- Fri 05 Feb 2021
The lettings sector has been hit with a variety of changes over the last few years, so much so that many Landlords, whether a single property venture or multi property business, are struggling to keep up with the latest regulations. One thing that all Landlords do understand is that being paid the rent is of paramount importance!
Covid-19 has seen many Landlords receive either a reduced level of rental income and in some cases, none at all. A comprehensive 'Rent Guarantee & Legal Expenses Insurance' policy will be one way to help Landlords sleep a little easier at night and if it isn't something that you have considered in the past, it certainly is worth looking at now.
At Bradleys, we suggest all of our Landlords consider such a policy and are able to offer a quality product to our clients, either as an inclusive part of our service or can be purchased as an addition, depending on which level of our management service you choose.
As with all insurances, the devil is in the detail and so it is important to keep an eye out for a few key benefits of a comprehensive policy;
1. Excess. The excess will of course vary between policies, you are able to secure nil excess or relatively small ones, although it is likely to effect the cost.
2. Liabilities. Should the situation arise, you will need to know who is liable for what and so check the detail and ensure you are happy prior to commencement of cover
3. Exclusions. Check the small print. Are you clear upon the scope and finer detail of your cover?
Taking out 'Rent Guarantee & Legal Expenses Insurance' is another way of protecting your business of letting a property, whilst it will not cover everything, it could be the difference between keeping your head above water financially, or not. We are lucky at Bradleys, we have some very understanding landlords that have been keen to work with us and their tenants to help everybody through the toughest of times in last year and so far into 2021. Should it not be possible for landlords to be so flexible, insurance will be essential and so action may be required now.
Moving forward we find ourselves in uncertain times and facing increasing legislative changes imposed by the Government, some as a result of the global pandemic and others unrelated. Now more than ever it is important to seek professional advice and guidance as even the most honest of mistakes or oversights can be very costly on a number of levels. Additionally, comprehensive tenant referencing is crucial during these times. Whilst this is not an exact science, it serves to ensure your property is let to the most suitable and stable of tenants. Combined with 'Rent Guarantee & Legal Protection Insurance' you have the peace of mind in that should your tenants circumstances change for the worse, you are not left with significant financial exposure.
If you wish to find out more about Bradleys Property Management service options, simply contact your local branch or arrange your free valuation via our online booking system.