When landlords think of insurance cover, most will immediately think of buildings and contents cover and rightly so as this is by far the most important policy to take out. The problem is that most landlords will stop at this stage thinking that they have covered their risks but they would be wrong.

There are quite a few risks not covered by a buildings or contents policy and the biggest one is the rental income you receive from your tenant. Although your tenant is contractually obliged to pay you rent every month, they may loose their job and be unable to pay you or you may end up in a dispute that leads to them not paying the money that you are due. There are several occurrences that could happen and the only way to protect this income is to take out landlord’s Rent Guarantee Insurance.

This policy, sometimes called Rental Protection Insurance, is often overlooked but should be considered a standard type of cover to take out for any landlord who cannot afford to be without their rent payments. These payments may be used to pay off an existing mortgage on the property as well as the general maintenance of the property. These things will continue to cost you money even if your tenant stops paying you rent so taking out landlord’s rent guarantee insurance will give you the piece of mind as well as the protection you need to consider this big risk as covered.

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