Thursday, 3 September 2009

Agents encourage Landlords not to fall victim to the credit crunch

Letting agents who act in partnership with HomeLet, the UK’s leading insurance provider for the lettings industry, encourages landlords not to fall victim to the credit crunch by ensuring their rental income is properly protected. Last month the National Landlords Association (NLA) published research showing that 71 per cent of landlords expect rent arrears to increase during 2009.

The research also revealed that 67 per cent of landlords have experienced problems with rent arrears in the past, while 37 per cent are having payment difficulties with current tenants.
jml Property Services have been HomeLet Premier agents since 2002 and can provide landlords with an excellent selection of insurance products designed specifically to safeguard their rental income.

As unemployment has reached the highest level in 11 years and the latest research from the NLA shows many landlords are understandably concerned about the effect the credit crunch is having on their tenants’ ability to pay their rent. jml Property Services have been members of the NLA since the 1980’s (when it was known as the “Small Landlords Association”) and their surveys are most beneficial to Landlords.

In 2008 HomeLet paid out £2.8 million in rent guarantee claims and anticipate that this figure will continue to rise during the next 12 months as more and more tenants find themselves unable to meet their financial commitments.

Apart from Landlords insurance –(including Landlords Portfolio insurance for owners of several properties) HomeLet provides very competitive Tenants insurance and has recently introduced an updated price policy called "Tenant's Contents Insurance +".The insurance provider had been listening to customer feedback. HomeLet acknowledges that it is becoming more and more common that tenants share the cost of renting by sharing their home with a friend or colleague. The new policy allows for up to three people to share the same policy as long as they are employed and not a full time student.

HomeLet is the UK’s largest tenant referencing, rent guarantee and specialist insurance provider for the lettings industry and offers landlords a wide range of products through its network of almost 5,500 letting agents across the UK.
HomeLet is a trading name of Barbon Insurance Group Limited. Website: homelet

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