For those landlords who are concerned about their tenant's ability to pay rent here is some more good news. jml property Services have just added Simple Rent Guarantee to their two insurance service websites.
With unemployment and rent arrears rising, an increasing number of tenants are
struggling to meet their financial obligations. You can't predict what the future holds for a tenant so to provide Landlords an additional level of protection Simple has developed Simple Rent Guarantee and Legal Expenses Protection which starts from as little as £45 (according to the information they have provided us with).
Simple have now joined a list of other providers including Letsure - HomeLet - Rentguard - Endsleigh in offering this type of product on the buy to let market.
People of course say this will never happen to me, or insurance is a waste of money. Well you never know when the perfect tenant looses his/her job and whatsmore you should of course being declaring your rental income on your annual Tax Return. Like a great deal of expenditure on a rental property - agents fees - accountants fees - repairs etc, insurance payments should be included to reduce your tax liability. Check it out with your accountant.
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