Insurance News Archive

New rules for Northern Irish landlord property insurance holders

Posted by Michael Brown

Landlord property insurance holders in Northern Ireland will soon have to sign up to a new register and lodge deposits in approved schemes.

In changes announced by social development minister Margaret Ritchie, landlords will also have to attend an education programme to ensure they are aware of their rights and responsibilities, reported the BBC.

The Building Sound Foundations strategy will see more regulation of the private rented sector and landlord property insurance holders, which now accounts for a sixth of all homes in Northern Ireland.

Ms Ritchie added: "The strategy will also ensure a higher standard of home in the private rented sector and that those more vulnerable people living in private rented homes are better supported to help them sustain tenancies."

The move to secure deposits in Northern Ireland follows figures from tenancy deposit firm mydeposits.co.uk, which showed that 99.4 per cent of deposits are paid back without dispute.

24 Mar 2010