Landlords Must Ensure Insurance Policy Is Thorough

An industry expert has stated that landlords, of buy-to-let properties, must ensure that the insurance they have offers effective coverage.

The senior sales manager at the Business Octopus, Daniel Jewell, asserted there were a number of ways that landlords could check that the insurance they currently have provides them enough coverage for any possible occurrences in the property.

He recommended that they "make sure that you speak to a specialist. You get these online comparison websites, you go on there, get a quick quote and go, 'Bargain - £130'. But it is obviously not going to cover you properly. They will pay for it, never look at the documents and never pay any attention to it."

He continued, asserting that if a property owner, especially buy-to-let, is resolute on ensuring they are properly covered, a specialist must always be consulted. They must also ask all questions they feel necessary, warning that no number of questions is too many.
It is advisable to have insurance, Mr Jewell said, as it is the only real way to be confidently protected, even if the property owner is familiar with who they are renting to and trusts them to pay.

These comments came following a report released by the National Landlords Association that suggested an increase in interest rates of even 1% could negatively effect 80% of landlords.

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