Insurance warning for UK landlords

News Category: Management

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Landlords and letting agents should be aware that tenant referencing does not predict the future.

Analysing a tenant's past and current situation prior to them moving into a property cannot give an indication about any unforeseen financial problems in years to come, according to one industry expert.

Keshav Thukaram, managing director of Smartlandlord.co.uk, said that landlords need to know that the current economic climate could throw up tenant surprises in the future, which highlights the need for rent guarantee protection products.

Property rental software can also help landlords stay on top of their own financial situations.

"Any tenant, whatever their employment may find themselves in financial difficulty due to some unexpected loss of income," warned Mr Thukaram.

Tenants still need to be referenced as usual, but landlords should look for "new ways" to protect themselves, he added.

His words of warning could prove particularly vital to the hundreds of new landlords who have joined the market after failing to sell their homes.

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