There is an increasing number of buy-to-let investors moving into the UK property market that might not be fully aware of their insurance needs says specialist risk consultant, Leaseguard.
Leaseguard warns that home insurance on its own may not be enough. If it has not been disclosed that a property was being let to tenants, many insurers will refuse to pay out on a claim.
"The risks involved for a landlord can be substantial and can vary quite considerably from an owner occupying their own home," said Mairi Scott, managing director of Leaseguard. The company recommend that landlords secure property- owners liability insurance (OLI) – with a minimum value of at least £2 million. OLI will also protect a property when it cannot be occupied due to a major loss such as a fire - with a specialist landlord's policy generally providing cover for loss of rent.
Insurance warning for buy-to-let property
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Insurance warning for buy-to-let property
Mon, 10 Mar 2008
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