New data highlights an increase of 37 per cent in demand for landlord insurance in the first quarter of 2022, compared with the same period last year.
This is according to Quotezone which says landlords are rushing to ensure they have additional income protection following five successive monthly interest rate rises.
Quotezone founder Greg Wilson says: “It’s unsurprising that landlords have been keen to protect their incomes over the last few months.
"Although the buy-to-let market has been blooming, it is about to come under pressure from increases in taxes, interest rates and EPC reforms which will require some landlords to make costly energy efficient updates to their property.
“This will contribute to a squeeze in landlord income, so it’s essential that they take all the necessary precautions such as insurance, to help weather the storm and avoid any additional unexpected costs.
"Policies that include ‘rent guarantee insurance’ can also cover them if a tenant stops paying their rent.
“That being said, renters must also consider what they can do to reduce costs and avoid any surprise bills as rent and utility bills continue to increase. For example, as a renter, contents insurance policies may protect against accidental damage to belongings, but most policies will require this type of cover to be added as an extra.”
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