25
Oct
Specialist insurance essential for buy to let landlords
It is essential that buy to let landlords opt for specialist
landlord insurance over a standard home insurance policy, it has
been claimed.
According to Hazel Rees, an account manager with leading insurance
brokers Rawlins, in many cases home insurance does not provide
adequate cover for buy to let properties.
This could leave landlords facing expensive bills to cover damage
to the property and legal costs - both of which are included in
cover for landlord insurance, she added.
Furthermore, Ms Rees said landlord insurance provides cover for
mishaps such as "a tile [falling] off the roof" and the tenant then
suing for "injury or damage" - and will also provide for "legal
expenses if you need to evict your client…and rent recovery
as well".
Ms Rees' comments come as the popularity of buy to let mortgages
continues to increase, with figures from the Council of Mortgage
Lenders showing that 171,800 buy to let mortgages were taken out in
the first half of 2007.
