Renting your property is tough enough, and making sure you then do not get left in financial difficulty should your tenants be unable to pay the rent, is of vital importance.
The number of tenants being in arrears is growing at an alarming rate with over 70,000 being in severe arrears in Q2 2011 across England & Wales; so protecting yourself against should be at the top of your list. With rents rising across the country those tenants on lower incomes may start to struggle with paying rent leaving landlords out of pocket.
Rent Guarantee insurance protection can be included with many landlords insurance policies and can provide you with security in unstable times. The insurance cover can include the following :
- Guaranteed rental income from your property should your tenants refuse pay
- Assistance with legal costs for evicting tenants if required
If you haven’t already added this cover to your residential landlord insurance then now may be the time to do it. Most landlords insurance providers can simply add this as an additional option and this can be tailored to the level of cover you require.