One in three landlords (28 per cent) have had their property damaged by tenants in the last 12 months according to the latest research from the leading landlord association*. The findings, estimated to affect over 400,000 of the UK’s 1.5 million landlords, come as a stark reminder about the potential problems of letting property.
Furthermore, the findings showed that landlords in the North East were most likely to face damage to their properties by tenants, with 46 per cent having encountered the problem in the last year. Landlords in the South East were least likely to experience the problem, with one in five (21 per cent) having encountered property damage.
The figures, from the National Landlords Association (NLA), also show that on average one in 10 (8 per cent) – approximately 120,000 – landlords in the UK have had to make an insurance claim of some kind in the last 12 months.
With this in mind, the NLA is reminding all landlords to ensure they have the right protection in place to cover all eventualities and to insure their investment against the unexpected.
Carolyn Uphill, Chairman, NLA said:
“Property damage is just one of the many different problems a landlord can experience when letting property. Many are unaware that a simple home insurance policy will not provide sufficient cover for all eventualities, so we’re urging all landlords to protect their investments and ensure they have the right insurance policy in place.
“The NLA offers the most comprehensive range of support, advice and services to help landlords and property owners of all shapes and sizes to run profitable, sustainable and successful lettings businesses.
“Landlords who are unsure about what cover they need should get in touch about our bespoke property insurance offering, which includes some of the widest cover for landlords and buy to let owners in the market.”
For more information about the policy features and benefits of NLA Property Insurance**, visit www.landlords.org.uk
*NLA Quarterly Landlords Panel research – Q2 2014 (972 respondents)
**NLA Property Insurance is a trading name of HFIS plc who is authorised and regulated by the Financial Conduct Authority.