UK Landlords Urged to Review Property Insurance

Since UK lenders have become less strict in credit card lending, which rose by £0.1 billion, buy to let landlords should consider buying or renewing their property insurance policies.

Another reason for this is the growing number of Brits struggling with monthly payments on credit cards, loans, mortgages and other financial commitments. Should tenants face such difficulties, they are highly likely to fall into rental arrears as well.

A recent report by the Residential Landlords Association suggests that the number of tenants in arrears for 3 months or more is dramatic.

Commenting on the situation, Mr. Tapp of Credit Action said that the rising debt problem appears to be continuous.

Landlords, however, have a chance to protect themselves against tenants' arrears by making sure their buy to let insurance features rent guarantee provision. If it does not, landlords are urged to contact their insurance provider to see if anything can be done about it. Elsewise, they can always compare buy to let cover rates online.