Landlords are being warned if they are worried about tenants going into arrears take out a rent guarantee insurance policy from a specialist insurance company like Letsure.
In February 2009 the NLA (National Landlords Association) issued a press release entitled
74% of advice line calls about tenants not paying rent. They are the leading representative body for private-residential landlords in the UK they had published figures showing its advice line has received over 30,000 individual telephone calls in the past 12 months. The advice line had taken on average 2,500 calls per month Of these calls 74 per cent of calls were from landlords seeking advice on how to deal with tenancies when rental arrears start to build up.
As the recession continues to bite, a growing number of tenants are defaulting on their rent payments, leaving many landlords in a difficult position with their own mortgage repayments. Increasingly, landlords are seeking advice on the best way to deal with tenants who have fallen behind with their rent, including the legal eviction process.
The NLA message on their Advice Line was clear - if a tenant is in financial difficulty they should talk to their landlord as soon as possible.
Landlord insurance providers like Letsure who have been providing landlord and tenant insurance products for years have been promoting their Rent Guarantee Products a great deal this year.
With the Letsure Rentsure Silver Rent Guarantee Insurance product, according to Letsure‘s current information, the landlord can be covered for the monthly rent for up to 12 months on breach of tenancy agreement, 100% of the rent paid until full and vacant possession is obtained ,75% of the rent paid for up to 2 months once full and vacant possession is obtained until the property has been re-let. It will also cover legal costs. Full terms and conditions are obtainable from Letsure via a dedicated link the jml-property-insurance.co.uk website. http://www.jml-property-insurance.co.uk/letsure.htm
Philip Suter of jml-property-insurance said†We have been introducer agents since 2002 for Letsure insurance products and it is evident that more and more tenants will fall into arrears and Landlords need to protect their investment. The rental market in the UK is very good at the present time, however a tenant who has been thoroughly referenced and who is in regular employment can still be made redundant and not necessarily find a new job.â€
Letsure also caters for the Tenant market with Tenant‘s Contents Insurance products. So many tenants, particularly if they have never rented before assume that the Landlord‘s insurance does not cover their possessions. Most tenants have a lot of personal belongings like a computer, mobile phone, ipod and of course clothing and often a TV. It is essential to insure these and of course to take out cover in case the renter damages the landlord‘s property e.g. spilling coffee on the carpet.
Further information at : www.jml-property-insurance.co.uk
Company Information
jml-property-Insurance.co.uk is part of jml Property Services, the trading name of Jeffrey Milner Ltd. The company is an UK based company that was established in 1979. jml insurance acts as an introducer for insurance companies selling property insurance including landlord and tenant rental products, pet insurance, wedding insurance, motor insurance, car hire excess insurance, travel insurance and non standard insurance products. They also operate jmlvillas.com an online marketing service for owners of holiday home property to advertise and are part of the jml Group that includes jml Training and Consultancy