A new survey estimates that a landlord spends an average of £1,088.48 maintaining each rental property each year. Towergate Insurance says the most expensive single activity is repairing appliances over the value of £100, like faulty fridges or ovens, for example. Roof leaks rank second, while in third place come carpeting and flooring repairs.
Towergate spokeswoman Alison Wild says: “There is no legal requirement to obtain landlord insurance, however, it is a great way to avoid putting yourself at financial risk in the future, giving you peace of mind.
“Landlord insurance protects you as the property owner from financial losses connected to the rental, such as theft, fire, or weather damage and can be extended to include coverage for things like loss of rent.”