Landlords 'must invest in specialist insurance'

News Category: Management

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Landlords have been reminded of the need to ensure they are taking out sufficient insurance when considering their property management needs.

A new report from Redbrick Landlords Insurance has revealed that one-third of buy-to-let landlords have specialist building insurance for their property.

According to the insurer, this means many domestic renters are relying on standard household policies, which are unlikely to cover them against such common issues as malicious damage, non-payment of rent or repairs for unoccupied properties.

Responding to the figures, Tony Armitage, director at Redbrick, urged landlords to ensure they are appropriately protected.

He said: "Buy-to-let landlords have sophisticated insurance requirements for which a typical household policy is often unsuitable. The biggest irony is that some landlords are actually paying through the nose for potentially unsuitable cover."

This comes after research from Arla last month suggested that landlords are facing an increase in tenants unable or unwilling to pay their rent.

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