Why landlords should have rental and legal protection insurance
The festive season has now passed, and normality is setting back into our daily lives. But the season of goodwill can also leave our pockets and bank accounts looking bleak. A change in circumstances or an unfortunate situation can put pressure on tight budgets, and with all the best will in the world, your normally reliable tenants could be in a situation where they are struggling to pay their rent.
Just as Christmas may have been financially challenging for your tenants, it may also have put a strain on your resources. Broken guttering, or a dodgy boiler, for example, can cause your expenses to rise. One thing you are relying on is your monthly rental income, so what happens if this doesn’t materialise? What impact would this have on your portfolio?
In most circumstances, your rental payment may just be a bit later than usual, but you could find yourself in a more serious situation that could see you take steps to have your tenant evicted. The costs involved with such a process can put a strain on your already tight budget, so imagine the relief you will feel knowing that no matter what happens to your rental property in the future you know you can rely on your rent being paid, as well as the costs incurred for an eviction.
It’s not only a financial strain, but also a mental one too. This is your property at the end of the day and we know how much emotional pressure rental properties can put on a person, especially when things start to go wrong. Taking away the financial pressure can relieve some of that tension and allow you to focus on getting things resolved as swiftly and painlessly as possible.
This is why we offer all our managed landlords our rental guarantee scheme. It gives you peace of mind, which in a lettings market that seems to be forever changing, has to be a good thing.
“If your tenant lost their job and was unable to pay their rent, could you still cover your mortgage payments and costs for eviction? If the answer is no then you need to consider taking up a rental guarantee policy. We understand the importance of this at Bidmead Cook which is why we offer this service to our managed landlords,” says Natalie Young, Director of Lettings.
We have teamed up with a great legal protection insurance scheme, one which we feel best suits the needs and expectations of our landlords. All of our lettings team will be able to provide you with an overview of what’s involved before introducing you directly to the scheme, at which point you will be given specific details relating to your own situation and portfolio.
We’re always looking at ways we can improve our service to our landlords, so if you’re unhappy with your letting agent and want to see what other options are open to you, then come and speak to a member of our Bidmead Cook lettings team. We know you’ll be surprised and impressed by what we can achieve for you and your portfolio.