Rent Guarantee Insurance Reduces Arrears Risk

Private rented sector landlords who don’t use Rent Guarantee Insurance are at increased risk of suffering tenant rent arrears, as rent debt becomes the fastest growing debt problem in the UK according to one charity – The Money Advice Trust.

The charity claims that the number of private rented sector tenants calling them for advice regarding increasing rent arrears has risen year on year, with more than 20,000 calls answered between January and October 2013.

This represents a 37% increase of tenants worried about rent arrears in the past two years.

Private rental sector (PRS) landlords who are not adequately covered with rent guarantee insurance will be most at risk from this growing concern, as rent arrears are expected to continue to increase during 2014 as financial pressure increases on many families across the UK from all sides, with increasing energy costs, the rising cost of living and rent increases, as well as Government reform of the welfare state affecting many thousands of PRS tenants.For help and advice regarding tenant rent arrears, tenant eviction or to arrange a rent guarantee policy from just £95 for 6 months cover, please visit our website www.legal4landlords.com

PLEASE NOTE: From the 1st February our rent guarantee product is changing.

The change will affect all of the current prices and there will be more choices for you.

ALL OF THE KEY POINTS OF THE INSURANCE POLICY WILL REMAIN THE SAME.

The New ‘Rent Protection Product’ Bandings for you to choose from will be:

• 6 Month Rent Protection – £0 – £500 Rent PCM
• 6 Month Rent Protection  – £501 – £1000 Rent PCM
• 6 Month Rent Protection – £1001 – £2000 Rent PCM
• 6 Month Rent Protection – £2000+ Rent PCM (please enquire for a rate)
• 12 Month Rent Protection – £0 – £500 Rent PCM
• 12 Month Rent Protection – £501 – £1000 Rent PCM
• 12 Month Rent Protection – £1001 – £2000 Rent PCM
• 12 Month Rent Protection – £2000+ Rent PCM (please enquire for a rate)

The new rates and bands come in to affect from the 1st of February 2014.

If you would like to put a rent protection policy in place before the changes take place then please contact legal 4 Landlords ASAP!

This was written by Mike Clarke. Posted on at 11:45 am. Filed under Insurance. Tagged 12 month, 1st February 2014, 6 month, background check, bandings, changes to rent guarantee products, charity, choices, costs, debt problem, energy prices, financial pressure, Government, increase, increasing rent arrears, insurance, insurance policy, landlords, living costs, pay the rent, pcm, policy, Private rented sector, products, protect rental income, prs, reduce arrears risk, rent, rent arrears, rent default, rent guarantee, rent guarantee insurance, rent increases, rent protection, rent protection product, rental income, rising cost of living, safeguard rental income, tenant eviction, tenant reference, tenant rent arrears, tenants, the money advice trust, UK, Welfare Reform. Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.