Insurance tips issued to landlords
by Sarah Ashcroft
Landlords with small property portfolios
will need to know what type of insurance they need to buy to make sure they are covered.
David Lawrenson, private rented sector expert at LettingFocus.com, stated people should look beyond the standard cover that is provided with buy-to-let mortgages, as this will not always be the most appropriate type of insurance to go for.
"They would typically have their own insurance set up and I think people should shop around and use brokers," he advised those mulling over their options on the market.
It was noted by the specialist that those with a few properties to their name will be able to get a really good deal on their landlord insurance due to the fact they can get a degree of competition going by shopping around various brokers and providers of the products.
Landlords were told to go online in order to find the best deals on their insurance, as this is the right way to go about comparing products to see which is the most suitable.
"It is definitely worth shopping around on this as you can definitely make savings in terms of a better level of cover," said Mr Lawrenson, which could encourage landlords to check the price of the insurance they have at the moment to see how much they could be in line to save.
"People really should shop around and ask for discounts as they are available," the private rented sector expert pointed out.
The need for landlord insurance was recently stressed by Stuart Law, chief executive at Assetz, who stated specialist cover is recommended for those who are just beginning to build their property portfolio
because of the level of protection it will provide to them.
He highlighted the fact landlords who have only one, two or three properties with newly signed tenancy agreements
could find all their tenants default at once, which is why landlord insurance is so important.
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Published on: July 4, 2012
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