It is "essential"that landlords are covered by a specialist rental insurance provider as tenants find it increasingly difficult to pay their rent, a report claims.

With the economy gripped by the credit squeeze, the rising cost of living and increased unemployment means many UK residents are falling on harder times.

As a result, more and more tenants are unable to meet their rental demands, leaving some landlords facing financial hardship.

According to Let Insurance Services, some landlords are failing to cover themselves against the risk because of higher premiums caused by the crisis.

However, Philip Suter of jml-Property-Insurance.co.uk warned that this could be a false economy.

"Insurance is one essential you can't afford to be without today,"he advised.

"You must make sure your possessions are properly covered and you need to go to a specialist rental insurance provider for this."

A report by the Independent revealed that insurance group Endsleigh has seen a "marked growth"in the number of landlords seeking rental guarantees.ADNFCR-2002-ID-18938832-ADNFCR

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  4. More landlords seeking rental guarantees
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