As a landlord, facing the risk of missed payments can be unsettling. With the rise in the cost of living, increased interest rates and seemingly universal financial struggles, more and more landlords are experiencing difficulties in this area. Due to this issue, something that landlords have found beneficial is a rent protection and legal expenses service. These policies offer landlords protection rights, providing security and peace of mind. Let’s find out more about rent protection, and its benefits.
“Should the unexpected happen, you’ll get the income you expect and the support if you need legal representation to recover your property.”
What Is A Rent Protection Insurance Policy?
A rent protection and legal expenses service does exactly what it says on the tin – it protects the income (rent) of a property that has been let to a tenant. Sometimes things can go wrong, even when you’ve taken measures to protect yourself. Rent arrears can be disastrous when you rely on this income to pay a buy-to-let mortgage. Insurance can often settle a dispute in rent arrears or damage to a property outside of the legal system and handle the time-consuming task of making a settlement. With our licensed providers service, you’ll always get the income you expect and if you need legal representation to recover it, our providers service can help.
How Does Rent Protection And Recovery Work?
The provider will pay rent arrears whilst a tenant or ex-tenant still occupies the property until vacant possession is obtained. After this, they will continue to pay 90% of the rent until the property is re-let for a maximum of six weeks. They will also cover the costs and expenses of recovering rent from a tenant or ex-tenant, if the amount of rent unpaid is more than £250.
Processing Claims
This will include preparing the documentation for the claim, submitting it within the specified timeframe, and providing further evidence where required. They will also keep you informed about updates in your claims process.
Eviction Of Tenants Or Squatters
If there are squatters or ex-tenants in the property without your consent, the service will assist with the costs of eviction. You can claim legal expenses to evict a tenant, for mandatory breaches that require the pursuit of a civil dispute.
What Are The Benefits Of Investing In A Rent Protection And Legal Cover?
There are several benefits you can experience as a landlord investing in rent protection. These include:
Steady Finances
One of the main benefits of rent protection is the financial security it can provide. In the current climate, landlords are increasingly finding that they experience late or missed payments from tenants. This can severely impact their monthly income. Due to the guarantee of landlords receiving the money they are owed whilst being protected, they can have peace of mind in their finances, allowing them to plan for their own futures.
Third Party Conflict Resolution
When working with a company for rent protection, landlords can limit the amount of communication they can have with tenants. This kind of conflict resolution can help prevent landlords adding to an already stressful situation.
Our experts at Pure Lettings can introduce a rent protection and legal expenses service to provide you with peace of mind. Our team work with you, ensuring a personalised service to landlords across Kent and South-East London. Our experience in the industry allows you to rely on professionals to resolve your issues and recover your owed payments. Call us on 01698 400100 or send an email to info@pure-lettings.co.uk.
