AXA insurance warning for buy-to-let landlords
www.moneynews.co.uk > Insurance > AXA insurance warning for buy-to-let landlords
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Money News |
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AXA insurance warning for buy-to-let landlords
Thu 5th Jun 2008
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The insurer claims that many policies make no provision for non-payment of rent and landlords can be left with a huge financial burden if their tenant falls into arrears.
AXA's Buy To Let policy offers an optional extra for £22 that will provide as many as six months' rent at up to £2,500 if tenants fail to pay during the period of a tenancy and remain in an insured property, in addition to legal expenses of up to £50,000 (including access to a 24 hour legal helpline) to enable landlords to regain possession of the insured property.
Michael Keating, AXA general manager of personal lines intermediary, said: "While this is clearly not going to help all landlords who might be struggling, having the right cover in place might just ultimately save an unwanted repossession for some. And in the current market it would, if nothing else, certainly provide some much needed peace of mind."
Mortgage company Paragon advises buy-to-let landlords to ensure that they have the correct knowledge in place before renting property, including proper accounting, costs and issues surrounding laws and legislation, such as tenancy deposit protection and licensing for homes in multiple occupation.
Rising mortgage repayment costs, an economic downturn and a sluggish housing market make it more important than ever for buy-to-let landlords to have comprehensive insurance.
Related News : Insurance |
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Related News : AXA |
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