Rent arrears payouts to get quicker promise insurance duo
Let Alliance and Homelet will prioritise and speed-up rent insurance arrears claims by letting agents during cost-of-living crisis.
Letting agents can now recoup rent arrears faster following the launch of an initiative from industry insurance giants Homelet and Let Alliance.
The two companies, which are part of the Barbon insurance group, have committed to prioritising arrears claims submitted by agents and landlords to its assessors, saying it has seen the number of claims beginning to climb.
They also expect the private rented sector and its agents to face a volatile period as the cost of living crisis intensifies and that ‘doing nothing is not an option’.
Effective immediately, Homelet and Let Alliance will pay all rent protection payments as faster payments, meaning the money will reach agents’ accounts immediately, subject to bank processing.
Criteria
Also, they will begin paying outstanding arrears upon receipt of a claim, subject to qualifying criteria.
Will Eastman (pictured), Head of Legal & Claims at HomeLet and Let Alliance, said, “We are here to serve our customers and do everything possible to make their businesses successful.
“Rent Guarantee claims are increasing, and we will undoubtedly see more claims throughout the winter as the cost-of-living crisis worsens and the energy price cap is set to increase.
“As the largest provider of rent guarantee insurance in the UK, we can make claims payments immediately upon receipt**. We have the resources to support our customers, who are at the heart of everything we do.”
HomeLet and Let Alliance jointly protect over £1.2 billion of rental payments through their Rent Guarantee policies on behalf of over 6,500 UK letting agents.
