Latest Insurance News
Buy to let insurance customers 'should protect against tenant troubles'
14 Jul 2010
Posted by Jonathan Walker
Landlords have been urged to take out buy to let property insurance in order to protect themselves from loss of rental income.
According to moneysupermarket.com, with tenant demand on the rise, the proportion of landlords looking to buy new properties is also increasing.
Last year, however, one in three British landlords were plagued with tenants whose rental payments were in arrears.
In order to protect themselves from such a fate, buy to let insurance customers are being encouraged to check their policy for rent guarantee options.
Julie Owens, head of home insurance at the website, 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."
Earlier this week, a serious fire at a block of flats in the Kingston-upon-Thames area of London highlighted the importance of having buy to let buildings insurance to protect landlords from unpreventable loss.
