Taking out rent protection insurance is always a good idea, even if your property is currently let to good reliable tenants. Even the best tenants can find themselves in unexpected circumstances where they may be unable to pay their rent.
You can take out rent protection insurance at any point during a tenancy, although many landlords choose to take out rent protection cover at the start of a new tenancy when they are dealing with all the other relevant pre-tenancy admin.
Many landlords rely on their rental income to pay important bills like their mortgage, so rent protection insurance is well worth the cost if it gives you financial peace of mind and safeguards your income.
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