News has come in from the UK Landlord and Tenant property insurance company HomeLet to their letting agents on the 29th May 09.The recession has led to a surge in rental arrears and in the first quarter of 2009 they saw a 20% increase in Rent Guarantee claims. This means that they are helping more landlords than ever before. With unemployment predicted to reach over 3m in 2010 it's inevitable that the number of tenants who default on their rent will only continue to rise.
According to research by the National Landlords Association One in Three landlords currently have tenants in arrears.
HomeLet paid out £3 million in rent arrears and legal costs in 2008
They say that there has been a 20 per cent increase in Rent Guarantee claims so far this year.
Apparently the is guarantee will provide for:
- Cover for missed rental payments
- Specialist in-house Claims team to ensure all claims are handled promptly
- Cover for legal costs incurred in evicting the tenant as a result of non-payment of the rent
Well don't take our word for this, but if you are a Landlord looking for rental insurance you must follow this link
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