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Sleepless nights for buy-to-let landlords

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  • Sleepless nights for buy-to-let landlords

    After reading the recent news article on the Home Move website entitled Sleepless nights for buy-to-let landlords, I was shocked by the fact that of the landlords that had been surveyed, "nine per cent said they had cancelled insurance to save money".

    Now nine in a hundred may not seem many but I think this is a remarkably high figure. Personally I think landlords are very bright, business minded people and anyone with this frame of mind would surely think of some other cut backs before cancelling their insurance policy?!

    The whole point of an insurance policy is to protect yourself against something you cannot afford to sort out yourself financially. The only situation when insurance shouldn't be taken is when you have so much money that if your £150k investment burnt to the floor, you wouldn't be bothered and would just write it off as a minor loss at the end of the month (and even then, I would question why you didn't spend a bit of your loose change on some insurance cover just in case).

    It is in times of economic crisis that people should be checking that everything is adequately insured in case something does go wrong. Maybe knock off the extras you put on your policy at the start of the year (i.e. accidental damage cover, etc) to save a few pounds but make sure that you are covering the main perils at all times.
    UK Landlord Insurance Specialist

  • #2
    RE: Landlord Insurance

    I agree with the statement, however i think its possible a few landlords have cancelled policies when properties have become vacant as a result of tenants moving out. This type of cover is difficult to obtain for unoccupied property, as most insurers dont offer this high risk cover.
    Specialist unoccupied property insurance providers