Land­lords of­ten un­der-in­sured

Yorkshire Post - Property - - PROPERTY -

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.

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