There are many people around the country that are renting out properties to others. Some may just have one house or flat that they make a little bit of extra income from whereas others will have a whole portfolio that they run as a full time occupation. No matter if you have a single or multiple properties, one of the most important things is that your tenants pay their rent reliably. If they pay late or end up not paying at all then you could be left with a financial headache. The best way to protect yourself from this situation is to take out a landlords property insurance policy.
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Ensuring that you are covered in the event of your tenants failing to pay their rent can take a big weight of your shoulders. The effect of a tenant not paying may not be as severe for someone who has a large number of properties compared to someone renting out a single house. If you only have one or two then the money you are getting is vital if you are paying a mortgage on them. Obviously the money is still extremely important if you do have a large portfolio but the effect of missed rent is not as damaging.
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Even if you have seemingly perfect tenants who have always kept up with payments, circumstances beyond their control can lead to them missing rent. If they find themselves out of work or if they are struck down with a long term illness then they may struggle to keep up with their monthly payment to you. For this reason, it is advisable for anyone involved as a landlord in any capacity to take out a relevant property insurance policy. Failing to do so could end up with you having to go through the courts to try and recover any missed rent and this can be an expensive process.
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