>Landlords Protect Your Income

Landlords Protect Your Income

Rent-guarantee-insurance

It's too late to get Rent Protection when the tenant stops paying — will you be happy as a Landlord then?

I have never been one to extol the virtues of Rent Guarantee Insurance ...then again, that was before the Coronavirus pandemic. The goal posts have changed now as we are living in unprecedented times. And if you are a landlord, like me, with a large or small Buy To Let property portfolio it's worth considering on the basis that we have never had an economic downturn like the one we are having now, since WW2. It makes sense to protect your income if a tenant is hit with financial difficulty through no fault of their own.

Sadly, the UK unemployment rate has increased by 5% in the past three months alone, that is 202,000 people. Whilst there's light at the end of the tunnel, the economic outlook remains uncertain. Furthermore, the governemnt keep extending the eviction ban it's now at least 21st of February 2021 according to Housing Secretary Robert Jenrick. For more information about evictions read our previous blog. If you are protected by Rent Guarantee Insurance, when the worst happens your business will receive the rent and you will not lose your income.

We have teamed up with a reputable insurance provider who will pay an amount of arrears up to 15 months on 1st March. And the in–house legal and claims team will take care of the process for you. You do not have to have your property on with us to claim this policy and in addition you can have an existing tenancy which would also be eligible for cover providing:

  • There is a tenancy agreement in place.
  • There is a correctly registered deposit of at least 1 month’s rent or confirmation of an approved Nil Deposit Scheme.
  • Satisfactory references are in place.
  • There have been no arrears or disputes in the last 6 months of the tenancy if you have referenced tenants, otherwise 12 months if no reference.
  • There are no known issues at this time which may give rise to a claim.

Help your business stay protected and make the most of this fantastic product, we all want to face 2021 by doing the right things along the way. And that means protecting your income in these difficult times.