Insurance News Archive
Landlords advised to invest in rent guarantee insurance
Written by Judith Stevenson
Landlords should consider getting rent guarantee insurance as one in three proprietors are currently experiencing rental arrears, according to an expert.
Ellie Irwin, spokesperson for the National Landlords Association, said that buy to let insurance is "definitely something they should consider" based on the organisation's research, which shows that many proprietors are finding tenants unable to pay their rent.
"With rental arrears disputes taking on average six months to resolve and the average monthly rent now over £800, landlords could find themselves thousands of pounds out of pocket if things go wrong," she said.
According to Myfinances.co.uk, some landlord insurance policies include loss of rent, but others require a separate policy, so buy to let proprietors should check what cover they are getting from their provider.
Recent figures from the Council of Mortgage Lenders suggested that the buy to let lending market stabilised during the second quarter of the year, as the decline in the number of loans available began to slow.
26 Aug 2009
