Landlords need to consider landlords insurance as the number of unemployed tenants rises

Unemployment among new private sector tenants  is up nearly 5% in a year. Landlords need to consider the impact of unemployed tenants and protect themselves with the right landlords insurance and rent guarantee insurance.

Research by Smartlandlord.co.uk also shows that there has been a rise in the number of self-employed tenants from 7.8% to 8.4%.

There’s even been a slight rise in the number of retiree tenants from 7.8% to 8.1%.

With more unemployed going back into education the number of new tenants which are students has also reason significantly from 0.2% last April to 4.1% now.

Kershav Thukaram, managing director of Smartlandlord said ‘With the occupation of tenants diversifying from traditional employment, landlords need to make sure they reference tenants to ascertain they can afford the property, and ask for guarantors where necessary.’

He added ‘But tenant referencing is an indication of a tenant’s past and current situation – it is no guarantee of the future. In the current economic climate, any tenant, whatever their employment may find themselves in financial difficulty due to some unexpected loss of income. This means landlords need to look at new ways to protect themselves, such as rent guarantee insurance and rent on time.’

MoneyHighStreet works with Simple Landlords Insurance, who provide competitively priced landlords insurance cover, quickly and easily online.

You can get the insurance quote and if you’re happy with it you can buy the landlords policy there and then online.

Considering the findings from SmartLandLords, the good news is that Simple Landlords Insurance can cover all types of tenants, including

• Professional or working tenants
• Retired tenants
• Student tenants
• DSS tenants
• Housing Association tenants
• Holiday Rental tenants
• Asylum Seeker tenants