Friday, 1 February 2013

Landlords are playing Russian roulette with property insurance according to report

The January 2013 edition of Landlord & Buy-to-Let Magazine arrived in the post today and there was a worrying insurance aricle on page 12. Well illustrated by a hand gun single bullet in cartridge revolver the headline was "Landlords play Russian  roulette with properties"

It appears that Direct Line for Business who offer a selection of business insurance products including Landlord insurance have recently carried out a survey. They found 18 per cent of the UK's private landlords do not have the correct insurance to let out their property. Put it another way that is almost one in five!

So too many landlords do not realise that standard home insurance do not cover rental properties. On this blog site we have often reminded people that the tenant's insurance will not cover the landlord's belongings and vica versa. 

The Managing Director of Jordans lettings agency William Jordan says that specialist buy to let / landlord insurance is needed particularly in the cold weather where there are a lot of claims. Water damage is a major factor with claims from burst pipes.

We have just had some severe weather last month and there could always be more on the way. It is most important for landlords to be fully covered and remember that if they do not have contents insurance and there is a burst pipe damaging the curtains and carpets the insurance company will not pay for replacement unless contents insurance is in place.  

  Many of the specialist insurance companies actually now offer "limited" contents insurance which makes  a lot of sense of the property is not fully furnished.

The jml Property Insurance web site has a great choice of  specialist insurance companies advertising their products.  Rentguard - HomeLet - Endsleigh - Intasure - Letsure - Devon Direct - Allystles insurance brokers - Rentshield Direct and Quotezone. Find out more at and make sure your rental property is properly insured and don't play Russian roulette with the insurance.

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