There has been an 88% increase in the number of landlords building and contents insurance policies taken out over the last 12 months, figures from Paymentshield reveal.
Paymentshields figures coincide with the 10th anniversary of the buy-to-let market, which has seen a record 700,000 outstanding buy-to-let mortgages at the end of 2005, a rise of 33% from 2004.
The increase in landlord B&C policies sold over the last year reflects the growth of buy-to-let, in addition to highlighting that more landlords are taking action to protect tenants property and their rental income against the worst case scenario.
Landlord B&C policies not only cover fire, flooding and theft but also pays towards landlords rental income should the property become uninhabitable as a result of an insured case.
Paymentshield is calling on intermediaries to help ensure that existing and potential buy-to-let investors are fully informed about the different B&C options available to them.
Chris Traynor, sales and marketing director at Paymentshield, says: It is encouraging to see that more and more landlords are taking steps to insure their property investment.
Landlord B&C cover is an incredibly important cover and it provides peace of mind by covering most landlords worst case scenarios such as fire, theft or flooding.
The buy-to-let market has seen an incredible boom ever since it was first created in 1996 and there are no signs of a market slowdown yet.
While our figures show that landlords are taking action to insure their buy-to-let property, we are asking intermediaries to make sure they fully inform their clients about the importance of landlord B&C cover.