Usually getting rent payments from clients is not an issue however sometimes you can come across rogue tenants who do not pay their rent and this can make a landlords job particularly difficult. However it can be a very rewarding career although why should you look at websites such as JustLandlords.co.uk for your landlord insurance and what kind of insurance are you going to need?
You can essentially split landlord insurance into two different sections. One of these sections covers yourself as the owner of the property and the other is more geared towards your tenants. It is a fact – albeit a rare one – that some people do consciously fail to pay their rent on time and this can build up for months and months and they can easily get themselves in mountains of debt and when this happens they often just take up and leave. This action can leave you in a very precarious position because you cannot simply rent the property back out if the contract is still there even if they have not been paying rent so often it has to go to court or at least to a lawyers office for negotiation. But if you were to have a rent guarantee clause you can be covered for this and you may be able to claim for legal expense too.
The second part of this insurance deals with the property itself and its contents. It is highly unlikely that major structural damage will occur to your property but what is the point in taking the chance if this happens because you may as well be covered for it. Furthermore, even though the chances of being broken into and items being stolen is also a long shot, without the proper insurance you will find yourself in trouble legally speaking.