Insurance 'extremely important for landlords'
Nearly three-quarters of all landlords have experienced rental arrears, new research shows.
According to the National Landlords Association, 43 per cent of these landlords have suffered from non-paying tenants in the past year.
Responding to the news, Malcolm Harrison, spokesperson for Let Insurance Services, said that this meant it is "extremely important" that property professionals secure insurance to cover themselves in the event that their tenants cannot meet their rental payments.
"[A tenant] can lose his job and then all of a sudden he can't afford the rent. If you have got rental guarantee insurance then at least you are covered for that," he explained.
Mr Harrison noted that the increase in rental arrears was "inevitable" due to the economic downturn.
Britons looking for flats to rent in Wandsworth or another part of London may find that their landlord can be more flexible if they cannot meet a rental payment on time, should the property professional have insurance in place.
Written by Charles Mackay
Published 21st October, 2009
© 2009 Estates IT Limited
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It is "extremely important" that landlords secure insurance, one sector commentator has claimed.