• if you look around you, the chances are that you will see a number of elements of your life that are only made possible because you have some form of regular income;
• perhaps that might include things such as your car, your property (mortgage or rent) or the fact that you feed and clothe your children;
• some or all of these things may be put at risk if you are unable to work due to sickness, accident or redundancy;
• of course, in such circumstances you may get some state aid but that might be unlikely to go far in terms of you maintaining those aspects of your lifestyle that are precious to you;
• fortunately, you may have options to help protect yourself through what is sometimes called lifestyle insurance;
• this type of cover may kick in and help you should misfortune strike - and it comes in a number of different flavours;
• for example, you may be unable to work for an extended period of time if you are waiting for non-urgent treatment on the NHS, if so, you may value having private medical insurance (PMI) that would enable you to have fast treatment at a hospital of your choice;
• another form of cover possibly worth considering is payment protection income (PPI). That operates on the basis of undertaking to pay certain of your regular monthly outgoings for you (e.g. your mortgage) in circumstances where you had lost your income for a reason covered by the policy;
• those payments might continue for up to a maximum of 24 months or until such time as you successfully find alternative forms of income (whichever is the sooner);
• unfortunately, not all illnesses that might rob you of your ability to earn money, may prove to be easily treated or cured. If you are unable to work on a long-term basis due to a serious illness or accident, income protection insurance may generate an ongoing monthly income for you. Potentially, that may last until your date of normal retirement;
• not all circumstances where you lose income may be covered by lifestyle insurance. If you have created the situation personally through things such as resignation, dismissal or taking a career break, these types of policies typically will not be able to help you;
• you may be able to find examples of these types of cover online, as well as significant amounts of further information, through organisations such as Drewberry health insurance and others.

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Liability

Though you may have been injured in an accident, it might be another matter entirely securing an admission of responsibility or liability by another party. The principle is clear: if someone else fails in their duty of care towards you, either through their action or inaction, and you suffer injury as a result, that party should compensate you. Although this is the basis for accident compensation claims in general, it can take very careful marshalling of the facts and robust argument to secure the admission of liability.

The question of liability can be further complicated if some action or inaction on your own part has contributed to the personal injury or loss you have suffered – in other words, if there has been an element of contributory negligence. In that case, apportioning the respective liabilities in relation to the accident may become particularly complicated.

When pursuing accident injury claims following an incident involving your car, you may also find that your insurance company presses for an early settlement in respect of liability, regardless of any injury claim you may wish to purse.

Damages

Once the question of liability has been satisfactorily resolved, there may remain the issue of the amount of compensation that you should receive. This is known as “damages”.

Putting a price on the injuries you may have suffered is a notoriously difficult process and one in which the law is especially complex. The help of qualified professionals, with extensive experience in negotiating a full and fair level of compensation, may make all the difference in securing the amount that is rightfully yours.

Where to find help

There are a number of specialist personal injury solicitors you may approach. Here are a number of pointers that might help you in choosing one that suits your needs and circumstances:

• You should be able to deal directly with the lawyer who is going to be handling your case.
• In addition to that personal and individual approach, you should look for confirmation that the practice is duly authorised by the profession’s regulatory authority, the Solicitors Regulation Authority;
• For reassurance that your lawyers are specialists in the sphere of accident injury claims, you might also place value in their being members of the Association of Personal Injury Lawyers.

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But whilst it may be easy to research what properties may fetch in terms of rent in your area, the costs that may be deducted from that income may be less easy to determine.

Financing costs
If you need a mortgage to purchase your buy to let property, there may be a number of products available. As part of the process of getting a quote, you may be given an illustration telling you how much your monthly payments would be for each particular amount.

Managing agent?
Do you intend to be a “hands on” landlord, managing the property yourself, or do you intend to use a managing agent? There are a number of pros and cons to be weighed up when you make this decision. An argument against using a managing agent may be their costs. Make sure that you get a quote from them that is transparent – do they do everything for you?

Managing agents can take the stress out of being a landlord. For example, you may prefer that someone else is rung up in the middle of the night by a tenant who has a leaky pipe!

On the other hand, if you have the time and the inclination, you may find that you enjoy managing your property yourself. You may, for example, enjoy the contact with tenants, and get some satisfaction from providing a good service to them. You might also believe that your buy to let property is so important an investment that you only trust yourself to look after it yourself.

Maintenance costs
Even an immaculate property may need maintenance from time to time. Between tenants, for example, you may have to carry out repairs to the property and redecorate to freshen the place up.

Even if no maintenance work has to be done, you may need to carry out health and safety checks on the boiler and electrics to comply with legislation.

Insurance costs
If you have your personal and property details to hand, it may be straightforward to get a landlords insurance quote. You may find that there are a number of similarities to owner occupier cover (e.g. costs based on location). But you may wish to bear in mind empty property cover too. Whilst every landlord hopes for a full property at all times, in real life this is unlikely to happen.

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Most people do not come across lawyers much in their everyday life, unless they move house or get divorced. What qualities and criteria should you look for when deciding who will assist you with your claim?

Expertise
Wherever your accident happened – whether it was at work, in your car or out shopping - if it was not your fault then you may be able to make a compensation claim.

A personal injury claim involves specialised law. You should check that the lawyer you are considering is experienced with this type of work. The solicitor you may have used to buy your house or help you with your divorce may not be an expert in making accident compensation claims.

This is important as depending on the seriousness of your injuries the compensation you receive may be significant. For example, if you have to claim a lump sum that may replace the income you have lost for the rest of your life, the lawyer you choose has your financial security in his or her hands.

Level of service
The level of service the lawyer will give is important. After all, there is no point in hiring the best qualified and most experienced accident injury claims lawyer if they never return your telephone calls! You can sometimes establish from their website or marketing material what kind of customer service a claims firm may offer, so you know what to expect.

Personality – do they listen to you?
To put your claim in the best possible light your accident injury claims lawyer needs to listen and have a good rapport with you. The client/lawyer relationship may last a few months, or even years in the most serious cases, before the case is settled so you should chose a lawyer that you feel in tune with.

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Nearly three in ten people admit to leaving doors unlocked and windows open when going out briefly, despite the fact that the survey showed 42% of people recognise the importance of good locks. With 36%** of all burglaries being opportunistic, failing to secure doors and windows is an open invitation to thieves, particularly as we approach summer. And with an estimated quarter*** of households admitting to having no contents insurance at all, mistakes like these could leave people footing a hefty bill.

The two new ABI guides offer advice on how to ensure you buy the right amount of cover and clearly set out what is covered by standard buildings and contents insurance and options people can pay extra for, such as accidental damage cover. The ABI has also produced a home security guide providing advice such as what to do if you are leaving your home unoccupied for a long period and how this might affect your insurance.

Nick Starling, Director of General Insurance at the ABI said:

“While it can be reassuring for householders to have neighbours they can trust, this alone cannot substitute the value of sensible home security measures. Common mistakes, such as leaving doors unlocked and windows open, could invite thieves, putting your possessions at risk. And with one in four households without contents insurance, homeowners could be left footing a big bill to replace valuables.

“Following sensible security measures and ensuring your property and its contents are adequately covered are the wise steps people should follow to protect their homes.”

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• Short term cash flow solutions are not available anywhere else i.e. banks.

• There are dozens of providers around therefore you can shop for one that is most suitable for your needs.

• Due to the short term nature of the loan, the repayment rates are low compared to borrowing over a long period of time from a bank.

• Total repayment rates are likely to be cheaper than the financial cost of going over your overdraft limit or missing a credit card repayment.

• Guaranteed payday loans with no credit check do not discriminate against people that might have had some difficulty with their finances in the past.

• Using the system correctly and paying off in time improves your credit rating.

• The process of applying is quick and simple. All you need to do is choose your provider, contact them and the desired amount of money can be transferred to your bank account the same day.

• Payday loans give you real peace of mind. They are most commonly used for getting a car fixed, paying an unexpected bill or a medical bill. People need their cars to be able to get to work so it’s reassuring to know that money is accessible if things do go wrong.

• There is no small print. Payday lenders advertise their repayment rates either on their websites or on the counter of their retail outlet, therefore there should be no hidden surprises.

• Payday loans are unsecured which means there is no risk of the bailiffs arriving at your house to take away your possessions.

• The repayment process is simple as it will be automatically debited from your current account.

Its very easy to judge guaranteed payday loans with no credit check, however if you actually take the time to have a closer look at the concept and its benefits, you realise that they really do have a bona fide place in the market. It is not advisable for anyone to get into debt unnecessarily, however when you look at the fact that this solution can be used to avoid a larger debt then it actually make real financial sense.

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Life Insurance
If you have a family, you should have life insurance. The reason for this is because in the event of passing, there are financial obligations. Life insurance should not be used to supplement income while living, but used for the expenses that are incurred after life. Policies come in an array of coverage amounts, it is up to you to discuss with your insurance provider what the expected needs may be in order to determine the type and amount of coverage that is necessary for your current situation.

Auto Insurance
In most cases, car insurance is mandatory to maintain if you drive a car. The important part to consider when maintaining your car insurance is that you are getting the best coverage for the lowest price possible for you and your family. Be aware that you can have too much insurance on your car, so only get the coverage that you need or foresee needing and don’t fall into the folly of over insuring yourself.
Any other vehicle that you may have should be covered as well. Basically, if it has a motor, it should be insured. Remember that insurance is not just to cover you and the vehicle itself, but to cover anything else that may be harmed due to the use of the vehicle.

Property Insurance
Whether you rent or own, you will need insurance coverage. This insurance will cover your property in case of a loss. You have spent years gathering your property, there is no reason to have to lose it forever. Make sure that when you cover your home that you are getting the coverage you need in order to start over so that you can continue on with your life with less stress.

Health Insurance
Medical and dental insurance is something anyone should consider if they have a family. Unless you are able to pay for any health issues that maybe could arise in cash, then insurance coverage is something that you need. If you are not one of the lucky ones who has health insurance provided to you through your employer, you will need to search for private insurance. If you are not able to afford health insurance, check to see if you qualify for government assisted insurance coverage.

Now What?
Knowing that you can obtain insurance for just about anything under the sun, you now need to determine what it is that you need to insure. Life, auto, property, and health insurance are a must for just about everyone. Now it is time to analyze your lifestyle and the needs associated. The best thing to do is to find the right insurance companies to cover all of your needs. Research different companies as well as what they cover. Determine your needs and know exactly what needs coverage. Be wary of not over insuring yourself and in order to do this, educate yourself before deciding what you need and who will cover it.

Navigating through the insurance industry does not have to be a daunting process. Arming yourself with knowledge and building the right business relationships is key. Don’t leave your insurance needs to chance.
Chris Baker is a freelance writer and blogs for cheapestcarinsurance.org.uk - if you’d like to get a better deal by comparing car insurance rates check out their website. They even offer cheap car insurance for young drivers!

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