We’ve all heard about Generation Rent: unlike previous generations, many young people these days are finding it impossible to get on the property ladder and so are forced to rent for years instead.
Of course, this means there has also been a rise in the number of private landlords, and recent relaxations in what people can do with their pension pots could encourage the market even further. The most recent figures suggest that one in five homes is now owned by a private landlord but more staggering is that this is predicted to rise to one in three by 2032.
We’ve seen this for ourselves through an ever-growing number of landlords who turn to us when they need to make an insurance claim. In most cases they have the right insurance, but even if they do their claims can be very complicated. All too often however they don’t have appropriate cover, or are under-insured, which can create significant challenges over settling their claim. We’ve written about this before.
So our advice as always is for landlords to ensure they have suitable cover. There is specialist insurance available which includes things such as tenants defaulting on their rent, landlord’s liability in case a tenant or visitor suffers injury or damage, and of course appropriate buildings and contents insurance.