Insurance News Landlords Urged To Consider Quality Of Insurance
05 October 2007
Private landlords have been advised not to choose an insurance policy just because it is cheap.
According to Alan Ward, director of the Residential Landlord’s Association, there are two types of insurance – cheap and good value.
He suggested that landlords should assess carefully the type of insurance they need or they could lose out when they come to make a claim.
Figures published by the Association of Residential Letting Agents showed almost 40 per cent of UK properties are under-insured.
In addition, general insurance policies will not cover high-risk tenants like students or multiple tenants.
“There is an old adage that you never know how good your insurance is until you make a claim,” Mr Ward said.
“Insurance for landlords is a specialist market.”
He went on to say that landlords needed to consider what cover is available during times when a property was empty.
The RLA is a membership-based body that offers support and advice and training opportunities to landlords, as well as ideas for improving standards and saving money.
Find out more about Landlord insurance