Research conducted by the body revealed nearly three quarters of landlords had experienced rental arrears. The NLA noted that, 43% of these occurred in the last 12 months.
NLA has launched its Rent Guarantee Insurance proposition to offer a way for landlords to minimise the risk from loss of rent. Should problems arise during the tenancy, the cover also provides legal expenses and a dedicated 24-hour advisory service. Available to all residential property landlords, NLA Rent Guarantee Insurance offers much needed piece of mind.
David Salusbury, chairman of the NLA, said landlords may not realise they could protect themselves against rental arrears, but its research clearly showed there was a need to safeguard rental income.
“Unfortunately we are not out the woods with the economy just yet, and thanks to redundancy and unemployment some tenants are struggling to pay their rent.”
He explained: “While it is wise to take out insurance, landlords should not forget the importance of also taking full references and making checks at the outset of a tenancy. Keep in touch with your tenants too. If they feel they can come to you if they are facing difficulties, you may be able to come to an arrangement before rental arrears become more serious.”
