With 44 per-cent of the UK’s landlords experiencing missed payments over the last six months, the security of the property market has been called into question. Now Belvoir Sheffield, one of the leading providers of property to rent in Sheffield, are launching their very own answer to landlords Insurance, to cope with the increased demand.
The new figures launched by the National Landlords’ Association (NLA), show that a staggering 37 per-cent of landlords currently have tenants in arrears with their rent and only 50 per-cent of these decided to take action through the courts, leaving thousands out of pocket.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of properties to let in Sheffield, said, “These figures paint a pretty dim picture of the rentals market, but for many, these problems will only occur if they have inadequate cover. It is tempting to compromise on insurances during such financially difficult times, but without them, you will certainly be left out of pocket. This is why we have developed our very own solution.”
The new Landlords Insurance package offered by Belvoir Sheffield now covers tenant default, so providing that you have complied with the standard policy conditions, Belvoir Sheffield will pay up to twelve months rent, plus up to £25,000 in legal fees.
It might be tempting at the outset to try to save costs and the complexities of protection can be confusing to those starting out for the first time. Put simply, as a landlord, you are effectively using your property as an extra source of income, so it makes business sense for this to have adequate protection. Rent default and legal protection is not usually included in ordinary insurance policies and in the most part must be insured separately.
Rick , from Belvoir Sheffield, added, “Because landlords are making a second source of income from their property, this means that they require a special insurance system.
“Once you have the correct Landlords Insurance, you can rest safe in the knowledge that you are protected against your property being damaged by fire, the repairs needed to put the damage right, and this insurance policy would also would cover the rent that you would be missing out on from a tenant having to move out.
“My advice to any property owner would be to make sure that they are covered against every eventuality. It is better to be safe than sorry, and amidst these economically turbulent times, security is not something that should be taken for granted.”
For further information about insurance for lettings, pricing and policy wording please click here
