Homeowners renting out their property need adequate landlords insurance

Mon, 19 Jul 2010

The housing market is still in a state of flux and with predictions that house prices may fall further, many homeowners who are looking to move may consider renting their property out instead of selling.

However, moneysupermarket.com advises homeowners who are considering this option to take out adequate landlords insurance because once income is being earned from a property, it invalidates a standard home insurance policy .

Julie Owens, head of home insurance at moneysupermarket.com, said: "Whether you're looking at buy-to-let property for investment, extra income, or because you cannot sell your house, it is essential to have sufficient insurance to cover any financial losses connected with letting out a property. I advise anyone contemplating becoming a landlord to seek advice and get all of the relevant information before taking this venture on."

Ms Owens added that landlord insurance, which includes rent guarantee cover or legal expenses, can cost more but if the relationship between a landlord and tenant turn sour, legal proceedings may involve a hefty cost.
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