2
Jun
Insurance is important, landlords told
The issue of insurance should be taken more seriously by landlords,
according to a company that specialises in this financial
product.
Let Insurance Services, which is part of UKinsurancenet.com, said
there should be more of an insurance focus among those who are part
of the buy-to-let sector.
Giving an insight into some of the circumstances landlords may find
themselves in, Michael Portman, managing director at the firm,
suggested people need to ensure they have the correct cover.
"A lot of them just focus on getting the lowest premium and, if
they find the tenants have trashed the property causing massive
damage, then they will end up with a bill which some insurers might
not cover," he explained.
Last month, research from Pi-Property Insurance revealed that 32
per cent of landlords had become more risk aware.
Some 39 per cent of property managers revealed landlord claims have
increased in the past five years, with the 2007 and 2008 floods
cited as reason for this.
