With the country well into its worst recession for some considerable time – although nobody knows how long it will last – property owners may find that some tenants are facing financial difficulties. Residential landlords could see tenants losing their jobs and having to rely on state benefits to pay their rent – which is okay if the money reaches the property owner. Whilst owners of commercial property could see tenants going out of business – in which case there is generally nobody who will pick up the tab. Worse still, the landlord may have to cover such items as insurance and business rates, with no income to cover them. As a result, this could lead to some property owners seeking to save money in any way possible and looking at their landlords insurance costs could be one of these. But with the cost of commercial fire claims last year 15 per cent higher than 2007 – and domestic fire costs up 17 per cent – there are significant dangers in looking at property owners' insurance...
Comments