Private landlords have been urged to double check they have the right insurance cover in place.

The call, from experts at the Henshalls Group follows worrying research that shows under insurance is a real problem in the private rental sector.

Dave Williams, from Henshalls, said: “Landlords and their tenants are already dealing with the Coronavirus pandemic and all the difficulties it has created, but now they’re facing yet another issue.

“The latest survey revealed that across the UK, it was estimated that private landlords were under insured by more than £300 billion which is an incredible figure.”

Dave said the shortfall in cover for rented homes and business properties could leave landlords severely out of pocket if their policy was inadequate.

“If your property is damaged – whether it’s caused by your tenants or through an incident such as a water leak or fire – your insurer will have set out clear rules on what they will and won’t pay out for.

“And if you’ve massively underestimated the level of cover you need, you could find yourself without a payout and facing the prospect of paying for repairs yourself.”

The data in the survey was collected by RebuildCostAssessment – an online insurer – and the company estimates that overall, 79 per cent of property in the UK is under-insured, with buildings typically insured for an average of 69 per cent of their actual worth.

Conversely, the research also showed that around 14 per cent of properties are over insured – some by an unbelievable amount at an average of 121 per cent of their value.

“In the current financial climate, businesses are already struggling, and this research gives us real concern that many property owners will simply not be able to recover from the consequences of under insurance.

“If you’re a landlord who is unsure of the level and type of cover you need, or your circumstances have changed during the pandemic, it’s vital that you seek professional advice to ensure you have all the protection in place that suits your individual requirements.”