Sainsburys launches insurance for landlords

Sainsbury’s Bank has unveiled a new insurance product designed for landlords, which it claims can save these customers up to £148 a year.

The policy is aimed at landlords who own a small portfolio of properties and will insure against loss of rental income up to £20,000 and contents cover of up to £40,000. Sainsbury’s claims that its offer is the only insurance package to offer unlimited buildings cover to landlords.

There are currently around three million privately rented properties in the UK and Sainsbury’s estimates that these are collectively worth around £453.47 billion.

Commenting on the rising number of privately rented properties in the UK, Robin O’May, home insurance manager at Sainsbury’s Bank, said: “It’s therefore important for landlords to pick a good home insurance policy to protect their investments.

“Our product’s unlimited buildings cover means that they don’t have to worry about calculating the rebuild value of their property and are safe in the knowledge that they won’t be underinsured.”

Sainsbury’s provides two choices of contents cover for landlords, does not charge customers who want to pay their premiums by direct debit and offers a maximum no claims discount of 40 per cent.