An estimated 400,000 landlords in the UK - that’s approaching three in every 10 - have had their property damaged by tenants in the last 12 months, according to the latest research from the National Landlords’ Association.
The association claims that on average almost one in 10 landlords in the UK have had to make an insurance claim of some kind in the last 12 months.
The news comes after the Chancellor announced that insurance premium tax will rise this November from 6.0 per cent to 9.5 per cent. The new rate, which includes landlord insurance premiums, is expected to generate up to £1.75 billion a year for the Treasury.
“Property damage can be a costly issue for landlords especially if the level of damage exceeds the value of the tenancy deposit. We hear time and time again from landlords who have suffered because they failed to properly vet their tenants before granting a tenancy, and it’s alarming just how many landlords find out the hard way that their basic home insurance policy doesn’t provide the cover they need” says NLA chair Carolyn Uphill.