Properties less protected as corners cut to save money
David Grant, group portfolio director at RSA says landlords are cutting insurance cover to protect just one year of unpaid rent, the FT reports.
“Basic requirements still don’t change – they still want their assets protected and their income streams protected,” he says. “But where people might previously have protected rental revenues for 24 or 36 months, they are now cutting back to just 12 months.”
Bernard Mageean, managing director of property at QBE, says rates have been declining since 2004-05. Landlords are cutting non-essential cover and taking higher deductibles.
