With tenant demand for residential property continuing to rise, the proportion of landlords planning to buy new properties increasing and lenders slowly reintroducing good value buy-to-let mortgages, the number of people becoming landlords for the first time appears to be on the rise.
Whether you are moving into buy-to-let for investment, or have decided to go down this route to move home, getting the contract and paperwork right is essential and having adequate insurance in place is a must.
Last year, one in three landlords had tenants in arrears, so Brits shouldn't skimp on their insurance. However it doesn't have to break the bank, with standard landlord insurance available from as little as £93 a year from simple insurance, which covers loss of rent.
Julie Owens, head of home insurance at moneysupermarket.com, said: "Whether you're looking at buy-to-let property for investment, extra income, or because you cannot sell your house, it is essential to have sufficient insurance to cover any financial losses connected with letting out a property. I advise anyone contemplating becoming a landlord to seek advice and get all of the relevant information before taking this venture on."
