Sometimes this could be because they have changed their credit card and not notified HomeLet of the change, but usually it would be because they have gone over their credit limit after a big spend over Christmas and the New Year sales.
In today's post we received letters from HomeLet advising that a Landlord who has at least three rental properties in the west midlands had not paid.
The letters say "to ensure continuance of cover, we will attempt to collect the outstanding amount from the client's credit/debit card account over the course of the next 10 days. Thereafter the regular premium will be collected on the normal collection day.
We must inform you that failure to maintain monthly installments could result in the cancellation or voidance of the client's policy in accordance with policy terms and conditions."
In a nutshell this means if the payments stop so does the insurance cover, so what happens in the middle of winter if the landlord has a burst pipe, roof tiles blown off the roof or a tenant stops paying rent? It could be a major problem for the landlord.
If you are a Landlord or Tenant and you stop paying your insurance premium, remember you are exposing yourself to no insurance cover.
To find out more about HomeLet Landlord and Tenant insurance products follow this link. http://homeletuk.com/cgi-bin/alpha.cgi?agentschemeno=1501435