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Landlords 'risk being underinsured'
13 February 2008
Landlords should be aware that the "phenomenal" rises that house prices have experienced over the last year could mean that some of them are underinsured.
Research by Sainsbury's Finance revealed that landlords in London alone saw their property values rise by £24.44 billion.
Although the property market has cooled since the credit crunch, house prices are still higher than they were a year ago, meaning some landlords could have properties which are worth more than they were when they took out insurance on them.
According to Sainsbury's Finance the value of rental properties has reached £641 billion compared to £571 billion about a year ago, representing "phenomenal growth".
However, Steve Johnson, head of insurance at Sainsbury's Finance warned that amid the good news there could be a risk.
He said: "When people take policies and they have a sum insured restricted to that policy, what they have to do every couple of years is assess whether or not that has increased."
