I found a useful article on the Property Reporter website recently regarding a report about many landlords having incorrect household insurance by the insurance provider AXA.
AXA have found that around one in four landlords are incorrectly insured. They believe the greatest issue rests with accidental landlords – landlords who lived in the property before a tenancy started and not advised their insurers of the change in circumstances. This means that protection for both the landlord and tenant could be compromised.
Data from AXA Business Insurance suggests that among the total population of residential landlords in the UK around one in four have the wrong or no insurance and that around three quarters of these have bought regular household insurance instead of a commercial policy, leaving themselves vulnerable to having any claims turned down.
Statutory rules require all landlords to have the property and their public liabilities insured. Should a serious incident arise like a fire resulting in a claim for property damages and injury or loss of life to a tenant (family and guests) in an incorrectly insured property could result in catastrophic consequences to you personally.
Not insuring a rental property properly could expose all assets you have accumulated over the years. For free advice contact Belvoir Peterborough and ask to speak to Emma, Luke or Georgina.
Free Property Investment Advice
Terry Lucking is the owner and director of Belvoir Peterborough. Terry and his team of experienced valuers and buy to let advisors are willing to help investors, vendors and accidental landlords offering free pre purchase visits, honest sale and rental assessments.
Belvoir Peterborough are accredited and regulated agents. Members of ARLA, Safe agent, Safeagent and the Property Ombudsman. It is a requirement for a member of ARLA and Safe Agent to have Client Money Protection and have their accounts independently audited annually.
For more information or to ask Terry a question send an email to firstname.lastname@example.org