Landlords Warned Not To Under-insure Properties.

21 09 2012

Landlords have been warned not to under-insure their properties, after one Landlord was left out of pocket to the tune of £100,000.

The Landlord had presented his insurers with a bill for nearly £400,000 after a fire broke out in a block of flats, caused by a tenant cleaning car parts with petrol in the kitchen.

Only when he submitted the claim did the Landlord realise he had under-insured his property over a number of years.

This is a particularly extreme and unusual case but does highlight the importance of ensuring that your insurance policy is sufficient to cover the full value of rebuilding the property.

In the current financial climate, it is more important to look at the levels of cover rather than the bottom line premium.

Landlords who have taken out policies some time ago are being urged to ensure that their cover is still valid and in line with current market conditions. It is also advised that Landlords seek professional advice on the cost of rebuilding their properties.

If you would like any advise or a quotation on any of our insurances then please do not hesitate to contact us.

Tel: 01782 478 444     Email: stoke-on-trent@belvoirlettings.com

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