Personal injury solicitors Preston have warned landlords to ensure their
insurance policies are suitable for rented accommodation, following an AXA
Business Insurance poll that found a startlingly high number of landlords might
not be covering their tenanted properties appropriately.
The research estimated that around one-quarter of the UK's residential landlords do not have the right insurance policy or have no insurance at all.
Approximately 75% of these simply bought household insurance instead of taking
out a commercial policy. This could mean they are unprotected if no win no fee
solicitors
Preston make a compensation claim against them or if any insurance
claims are made.
With personal injury solicitors Preston noting a rise in the number of
accidental landlords - people who bought a property without intending to rent
it out or who are forced to put the house on the rental market because they
cannot sell it - it is thought that this inexperience could be responsible for
the high number of under insured rental properties.
In fact, research found that of under insured landlords, 20% had simply
renewed the home insurance policy they used when they lived in the house
themselves, 11% bought residential cover because landlord insurance was too
expensive, 28% said they thought residential and landlord cover were both the
same thing and 43% said they were not aware that landlord insurance existed.
Insurers must ensure they ask the right questions to people who contact
them to buy insurance, but landlords need to understand the serious pitfalls
involved in buying the wrong policy, and could find themselves liable in
personal injury claims Preston and left significantly out-of-pocket if they
fail to do so.
While many landlords are not protected from compensation claims made by a personal
injury solicitors Preston, some are also failing to protect themselves in
other ways. A massive 53% of respondents to the AXA study do not have a tenancy
agreement, just 54% have a deposit with fewer than half of these protecting the
deposit in a protection scheme, and just 27% use a current inventory.
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