Insurance News Archive
Landlords reminded of importance of rent guarantee insurance
Written by Jonathan Walker
A leading landlords' representative body is reminding buy to let owners to take out rent guarantee insurance as many have experience arrears over the last year.
The National Landlords Association (NLA) reported that almost three-quarters of buy to let owners have experienced rental arrears at some point in their career as a proprietor.
It found that 43 per cent of these occurred over the last year and David Salusbury, chairman of the NLA, said that the figures show that landlords need to safeguard their income with rent guarantee insurance.
"Unfortunately we aren't out the woods with the economy just yet and thanks to redundancy and unemployment some tenants are struggling to pay their rent," he explained.
Mr Salusbury added that landlords should also take simple precautions like asking for full references and making checks prior to a tenancy agreement.
Chris Horne, editor of Property Hawk, recently said that buy to let owners remain cautious despite the fact that rents continue to stabilise.
20 Oct 2009
