Many residential lettings 'under-insured'

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Letting agents should ensure that landlords have sufficient insurance cover for their property, one expert has claimed.

While most people have some kind of insurance cover, it is "essential" that residential lettings have the correct cover for the value of the property.

According to Mike Goddard, chief executive of Belvoir Lettings, most building's insurance policies are unsuitable for buy-to-let properties.

They will often not include accidental damage by tenants or furnishings.

Mr Goddard told the Aberdeen Press and Journal: "Insurance should be taken seriously by both tenants and landlords.

"Many people think that if they have some kind of cover they are OK, but having the right value and type of insurance cover is essential."

Mr Goddard also noted that a surprising number of landlords and tenants are underinsured with their residential lettings.

Meanwhile, recent research by insuremyhouse.co.uk found that landlords and tenants could save an average of 39 per cent on insurance when they switch providers.


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