1 in 3 landlords have had property damaged by tenants
Almost a third of landlords have had one of their rented properties damaged by tenants during the past 12 months.
Research from the National Landlords Association (NLA) has revealed an estimated 400,000 landlords have suffered from this problem.
Roughly one in ten rented property owners have had to make an insurance claim of some kind over the last year, spending an average of five per cent of their rental income on landlord insurance premiums.
NLA chairman Carolyn Uphill stated: "Property damage can be a costly issue for landlords especially if the level of damage exceeds the value of the tenancy deposit.
"We hear time and time again from landlords who have suffered because they failed to properly vet their tenants before granting a tenancy, and it’s alarming just how many landlords find out the hard way that their basic home insurance policy doesn’t provide the cover they need."
As of November 6th, the insurance premium tax will be increased to a new rate of 9.5 per cent, a move that is expected to generate £1.75 billion a year for the Treasury.
In light of this, Ms Uphill stressed the importance of landlords having the right policies and protections in place to prevent damage, as well as carrying out the necessary checks before taking tenants on.
Earlier this month, research from MakeItCheaper.com revealed many tenants are unaware of their responsibilities when it comes to maintaining their property. More than four in ten renters said they are unsure who is in charge of certain aspects of their tenancy.
A quarter of tenants revealed they would like to receive more information about what constitutes wear and tear in their home.
Damage is one of the leading causes of tenant disputes and it is important that letting agents take proactive steps to ensure renters understand their responsibilities when starting a new tenancy.31-July-15Property Management