If you are one of the thousands of
landlords in the UK without sufficient insurance for your properties, it might
be time to consider upping your protection.New research by Landlord Insurance specialist RedBrick, a
division of the Paragon Group of Companies, shows that many landlords are
failing to protect their rental properties, and the revenue they make from
them, adequately.71 per cent of
landlords fully expect there to be an increased risk of tenants defaulting on
their rental payments in 2009, although a shocking 12 per cent of landlords are
covered for this in their insurance.
Although it might seem like the
cost-effective option to take out a standard home insurance policy - which up to a
third of UK landlords have opted to do - there are many areas where this type of
insurance will afford you no protection whatsoever.In the same way that buy to let mortgages are tailored
to those who are buying rental properties, landlord insurance is the only cover
that provides full cover for legal bills, rental defaults and malicious
damage.
Tony Armitage,
Redbrick Landlords Insurance director, says: 'Landlords need to carefully
consider their insurance needs and ensure that they are properly protected.
