According to HomeLet one of the UK's leading Landlord and Tenant insurance providers the recession has led to a surge in rental arrears. In some cases tenants are even abandoning their properties to avoid rental payments. With unemployment predicted to reach over 3m by 2010 it’s inevitable that the number of tenants who default on their rent will only increase.
Rent guarantee claims were up 20 per cent in the first quarter of 2009 compared to the first three months in 2008.
Landlords are becoming increasingly concerned but according to HomeLet who offer a range of Rent Guarantee insurance policies which are designed specifically to protect your landlord’s investment should a tenant go in to arrears.
They provide:
• Cover for missed rental payments
• Specialist in-house Claims team to ensure your claim is dealt with promptly
• Cover for legal costs incurred in evicting the tenant as a result of non-payment of the rent
The National Landlords Association had earlier reported that 37 per cent of landlords currently have tenants in arrears.
In 2008, HomeLet paid out £2.8 million in rent guarantee claims.
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