As any landlord will tell you, one of the hardest parts of the job is chasing people up for missed rent payments. While it may be slightly unreasonable to expect everyone to pay their rent on the specified day all of the time – sometimes people have a short discrepancy of a few days between their pay check clearing and the rent being due – however the majority of cases are dealt with in a swift and reasonable manner and more and landlords and generous enough to allow a few days leeway for their clients. However, what happens in the case of a continued failure to pay rent?

If the tenant who has failed to pay rent for a number of months and has actually vacated the property then you need to get the contract terminated however this can take a while and you will be unable to rent out the property in question in the meantime; however what you can do is claim this loss of earnings back through a clause in your insurance policy. When a person signs a tenancy agreement they usually agree to pay a security deposit of one months rent and this will usually be used to pay the rent for the last month of the yearly contract as some people try and get out of paying the last month and leave the premises early.

This can be used to cover the first month of the loss of earnings however the rent guarantee part will come in for every month thereafter and will cover you in the event that the tenant never pays up. By going online and looking an insurance policies like those offered from Just Landlords you can see how many packages have this clause already inserted and how important it is to the landlord business.