Insurance warning to those renting
Published on : 14/02/2008
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The thousands of people around the UK who have established themselves as buy-to-let landlords need to consider whether they are underinsured, it has been claimed.
In light of the "phenomenal" growth in value of properties that are rented out, landlords need to ensure that their insurance policy keeps pace with the changes to their assets and their worth, according to Steve Johnson form Sainsbury's Finance.
Mr Johnson is the finance firm's head of insurance and he is convinced that people who own rental properties ought to check if they are suitably covered every two years and particularly if they have had any building work done.
Research from Sainsbury's Finance recently found that there are now more than 2.75 million buy-to-let landlords in the UK and that the value of their properties increased by around £5.79 billion in each of the 12 months after November 2006.
Sainsbury's was the first supermarket to enter the financial services sector and the company has suggested that buy-to-let insurance is set to be a growth market nationwide.
