Landlord insurance news

Make sure you are insured against arrears #buytolet

With rents on the rise and demand for rental property increasing, it seems like a golden age to be a buy to let landlord. There is one cloud on the horizon though that all landlords should consider.

Figures relating to arrears and evictions are also on the rise. The number of tenants with with more than two months arrears increased by a massive 11,400 in the last 12 months and evictions rose by 11%  in the same period. So if the risk of default is increasing, what are your options?

Quite simply, the best thing to do is insure against that risk. Most comprehensive buy to let insurance policies will allow you to insure against loss of earnings and legal costs if your tenants default and are unable to pay. This low-cost addition to your monthly outgoing will protect your revenue if a tenant defaults and cover your legal costs if the situation deteriorates.