The "phenomenal" growth in the UK rental market may mean that landlords need to re-evaluate the terms of their
home insurance policy to ensure they are adequately protected, according to a spokesperson from Sainsbury's Finance.
Steve Johnson, head of insurance for the company, said that there has been a monthly increase of about £5.7 billion in the value of rental properties.
The company estimates that the collective value of the UK rental market is now around £641 billion.
He stated that this rise means suitable
home insurance is now key issue for landlords to consider.
"When people take policies and they have a sum insured restricted to that policy, what they have to do every couple of years is assess whether or not that has increased," he asserted.
He also advised homeowners not to opt for the first
home insurance policy that they find, adding that savings can be made when people shop around.
InsureandGo offers competitive
home insurance policies with cover to suit the value of the home.