Despite the fact that we seem to be hearing a lot of good news about the state of the economy, and in fact the state of the property sector specifically, some landlords are still very concerned.
A recent poll conducted by an organization called Direct Line for Business found that nearly a third of landlords are still losing sleep over the current economic situation and many are very worried about their future in the property sector.
Personally, I don’t find this news at all surprising. For a lot of landlords the recent huge upheaval was the first time they experienced how quickly things can crash in the property game. The shock of going from boom to near bust will have had an effect on the confidence of a lot of landlords and rightly so. Hopefully it is this kind of experience that prevents us from repeating the same errors perpetually.
There is a worrying aspect to all this, though, and it is the news that some landlords are cutting corners by cancelling insurance policies. That is a very dangerous practice and, in my mind, is akin to gambling; the odds may be slightly more in your favour than in a casino or bookies but the stakes are very, very high.
One of my rules in this game is to make sure I am fully covered. It is imperative that you keep your insurance up to date. If the worst happens and you are uninsured you stand to lose everything. As harsh as it sounds, my advice is to leave your insurance policies alone and find somewhere else to cut corners.
