Sheffield broker warns homeowners to ensure they are protected if they take in a lodger

14th November 2012

Sheffield broker IFM insurance is warning homeowners to check they have the right insurance in place if they take in a lodger.

  The warning comes at a time when almost one million UK homeowners are letting out a spare room this year, twice the number who did in 2011, according to new research from LV= insurance. According to LV=, this large rise in lodgers is being driven by the economic climate with over a third (36%) of these live-in-landlords saying they rent out rooms to boost their squeezed incomes. Three in ten (28%) say they need the rent to pay their bills and 15% are using it to pay off their mortgages or other debt. David Biggs, Managing Director of IFM Insurance said, -It's really important for homeowners to update their insurance when taking in a lodger as failure to do so could invalidate your contents insurance.  What's more some insurers will not provide either buildings or contents cover where lodgers are in place whilst others may increase premiums or restrict theft cover. So making sure you're covered before your lodger moves in can save you time, money and inconvenience in the long run.   If in doubt homeowners should seek the advice of their broker-.