Leading insurance and referencing firm HomeLet & Let Alliance has significantly increased the cover its rent guarantee insurance offers landlords and letting agents.
The firm’s rent guarantee insurance now includes missed rental payments until vacant possession of a property or for up to 15 months, whichever comes first, and legal expenses of up to £100,000.
HomeLet & Let Alliance says increasing the cover for an insurance product like this even though many customers are months off renewal is unprecedented.
Also, it has been completed despite the government extending the bailiff evictions ban for another six weeks to February 21st. The improvements will apply to all new business, all ‘portfolio transfers’ and to all existing policies.
“This means that every one of our customers can feel the benefit, without the need to wait for renewal,” says Andy Halstead, the firm’s CEO.
“At the end of April this year, the Government’s furlough scheme ends, and millions of people face uncertainty and potential redundancy.
“This time however there is light at the end of the tunnel, the vaccine roll-out has commenced, and all being well, we should get our lives back by the summer of this year.
“So, we have decided to act now in the best interest of our valued agent customers.”
“It has never been more important for letting agents to provide rent guarantee to their landlords.
“In a world of great uncertainty, it is essential risk management for landlords’ rents and legal costs to be protected; along with the letting agent fee income.”