Landlords 'must invest in property insurance'

News Category: Legal

It is vital landlords invest in the right type of insurance so their property is protected should an incident occur.

This is according to a spokesperson for Leaseguard, who claimed taking out a policy is "very important".

The expert commented how landlords should be covered for a range of eventualities including "malicious damage by the tenant, liability cover and if the tenant causes any accidental damage".

An all-inclusive package was recommended as the best option so individuals can have peace of mind that all their risk areas are protected.

The representative warned people not to "scrimp and save" on the policy they take out, as they will lose out in the long-run if something happens to their investment, such as a fire that destroys the building.

A recent report from Defaqto revealed the ten key risks amateur landlords need to protect their property against, with unoccupancy period noted as the key factor covered by 99 per cent of insurance policies.

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