Those living in your property can pose a very different insurance risk than if you were to live there, which is why it is essential that you enlist the policy most accustomed to your needs.
(PRWEB UK) 28 October 2013
Whilst it’s hugely positive that the UK buy-to-let marketplace is currently experiencing a surge in interest, several landlords have been so preoccupied due to the rising demand in properties that many have neglected to acquire the relevant insurance coverage.
According to research published by incahoot, approximately one in four residential landlords are not protected by the appropriate home insurance policy. It’s estimated that 75 per cent of the nation’s landlords have only purchased regular household coverage instead of investing in a commercial policy.
A spokesperson for Total Landlord Insurance commented: “It’s massively encouraging to see the landlord industry pick up so quickly, but it is this haste that has resulted in many landlords failing to implement the necessary cover for both themselves and their tenants.
“This puts them in a vulnerable position, and could result in any potential claims being refused.”
It’s been reported that the majority of individuals have left themselves open to being what is commonly referred to as ‘accidental landlords’ – whereby properties have been purchased without any intention of letting them out, or with landlords pressured to let their properties out due to being unable to sell them.
Approximately 43 per cent of respondents didn’t realise landlord cover even existed, while a further 23 per cent assumed the two types of policies were practically the same.
Yet worryingly, 11 per cent claimed they had purchased a residential home insurance policy instead of landlord coverage due to thinking the latter was too costly; despite recognising the different benefits between the two.
“Though many individuals may have simply fallen into the landlord occupation, they should be aware of the legalities and responsibilities that come with this role,” added the spokesperson.
“Those living in your property can pose a very different insurance risk than if you were to live there, which is why it is essential that you enlist the policy most accustomed to your needs.”
Ensure the correct coverage with one of the UK’s leading specialist coverage providers – and let Total Landlord Insurance provide specialist protection for the property today.