The Need for Landlord Insurance

Part of being a landlord is unfortunately having to deal with bad tenants. It seems like the prevalence of bad tenants is becoming rather common in the UK. A survey taken reported that a little more than 40% of tenants are behind in their rent payments. That is a significant burden for the landlord to whom the money is owed.

One type of tenant that is becoming more prevalent within the UK is known as the professional bad tenant. These people intentionally become behind in their rent and then move on to another rental property. Additionally, they often destroy properties as they move from place to place creating another type of headache for landlords to content with.

You would think that the legal system could help landlords with this problem. Regrettably, these tenants purposely exploit the legal system. The reason for this is the County Court Judgments or CCJs can only be registered if the landlord takes measures to force the tenant to repay the rent. However, most tenants do not have the money to make this possible.

For today’s landlord the best method of dealing with problem tenants is to have some sort of landlord insurance. Landlords insurance is designed to protect landlords from a variety of situations that could occur. For instance, in the situation where a tenant fails to pay rent, the policy would provide reimbursement to the landlord for lost rent. Keep in mind that if the rental is unoccupied, the policy would not pay for lost rent due to the inability to find a tenant.

Damage can be rather costly and time consuming for landlords to repair. These expenses are also covered by landlord insurance. Keep in mind that for damage to appliances, fixtures, plumbing and similar items to be covered, contents coverage will need to be included in the landlord insurance policy.

Leave a Reply

Situs ini menggunakan Akismet untuk mengurangi spam. Pelajari bagaimana data komentar Anda diproses.