Landlords need more insurance information
The latest Crockers Property Investment Index found that 84% of respondents were aware that residential insurance policies were moving away from full replacement policies – where insurance companies pay out whatever it takes to rebuild a property in the case of total loss – to sum insured policies, where only an agreed amount is paid.
Just under half the investors who responded said they had some understanding of the changes but wanted more information. Thirty per cent said they understood the changes fully and 14% said they knew only a little. Ten per cent said they knew nothing about the move until they were asked for the survey.
But only 6% said they would stick with whatever sum insured value the insurance company decided upon.
Most wanted professional help to determine what their sum insured value should be and 40% would get a professional valuer’s opinion. Just over a quarter would use a value determined by an online calculator.
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