New insurance policy for UK landlords

Posted: 15 Sep 2006 11:05:10 GMT

            Property News - New insurance policy for UK landlords

Sainsbury's has launched a new insurance policy designed specifically for UK landlords.

A new insurance policy, designed specifically for landlords with a small portfolio of properties, has been launched in Britain.

The new product from supermarket chain Sainsbury's insures landlords against loss of rental income up to the value of £20,000 and provides contents cover up to £40,000.

Sainsbury's claims that the insurance cover could save landlords as much as £148 a year and it is the first insurance package to deliver unlimited buildings cover for UK landlords.

Robin O'May, home insurance manager at Sainsbury's Bank, advised landlords to choose their home insurance package carefully and added that the unlimited buildings cover means that policyholders are not required to calculate the rebuild value of their portfolio in order to ensure they are covered.

The retailer estimates that UK landlords now own around three million properties worth a total of more than £450 billion.

Potential property investors were advised by consumer group Which? earlier this week to research the market carefully and ensure that their property will provide a good return on investment. A new guide, Renting and Letting, warns of the risks of becoming a landlord and suggests that rental income on properties should exceed costs by between 25 and 30 per cent.

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