UK Money News
11th February 2008
Landlords urged to review home insurance cover
With investment property values increasing all the time, landlords should ensure they have sufficient home insurance cover or risk severe financial consequences, Sainsbury's Home Insurance has claimed.
According to research from the firm, the value of investment property in the UK rose by £5.79 billion every month last year.
This rate of growth means that the estimated collective value of rental properties has hit a dizzying £641 million - up from £571.38 billion at the end of 2006.
Given the phenomenal rate of increase, it is crucial that landlords review their insurance to ensure they now have sufficient cover for their portfolio, Steve Johnson, head of home insurance at Sainsbury's Finance, said.
"The buy-to-let market has grown substantially in recent years. People have invested a huge amount of money into this sector and as a result of rising house prices many have seen the value of this investment grow substantially," Mr Johnson explained.
"It is therefore imperative that landlords ensure their properties are covered by quality home insurance."
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