Are your tenants leaving themselves open to deposit disputes?
Nationwide Building Society estimates that more than two million privately rented households in the UK may have no insurance policy on their properties. Figures from a survey conducted earlier this year*, reveal that just under half of the UK’s 4.44 million renters may have no home contents insurance at all: 22% polled admit they have no contents cover and a further 26% don’t know if they have any cover or not.
Another finding disclosed that 19% of tenants mistakenly think it’s the landlord’s responsibility to arrange cover.
The poll, commissioned by Britain’s biggest building society, was carried out on more than 1000 tenants earlier this year.
Despite this gap in tenant cover, 48% of renters worry that they will cause accidental damage and the poll cites this as the most important consideration when taking out home insurance.
With the contents of an average rented property amounting to over £25,000, the figures highlight a lack of awareness among many tenants and suggest that more knowledge is needed about the importance of reliable cover.
Every lettings professional wants a successful tenancy, so it makes sense to help your applicants protect the property they rent and their deposit.
Providing timely information is the key to avoiding deposit disputes and protecting any of the fixtures and fittings tenants may be responsible for.
Introducing our new enhanced tenant insurance We’re delighted to announce that we’ve partnered with Let Alliance to introduce a market leading product specifically designed for this purpose. Whether it’s families, couples, or students, we all know that accidents and unforeseen events happen. Allowing us to contact your tenants with information about insurance, gives them the choice and protection they need. With flexible cover options and a Nil Excess option on all policies, tenants can choose standalone liability insurance or upgrade to include contents insurance. The policy covers 12 months and monthly payments make it easy to budget.
Let Alliance is one of the UK’s premier providers of specialist lettings insurance which means we’re confident that our new Tenants’ Liability cover, with optional Contents Insurance, offers your tenants complete peace of mind when moving into their new home.
It’s not just your tenants who can benefit from our insurance products Help your landlords get vital protection too, with specialist Landlords’ Buildings and Contents Insurance. Developed specifically to meet your landlords’ requirements, our insurance helps reduce their risks and protect their investment from the unexpected - such as burglaries, storms, or malicious damage by tenants. Our policies are competitively priced and there are innovative cover options to choose from, including Nil Excess. As a thank you for letting Rent4sure take care of your customers’ additional product needs, we’ll pay you a referencing rebate on every product sold. It’s that easy. Once you’ve registered, we’ll get you set up straightaway so consenting customers can find out what’s available and talk through all the options with a member of our experienced Insurance Team.
Any questions? Contact one of our friendly account managers for more details. Ring us on 0330 088 3774 or book a call.
*Source, Nationwide Building Society News at 22/3/21.