Landlords reminded about buildings insurance
Some landlords could have insufficient buildings insurance cover for their needs, buy-to-let mortgage provider Paragon has warned.
The lender urged landlords to ensure that they are adequately covered so as to avoid facing serious losses if a property they have purchased requires a claim.
It also advised them to take out a specialist policy catered towards landlords, as opposed to a standard household policy, which can often include loopholes and clauses that leave let properties exposed.
"Landlords need to carefully consider their insurance needs and ensure they are properly protected," said Tony Armitage, director of insurance at Paragon. "The biggest irony is that some landlords are actually paying through the nose for potentially unsuitable cover."
Paragon explained that ordinary policies are unsuitable because they usually exclude cover for burst pipes and theft if the property is left unoccupied for more than 30 days.
It also warned that these policies generally exclude cover for malicious damage and injuries sustained by tradespeople working on the property.
Published 16th April, 2008
© 2008 Estates IT Limited
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Some landlords could have insufficient buildings insurance cover for their needs, buy-to-let mortgage provider Paragon has warned.