Over the last year, we have seen some significant changes to Rent Guarantee products, ranging from complete withdrawal of products from some insurers, to large price hikes set on the levels of cover provided from others.
There was never a time where landlords wanted to protect their rental income more and, at the exact same time, the majority of insurers didn’t want to offer those products to landlords!
It’s fair to say, we have never had to work so hard to ensure that rent is paid on time or, in some cases, paid at all. Understandably, rent arrears have significantly increased in the rental industry.
Don’t worry, it’s not all doom and gloom. This is actually a good news story…
More than half of our landlords have been able to rest a little easier, knowing that they have Rent Protection from Wards, that will cover them if the tenants are not able to pay the rent.
We’ve always been passionate about ensuring that, should the worst-case scenario happen (like a global pandemic), our landlords have the protection they need, when they need it the most.
For our existing landlords with Rent Protection from us (RP PRO) we have a little bit more good news for you. New enhancements took effect from April 1st for your cover (not applicable to existing claims) to ensure payments will continue in the event of a tenant defending a possession claim where previously cover would cease in the event of a counterclaim.
Once vacant possession has been obtained through the courts, 75% of the rent will be paid each month while the property is being remarketed to let with us for up to 3 months.
This is a really positive sign of confidence returning from insurers and helps us to make sure we have the best possible offering for our customers.
Don’t be complacent and leave things to chance. If you don’t currently have rent protection, we can probably still help – contact us. We’ll assist you with the ins and outs of just what’s needed to get you fully protected.
Don’t be complacent and leave things to chance. Whilst the signs are looking positive, the inevitable end of the Job Retention Scheme will most likely pull the rug from under many Landlords and Tenants, resulting in difficulties in paying rent.
We are already steeling ourselves to redouble our efforts to keep tenants on track and recover rent arrears, but we would also be much happier knowing you had Rent Protection in place that will help you when you need it the most.