36% Landlord insurance incorrect

A recent survey has shown that only 36 percent of private landlords have inadequate insurance for their UK buy-to-let-properties.

Residential landlords who choose to avoid paying high premiums for the correct amount of landlord insurance cover may find themselves inadequately insured for their properties and the problematical liabilities that may come with it.

Issues with rent arrears, emergency call outs and damages to property caused by tenants are but a few examples of problems which let property insurance can help with if properly purchased.

A common mistake includes landlord insurance policies only providing cover for single occupancy homes and not multi-tenure; letting to students often includes joint tenancy agreements, which has to be declared. Many policies will also have special endorsements and a difference in premiums depending on the tenancy agreement, if you are letting to DSS, asylum seekers, professionals or students, the insurance company will need to know.

Not having adequate insurance, in the event of a claim the policy will be void. Insurance companies will not provide any cover if landlords have not disclosed the correct information which will also penalise the landlord when looking for cover in the future.

Purchase your specialist landlords insurance online from Insure My Let Property, providing insurance for all tenancy types.

September 04^th 2009

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