Landlords hoping to make a quick buck during this summer's Olympic Games could come in for a nasty surprise if anything happens to the property or its contents.

Insurance firm Paymentshield has warned people looking to rent out their homes to visitors during the sporting extravaganza that they could if they don't ensure that they have the relevant cover in place.

One in three homeowners are said to interested in either letting their home to a visitor or taking in a lodger during the games, but many do not realise that this could invalidate their existing insurance policy.

Antony Osborne, head of product at Paymentshield, told MyIntroducer.com: “Many people don’t realise that their policies could be void if they don’t notify their insurance providers ahead of any changes.

"The worry is that people will only realise this at the point of making a claim, which could mean they end up covering the cost of any damage or losses.”

He advises that people should ensure that they check their policy and inform the provider if cover is not current adequate. They should also put a tenancy agreement in place and seek advice from a professional lettings agent to ensure peace of mind.