Holiday-let warning as staycations on the rise
The warning has been issued by specialist insurance broker Lycetts in the light of latest figures from VisitEngland, which reveal a 31 per cent increase in domestic overnight holiday tourism across the North East during 2017.
“The potential returns from short-term lets can be very lucrative, and this recognition, combined with tax reforms that have adversely affected the long-term rental market, has led to an increasing number of accidental holiday let landlords,” said Rupert Wailes-Fairbairn, Newcastle-based Lycetts’ Divisional Director.
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Hide Ad“Many are unaware of, or underestimate, the unforeseen risks they may face. Moreover, they are unaware that there may be serious gaps in their cover.
“Holiday let and house-sharing platforms will generally have limited vetting procedures for tenants and the insurance they offer will rarely be comprehensive, with claims made by landlords often proving unsuccessful.”