Buy to let investors urged to review home insurance
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."
Share this..
Related stories
Russian authorities ban export of grain
The Russian authorities have been forced into introducing a ban on the export of grain after severe droughts in the region effectively wiped out much of the supply available in Russia. There are now concerns that the ban from the Russian government will impact on the world wide grain market as immediately after the announcement there was a 7% increase in the price of the commodity. The Russian...
Read MoreWho leaked potential takeover talk at International Power?
The Financial Services Authority (FSA) is said to be investigating sharp "unexplained" movements in share price of International Power after a period of speculation during which the name of GDF Suez has been mentioned as a potential bidder for the company. Despite the fact that the companies announced the "end of talks" yesterday there is concern as to how initial talks were leaked to the market a...
Read MorePound's strong run continues
Widespread expectations of more interest rate hikes helped push the pound to a 26-year high against the dollar this morning.The pound rose to 2.0196 against the dollar in early morning trading, continuing a six-day run of advances.Sterling's strength will be welcomed by British tourists heading across the Atlantic, but is not so good news for the manufacturing sector whose important export markets...
Read MoreBanks win latest stage of charges case
Banks' overdraft fees should not be challenged by customers through common law for most cases, a High Court judge has said.Mr Justice Andrew Smith announced his decision after a three-day hearing in July, part of the penalty fees case involving seven banks, a building society and the Office of Fair Trading (OFT).The test case is to decide whether or not the OFT can rule on the fairness of the char...
Read More10 million jobs at risk from advancing technology
One in three jobs could be taken over by some form of technology in the next 20 years, new research has warned. According to a joint report from Deloitte, the accountancy firm, and the University of Oxford, up to 10 million jobs could be taken over by computers or robots due to huge advances in technology. People earning less than £30,000 a year are five times more likely to see their jobs ta...
Read More