Buy-to-let investors could face substantial losses if they opt for general home insurance policies rather than one specifically tailored for the groups need, one expert has warned.
Tony Armitgage, Paragon Insurance director, explained that buy-to-let landlords are prone to some home insurance risks that owner-occupiers are not.
These include malicious damage by tenants or damage caused when a property is unoccupied, both of these might not be covered by traditional home insurance policies .
Mr Armitage said: "Landlords need to carefully consider their insurance needs and ensure that they are properly protected.
"Paragon customers have sophisticated insurance requirements for which a typical household policy is often unsuitable."
He added that some landlords will be paying a fortune for home insurance policies that are in fact unsuitable.
Last week, Ruth Wilkins of Legal and General warned that people should make sure that their home insurance policy covers loss or damage caused by someone they have employed to be in their home.
Home insurance warning for buy-to-let investors
Financial Services > Home lnsurance > Home Insurance News
Home insurance warning for buy-to-let investors
Wed, 16 Apr 2008
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