The impending Renters' Rights Bill ("RRB") will be bringing even more pressure on to a landlord's property business.
When we recently spoke with a large number of our Clients to check their understanding of the RRB and what it could mean to them if their tenants don't pay the rent, maybe for one month, or two, or 4, or more (some of our Clients told us stories of them suffering 19 months of rent arrears!), and with insurance companies telling us that some of their stats show arrears and repossessions waiting 3 years, it is clear that 'income protection for landlords is absolutely crucial.
But here's the thing, the vast majority of the people who we called and carried out market research with, either a) had no idea that Rent Guarantee Insurance ("RGI") was actually available anyway, or b) those who had heard of it just assumed that it was an expensive product, so didn't explore any further.
And here's the unfortunate issue, those Clients who have (and are) tried to claim back lost rents and also started eviction and possession actions, told us that they all wished that they had RGI in place to help them.
RGI can include;
repayment of lost rent through an insured amount
legal expenses cover to pay for eviction and repossession
single properties or also portfolios can all be covered
Look at the chart above. £'000's of rent per property per month can be covered, for as little as £143 per year!
For that specific policy, that's 99.52% of your rent covered for just 0.48% paid as the annual insurance premium.
99.52%! Or, a landlord takes the risk, all 100% of the risk, and decides not to arrange this cover and consciously chooses not to protect their valuable assets, income and financial security.... and possible adverse effect on their credit worthiness too if their mortgages become unaffordable and go unpaid as well.
Can you afford to not receive £'000's of rent, for maybe 6 months or more, whilst still having BTL mortgages to pay, insurances, maintenance, letting agent management fees, etc?
To see what your own personalised quote looks like, call us for a review.
Our expert and experienced team will help you with the most suitable arrangement and pricing.
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