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Monday, June 13, 2011

Expert Highlights the Importance of Landlords Insurance

Landlords insurance is a highly important financial safeguard, and not something that rental property owners can do without, according to a leading expert.

Graeme Trudgill, Head of Corporate Affairs at the British Insurers Association (BIBA), reported that a large number of British property owners could have to make a substantial payout in the event of fire or burglary, because they aren't covered.

He went on to say that new property purchasers should invest in comprehensive landlords insurance at the earliest possible opportunity.

“There are really three principle areas that you need to think about in [terms of] home insurance cover. Your home insurance provider will go through with you which areas you might need,” he went on.

Apparently landlords should invest in a basic policy that best meets their needs first of all. Then it would be worth considering optional extras such as eviction of squatters insurance.
Mr Trudgill explained that there are various online guides which can assist landlords in their hunt for cover. It may even be worth using a price comparison website to search for the best deals. Those people who require further information can always give their preferred insurance companies a call.

In related news, one of the UK's major insurers recently announced that 37% of renters do not have protection for their home and contents. Many people are of the opinion that it costs too much.

However, a spokesman for the well known company said, “For the price of a few pounds a month you can have peace of mind that should something unexpected happen, for example a burglary, your possessions will be protected.”

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