Dekkany

If you are an experienced landlord then you will know the importance of having a very solid insurance policy for when it comes to dealing with certain tenants. The good news is that the vast majority of the people that will let and rent your property will go through the tenancy agreement without any major problems however there does exist that are called rogue tenants; basically those who start off OK then steadily decline to pay their rent and will end up just disappearing leaving you with an empty property and a loss of earnings (rent) for a significant period of time.

For new landlords then you need to learn how imperative it is to have a rent guarantee clause. When you allow someone to rent a property you should always ask for a security deposit; this is usually the price of a months rent and will cover the last month of the tenancy agreement (some people have a tendency to leave right before the last rent payment to save money) however it can also be used to cover the first month that they have left the property therefore reducing the burden on your insurance provider.

For instance; if a person has 5 months left on their contract and suddenly up and leave meaning that you will not be paid rent from them for 5 months the security deposit is there to cover the first of those 5 months so that you can start legal proceedings. It is also so that your rent guarantee clause only covers your rent for the last 4 months, rather than 5, thus saving the insurance company money too. Indeed, finding landlord insurance is easy enough through places like Just Landlords and you will be sure to find the right policy to protect both yourself and your tenants as well.