'Landlord insurance is a cheap essential'
New landlords who are waiting out the property market by renting out their homes should make sure they have the appropriate insurance.
This is according to one comparison site, which notes that landlord insurance can be bought for under £100 from Simple insurance.
Moneysupermarket.com warns landlords coming into the private rented sector for the first time that they must first ensure they are protected against arrears.
The rise in new landlords is attributed to growing tenant demand, landlords planning to expand their portfolios and increased availability of buy-to-let financing in the market.
In addition, including cover for other contingencies can also save more trouble in the long-term.
Julie Owens, head of insurance at the site, said: "Landlord insurance which includes Rent Guarantee cover or legal expenses can be more expensive, however if things go wrong between a landlord and tenant legal proceedings can involve a hefty cost.
"It is important to have a good contract in place to know where each party stands should the tenant and landlord relationship fall sour."
For More information about Landlords Insurance made Simple including Rent guarantee insurance Visit http://www.jml-property-insurance.co.uk/Simple_Landlords_Insurance.htm
3 comments:
This is a really good post. Must admit that you are amongst the best bloggers I have read. Thanks for posting this informative landlord insurancearticle.
I think that its tempting for inexperienced landlords to try to save a few hundred quid and not get Buy to let insurance but its such a massive risk. There's just so much that can go wrong with a house let a lone when you throw a third party (the tenant) into the equation.
When I was staying at university my friend burned her leg on an open boiler pipe, the person in charge didn't have any landlords insurance whatsoever, it was incredibly stressful.
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