With inflation now at its highest rate in 30 years and fuel and food prices rising ever further, household incomes are being stretched to breaking point for many.
Even if you checked your tenants’ references beforehand and vetted their financial & credit history, life has a habit of throwing curve balls and your tenant may, at some point in the future, be unable to meet their rental obligations. When this happens, it’s not just hard on the tenants but also on you as their landlord, left without a rental income to cover your own mortgage payments.
How can you best protect yourself from rental arrears?
You may have already considered protecting your investment with rent guarantee insurance, but did you know that in addition to providing you with your regular rental payments, it also ensures that section notices are served correctly and any legal matters relating to the repossession of your property are taken care of, too. With the cost of regaining possession of a property now costing landlords an average £10,000 or more in lost rental payment and solicitor’s fees, protecting yourself against this is as essential as insuring the building itself.
Many providers guarantee income for in excess of 12 months and policies can be taken out at any time, including mid-tenancy.
Contact our Property Management team for more details about arranging Rent Guarantee Insurance.
