aba Group Advise Landlords on Insurance Needs as The Buy-to-Let Boom Continues
Buy-to-Let property loans surged by 16% in the past three months as landlords cash in on the inability of young people to buy their own home. aba Group advises landlords on how to protect their interests.
Buy-to-Let property loans surged by 16% in the past three months as landlords cash in on the inability of young people to buy their own home. This growth has seen the total number of buy-to-let mortgages hit a total of 1.4 million in the UK since records began, according to The Mail Online.
The trend looks set to continue. As such, landlords need to be reminded of the need to put safeguards in place to protect their interests as the market becomes more competitive.
aba Group’s Managing Director Mr Graham Webster states that:
“Landlords should have Property Owners Insurance for a number of reasons; first and foremost, it will cover for damage to the property itself as well as providing Liability Insurance to help cover landlords in the case of claims made by tenants. Legal action is costly and in the event of a successful claim, it can be crippling to those landlords with smaller portfolios. As the market for buy-to-let property has grown, so too have the number of personal injury claims, and awards of around £100,000 are not uncommon”
In addition, Property Owners Insurance can also offer Loss of Rent Insurance which can keep cash flow healthy for up to 12 months. There is also the option to add alternative accommodation insurance, so that tenants have somewhere reasonable to stay should damages or building works make a property uninhabitable.
“In addition to these often overlooked insurance features, commercial and residential property owners insurance can also cover the contents of the building, such as carpets and furniture, so if items should be stolen or damaged, they can be replaced so that the property can be rented out again as quickly as possible” adds Mr Webster.
As more and more people turn to investment properties and buy-to-let properties for their income, they need to understand that they can be at the mercy of the housing market, tenants and unforeseeable events that can disrupt their earnings. aba Group welcome the opportunity to advise landlords and property owners on the subject:
“Buy to Let Insurance cover can be the difference between getting through the year and having to sell off assets to make up for negative cash flow in the event of something unexpected happening. It’s important that landlords understand what a good insurance policy can offer them, and so we welcome the opportunity to show landlords and property owners alike, what is available and how it can help them” says Mr Webster.
aba Group have extensive experience in the property owner’s insurance market. They provide property owner’s insurance to clients with substantial portfolios of commercial and residential properties as well as providing cover for single properties purchased for investment purposes. They also specialise in providing property owner’s insurance for apartment blocks.
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About aba Group:
aba Group has been operating in Bolton for years, headed by Managing Director Graham Webster and fellow Director Lynne Eckersley, they have 70 years’ experience in the industry between them. Their specialist insurance coverage spans directors, officers, contractors, engineers, landlords and a whole host of other professional roles and activities; which has seen them become the go-to business insurance brokers locally.
For further information contact:
- Contact Information
- Graham Webster
- Managing Director
- aba Group
- (44) +44 (0) 1204 364 842
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