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The number of people unemployed increased by over 50,000 in the first three months of 2010, to slightly over 2.5 million according to figures recently released. The international labour organisation figures show that unemployment is currently at the highest level since December 2004.

The declining job market shows no sign of recovery according to Ian Brinkley associate director of the Work Foundation “Job losses accelerated in the three months to March. Nearly 80,000 jobs in this period compared with job losses of 12,000 in the three months to December. “

How does this affect landlords?

Economic uncertainty and job insecurity is having a duel affect on landlords according to letting experts. Firstly new tenants are increasingly unwilling to agree to longterm tenancy agreements, with the average tenancy now under a year in London. Shorter tenancies increase the likelihood of properties being unoccupied more often than planned for by landlords.

Frequently empty properties and tenants inability to pay rent due to unemployment can have an extremely big impact on landlords who rely on rental income to pay mortgages and other property bills. Landlords faced with these difficulties are urged by experts to maintain communication with tenants in order to negotiate an agreement that reduces the impact of a tenant’s unemployment on both parties. Landlords should also consider rent guarantee insurance to protect them from loss of income.

Compare landlord insurance including rent guarantee, unoccupied property insurance and landlord contents insurance with CompareCrazy.com

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The single biggest residential property sale since the credit crunch has been agreed with Lloyds Bank group. Valued at around 400 million the 21 apartment blocks include 500 apartments in areas including Chelsea, Pimlico and Kensington.

This latest deal spells fresh confidence in the property sector in the London and South of England as cash rich buyers actively compete with each other for prestigious developments. Prime locations such as the former Middlesex hospital in the West End of London have attracted interest from Grosvenor the Duke of Westminster’s private property company and the insurance giant Aviva.

If you are considering expanding or starting you property empire however modest or grand you ambitions, protecting your assets as cost effectively as possible is essential. Luckily you can compare landlord insurance for individual or an entire property portfolio.  With CompareCrazy.com you can compare landlord insurance quotes for residential, commercial and mixed use property quickly directly from your PC.

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A survey from  Paragon independent property investment  suggests that despite the greater risks of default landlords are still not protecting themselves. Despite increasing levels of unemployment, landlords are failing to protect themselves against potential tenant arrears by having inadequate levels of insurance. Only 12% of landlords said that they have legal expenses and rent guarantee insurance which was symptomatic of a general level of under-insurance across the landlord community.

Only 66% stated that they had specialist landlord buildings insurance cover and 17% had portfolio insurance, which covers all of the properties in their portfolio. Only 0.5% of landlords said that they insured tenants’ contents.

So why are so many landlords under insured? A straw poll suggest several reasons why landlords are so frequently under insured including, lack of awareness, fear of insurance costs, lack of time to sort insurance.

With unemployment rising and an increase in unoccupied property being vandalised, landlords are risking financial ruin by nor ensuring they have sufficient landlord insurance in place. With such a range of landlord insurance available at competitive prices, landlords without insurance are making false economy in uncertain times.

Landlord insurance is especially designed to provide landlords with comprehensive and competitively priced protection for almost any risk faced by a landlord.

Compare Landlord insurance online faster and make sure you are not at unnecessary risk.