Housing Flat Rent
Many property owners nightmare is a fire or similar damage strike and make their
property they own uninhabitable, hence deprive them of the rental income that it generates and of course, this is very important.
However, in times of economic uncertainty, this is not the sole problem that a landlord faces. Those occupying residential accommodation can face financial difficulties during a recession and while they may well be able to obtain some support from the government in time of hardship, there is no guarantee that this will always reach the landlord. In fact, this could result in property owners losing their income just as much as after a fire or flood!
There are a number of schemes available but the best generally provide insurance to cover the property owner’s loss of rent for anything up to a year after the tenant has ceased to pay rent. One useful extension to the legal expenses cover can be for legal defense of the property owner, in the case of a counter suit for illegal eviction. Legal expenses insurance would also normally cover the cost associated with pursuing a tenant for costs associated with making any damage caused to the premises, should this occur.