Landlords should consider taking out insurance that covers them if their tenants have accidents in the home, it has been suggested.

In general landlord advice, financial website MoneyWise claimed that one of the greatest financial risks a property owner faces is being sued for negligence by those who reside in their homes.

Getting the right cover is one of the most important landlord responsibilities, the portal stated.

Other issues they must consider, especially in the current economic downturn, include finding the right mortgage.

MoneyWise said that private landlords need to be aware of when their buy-to-let mortgage deals are running out, because the payment options may be different from original contracts.

It also indicates that property owners should ensure they are up to date with all regulations and that they keep communication channels open with tenants to make sure problems can be dealt with.

The Association of Residential Letting Agents set out proposals to help tenants in its Budget submission this week. It hopes the government will take on board the comments ahead of chancellor Alistair Darling's speech on April 22nd.

Related posts:

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  2. Communication with tenants ‘vital’
  3. Landlords five top tips for better tenant management
  4. Unoccupied property risks ‘might not be insured’
  5. Govt urged to support the buy-to-let market

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