Landlords must regularly review insurance
Landlords need to frequently assess their insurance policies to ensure that they meet their landlord obligations
and that the policy continues to meet their needs, one expert has highlighted.
Firstly, they need to ensure they have declared the nature of the tenancy agreements to their insurer when taking out a policy, said Daniel Jewell, senior sales manager at the Business Octopus.
"Some people might say, 'I think they are professionals', but if they ever come to claim and then find out that they have DSS [housing benefit] or students in there, then the insurance might not pay out," he commented.
Mr Jewell highlighted that insurance documents also need to be kept up-to-date, as it is all too tempting to let them roll on from year to year.
Landlord Action reported earlier this month that rising unemployment and the increased cost of living are having an impact on the rental sector, as the number of instructions against defaulting tenants has risen by 11 per cent year on year.
- Landlord and Tenancy News from Lawpack: Get expert advice on your obligations as a landlord with Lawpack's Residential Lettings Guide
Published on: July 6, 2011
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