Landlords urged to take out 'quality' home insurance
Published: 11-Feb-2008
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It is essential for landlords to take out adequate home insurance on their properties.
That is according to Sainsbury's Bank, which maintained there are around 2.76 million landlord-owned properties in the UK totalling a collective value of £641 billion.
The bank calculated that this value stood at £571.38 billion in November 2006.
Steve Johnson, head of home insurance for Sainsbury's Finance, remarked that the buy-to-let market had grown "substantially" over the past few years.
He said: "People have invested a huge amount of money into this sector and a result of rising house prices many have seen the value of this investment grow substantially.
"It is therefore imperative that landlords ensure their properties are covered by quality home insurance."
The number of buy-to-let mortgages almost doubled between the first half of 2004and the same period in 2007.
London has the greatest number of privately-rented properties, which total around 537,700.
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