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Specialist
Rent Guarantee Section now live on the jml-property-insurance website __________________________________ 27th
October 2009 Summary:
Many
UK landlords are very worried about tenants not being to pay their rent, despite
the fact that they have properly referenced by credit search companies. They are
now protecting their investment with Rental Guarantee Insurance. As
the rental market flourishes, unfortunately more and more landlords are finding
that some tenants cannot pay their rents. The recession and higher unemployment
is not helping and so many landlords are considering taking out a Rent Guarantee
Insurance policy. These
have been around for a number of years via providers like HomeLet
and Letsure.
Rent Guarantee Insurance will protect the landlord in the event that their tenant/s
fails to pay the rent. Of course most landlords will do their best to ensure that
they let their properties to the best possible tenants, but unfortunately it's
a fact of life that events happen beyond their control. If
a tenant falls behind on their rental payments it could have serious financial
implications for the landlord especially if they have mortgage commitments or
other financial income requirements on their property like a pension. In
the first half of 2009 HomeLet
paid out over £1.5 million in Rent
Guarantee Claims and legal costs. It was significantly higher than
in 2008 and reiterates the difficulties faced by both landlords and letting agents. Unemployment
is rising at the fastest rate since records began in 1971 and economists are predicting
that it could be up to five years after the recession ends before employment returns
to stable levels. Taking this into account, it seems clear that rent arrears will
only continue to rise as more and more tenants face difficulties in the job market.
In
the past week the National Landlords Association has launched the NLA
Rent Guarantee Insurance and in September
Letsure launched Rentsure
Complete Rent guarantee insurance. Philip
Suter of jml-property-insurance.co.uk said "We had been marketing HomeLet,
Endsleigh,
Rentguard
and Letsure
rental guarantee products, however this new popular rent guarantee insurance was
not very prominent on our sites so it has been given a complete classification
of it's own. Landlords
are becoming more and more cautious and a lot of letting agents are now offering
a Rent Guarantee package as part of their letting programme. A local firm of letting
agents that I carry out consultancy work for has just introduced a "Management
Plus" service. The service includes Guaranteed Rent, £25,000 Legal cover for eviction
of tenants following non=payment of rent, court costs and 50% of rent paid for
up to 2 months after possession whilst the property is being re-marketed." Philip
went on to say "we have several other landlord insurance providers who advertise
on our sites, who do not offer Rent Guarantee yet, however the trend must be changing.
One of these companies has just launched a specialist website to promote their
guarantee product within the last 48 hours and this product will shortly be added
to those we act as introduction agents for." For
further information please visit http://www.jml-property-insurance.co.uk/Landlords_Rent_Guarantee_insurance.htm Ends... Company
Information
jml
property-insurance.co.uk is part of jml
Property Services, the trading name of Jeffrey
Milner Ltd*. insurance4carrental is a trading
name of jml Property Services. jml* 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, including HomeLet,
Letsure,
Endsleigh
and Rentguard
landlord and tenant rental products, pet insurance, Questor and insurance4carhire
car hire excess insurance via insurance4carrental.com
site and travel insurance products and non standard insurance
products. They also operate jmlvillas.com
an online low cost villa advertising service marketing service for owners of holiday
home property to advertise and are part of the jml
Group that includes jml
Training and Consultancy. ©
jml Property Services October 2009
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