Landlords often under-insured
ONE landlord in five in the UK does not have the necessary insurance, even though most standard home insurance policies do not cover rental properties, according to research from Direct Line for Business.
The study into the cost of being a landlord revealed that on average, UK landlords believe they incur annual costs of £8,256 from their rental portfolios.
The average respondent’s portfolio comprised 5.3 properties, and drew an annual income of £94,344.
Repairs were the largest reported cost, with materials and labour averaging £2,848. Landlord insurance was the second highest, accounting for £1,329, or 1.4 per cent of the gross annual rental income.