It is a "false economy" for private landlords to cut back on insurance because they could be liable for millions of pounds under public liability with regard to their properties.
That is the view of Chris Horne, editor of Property Hawk website, who said that private rented sector professionals can shop around for the best deals on cover to save money but should not abandon insurance all together.
He was commenting after research by Direct Line for Business showed that 30 per cent of landlords are worried about receiving rent from their tenants, which is resulting in some drastic measures being taken.
Apparently 16 per cent of landlords have changed their payment terms and nine per cent have cancelled their insurance policies to save cash as a result of these concerns.
Mr Horne said that his website urges private landlords to consider tenant insurance which will cover them against not receiving rent.
"That is something that they can do, proactively," he explained.
Written by John Weeks
