Conditions 'improving for landlords'
Landlords are seeing conditions in the rental sector improve, however, they are being advised to ensure they get insurance to cover them in the event that their tenants are unable to meet the rent.
And tenants looking for property to rent in Fulham or another borough of London may also wish to find out if their landlord has such assurance as this could offer them peace of mind if they too have concerns about job security.
Chris Horne, editor of Property Hawk, said it was a false economy to try and cut back on such insurance as they could be liable for millions of pounds under public liability in respect of their buy-to-let property.
"Landlords need to be making sure that their properties are fully let and avoid periods [where they are not], which is the worst of all scenarios because they are paying out but not receiving any rent," he explained.
His comments come after Direct Line for Business revealed 30 per cent of landlords are worried about not receiving rent from tenants, but some are cutting back on insurance to save money.
Written by Martyn Glynn
Published 14th September, 2009
© 2009 Estates IT Limited
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