16
Jul
Landlords with properties to rent 'should take out insurance'
Landlords have been encouraged to take out insurance to protect
their properties to rent.
Moneysupermarket.com has warned homeowners to take out specific
landlords insurance to protect against damage caused by
tenants.
It stated that standard home insurance often becomes invalid when
people decide to rent out their properties and earn an
income.
Head of home insurance at moneysupermarket.com Julie Owens said:
"It is essential to have sufficient insurance to cover any
financial losses connected with letting out a property."
She advised landlords to "seek advice and get all of the relevant
information before taking this venture on".
Insurance can help landlords cover themselves from the loss of
rent, legal expenses or problems with their tenants including debt
recovery.
Ms Owens added that "it is always better to be prepared".
This comes after Chris Horne, editor at Property Hawk, suggested
that there is likely to be a surge in the number of tenants renting
properties this year.