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Despite the fact that the majority of landlords expect tenant rental arrears to rise this year, many do not have insurance in place that would cover this.

This is according to Redbrick, which suggested that 71 per cent of buy-to-let investors anticipate that there will be an increase in payment arrears among tenants.

However, the firm - which is part of the Paragon Group of Companies - found that only 12 per cent of landlords polled have combined legal expenses and rent guarantee insurance.

Those without such cover may be left facing legal bills if they have to take action against tenants over unpaid money.

Redbrick Landlords Insurance director Tony Armitage said: "There appears to be a lack of awareness about the availability of these products and in the current environment landlords should be doing all they can to protect themselves."

Claiming to have more than 200,000 customers, the Paragon Group of Companies describes itself as one of the country's largest specialist mortgage lenders.

04/08/2009 15:56