Paymentshield’s figures coincided with the 10th anniversary of the Buy-to-let (BTL) market which has seen a record 700,000 outstanding BTL mortgages at the end of 2005, a rise of 33 per cent from 2004.
The increase in landlords B&C policies sold over the last year reflected the growth of BTL, in addition to highlighting that more landlords were taking action to protect tenants’ property and their rental income against the worst case scenario. Landlords B&C covers fire, flooding and theft and also pays towards landlords’ rental income should the property become uninhabitable as a result of an insured case.
Paymentshield has called on intermediaries to help ensure that existing and potential BTL investors are fully informed about the different B&C options available to them.
Chris Traynor, sales and marketing director at Paymentshield, commented: “It is encouraging to see that more and more landlords are taking steps to insure their property investment. Landlords B&C cover is an incredibly important cover and it provides peace of mind by covering most landlord’s worst case scenarios such as fire, theft or flooding.
“The BTL market has seen an incredible boom ever since it was first created in 1996 and there are no signs of a market slowdown yet. While our figures show that landlords are taking action to insure their BTL property, we are asking intermediaries to make sure they fully inform their clients about the importance of landlords B&C cover.”
