With the economic slowdown biting hard we are recommending that all Landlords ask us about rent protection insurance. The current economic downturn is expected to deepen in 2009 which inevitably is going to leave some tenants & landlords in a very difficult position.

Rent Protection Insurance covers landlords against non-payment of rent and provides valuable income in the event of tenant default. "Some landlords don't buy it because they think the cost of insurance is not worth paying compared to the risk that they are taking" commented Michael Portman from Let Insurance Services. The truth of the matter is that the insurance could make all the difference if a tenant stops paying and refuses to move-out.

According to NLA statistics published last month, some 71 per cent of landlords expect rent arrears among their tenants to increase this year. With possession proceedings taking up to 6 months in some cases, that's an awfully long time to be without any income.

The impact of the economic downturn means high numbers of UK employees could be made redundant in 2009 so we would recommend that all of our clients consider insuring their tenancies until the economy turns the corner.

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