Letting agents and landlords using Goodlord’s Rent Protection & Legal Expenses Insurance policy will now have their rent protected until vacant possession is obtained, with no cap on the number of months covered. This will allow landlords’ to claim up to £100,000 worth of missed rent payments and legal expenses. Previously, this was capped at 12 months’ worth of payments.
In a post-pandemic first for the rent protection insurance sector, the extended coverage will begin on 1 November and builds on Goodlord’s comprehensive existing offering developed through an award-winning partnership with insurance giant, DAS UK.
This extended coverage is being offered for the same price as the current policy and is available to existing and new customers, whilst also available on renewals and transfers from other providers.
The augmented coverage from Goodlord recognises that, while notice periods might have returned to pre-pandemic levels, the eviction process remains slow. Thanks to a backlog of cases dating from before the pandemic, the continuation of COVID-19 review hearings and an increase in the number of eviction instructions since the end of the eviction ban, landlords can be waiting for months for a resolution.
Eviction instructions have soared by 43 per cent between 1 June 2021 (when the eviction ban ended) and 1 September, compared to the same period in 2019, according to research by Landlord Action.
Oli Sherlock (right), Director of Insurance at Goodlord, commented on the new policy arrangement, “Goodlord’s continued priority is ensuring our agents can offer landlords market-leading coverage that minimises risk in the face of continued uncertainty.
“Whilst notice periods have returned to pre-pandemic timelines, we’re concerned that landlords are still seeing long delays before they are getting their properties back. This is making the situation untenable for those who don’t have the right protection in place.
“We therefore wanted to bolster our rent protection insurance product to reflect the current environment and ensure landlords can continue to manage their portfolios with confidence.”