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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Monday 11th February 2008
Landlords whose property portfolios have increased in value over the last year should act now to review their home insurance cover, Sainsbury's Home Insurance has advised.
Research conducted by the home insurance provider shows that at the end of 2006, the cumulative value of rental property stood at £571.38 billion.
However, as a result of price inflation over 2007, this now stands at £641 billion, having grown by £5.79 billion per month over the year.
This could mean that many landlords do not have sufficient cover for their portfolio and could be leaving themselves at risk of huge financial losses, Steve Johnson, the firm's head of home insurance has warned.
He said: "The buy-to-let market has grown substantially in recent years. People have invested a huge amount of money into this sector and as a result of rising house prices many have seen the value of this investment grow substantially.
"It is therefore imperative that landlords ensure their properties are covered by quality home insurance."
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