Watch out for rent payments

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The struggling UK economy is affecting almost everyone, including property owners with landlord insurance.

While they are currently benefiting from almost unprecedented levels of demand, they are at the mercy of other factors.

Key among them is the financial circumstances of their tenants.
Many people are experiencing trouble financially, with money in short supply and tenants are among those most vulnerable as record high rents are stretching the resources they have and leave them with little extra cash.

Bills are rising but wages are not increasing to match them.

Indeed they are falling, with many people expected to be earning less over the next three years than they do now.

And these are the lucky ones – others will not have a job at all.

UK unemployment this week reached its highest level for 17 years – a statistic which should worry everyone.

Landlords are getting used to tenants defaulting on their rent payments and they will have to do so as this is a trend likely to persist for some time to come.
But there is something landlords can do to limit the damage.

Getting protected with rent guarantee insurance can help soften the blow when landlords take a hit.

17th October 2011