Insurance News Archive
Buy to let insurance policyholders 'need not worry about rent arrears'
Posted by Jonathan Walker
Landlords with buy to let property insurance should not be concerned about rising tenant arrears if their policy offers a rent guarantee, an industry website has said.
According to ResidentialLandlord.co.uk, some buy to let insurance products on the market provide cover for missed rental payments, with 100 per cent cover of the monthly rent paid for up to five months from the first arrears.
Ian Wilson, managing director of insurance firm Martin and Co, told the website that buy to let insurance policies with rent guarantee are developed to ensure that their benefits are tailored specifically to landlords' needs.
He said: "Sadly, in the majority of cases it’s a change in the tenant's circumstances that makes them unable to pay the rent. This can put the landlord in a difficult situation, especially if their rent isn’t guaranteed."
Mr Wilson added that, landlords will often be sympathetic, but that they "still need their rent", so a solid buy to let insurance policy is essential.
Last month, Philip Suter, from JML Property Services, claimed that buy to let property insurance is something that landlords "cannot afford to be without".
02 Jul 2010
