Home Property Almost half of landlords have considered rent protection or additional insurance

Almost half of landlords have considered rent protection or additional insurance

by LLP Staff Reporter
23rd Aug 22 4:31 pm

Despite their concern over the current economic landscape, the majority of landlords are keeping calm and carrying on at present.

59% plan to maintain their current rental portfolio over the coming 6-12 months, according to the LettingaProperty.com survey.

That figure rises to 79% for landlords using LettingaProperty.com to manage their buy to let properties, as a result of the additional support and security that the platform provides.

It furnishes landlords with the ability to find tenants and access a wide range of services, including professional tenancy setup and referencing, rent management, health & safety cover, home emergency cover, dispute resolution, information updates and more.

In addition to taking a cautious approach to protecting the income on which they rely, landlords have a range of other concerns right now. Top of the list is government changes to legislation, with respondents to the recent LettingaProperty.com survey citing the Renters Reform Bill and upcoming EPC changes as being among their worries.

Jonathan Daines, Founder and CEO, LettingaProperty.com, said, “We’ve had a number of conversations recently with landlords who are concerned about cost-of-living rises, and the impact this may have on their tenants’ quality of life.

“At the same time, landlords are increasingly seeking information on rent protection, so they are covered should their tenants become unable to pay their rent.”

In the first quarter of 2022, 62% of landlords subscribing to LettingaProperty.com plans chose to include rent protection. In Q2, this figure rose sharply, with more than 75% of landlords opting for the added security of rent protection.

For landlords whose sole source of income is their property, rent protection is an absolute must, as LettingaProperty.com customer Eleanor pointed out, “I have rent protection, as the rent is the source of my income. When I worked full time, I had income protection – it’s just common sense if you rely on the income.”

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