Rent safety net offer to tenants
Kent estate agent is to be the first in the country to offer tenants an insurance policy which protects them against the financial impact of losing their job through redundancy, sickness or accident. Your Move believes that many would-be buyers are now turning to the rental market because they are finding it harder to get a mortgage and the company saw a 65 per cent rise in demand for rented accommodation between August 2007 and August 2008 alone. Because of this, it now has a policy aimed at people in rented accommodation who, although they aren’t homeowners, could still face significant financial hardship, should they lose their job. “It’s quite common for homeowners to take out insurance policies that protect their mortgage payments, for example, should they suddenly become ill, have an accident or lose their job but it’s something many tenants simply don’t think about because they don’t have a mortgage, said Marion Bell of Your Move Lettings, Canterbury. “Worryingly, however, if they did lose their job they would still be expected to pay their rent and landlords would be within their rights to eventually evict them if they didn’t. “Yet we’re not sure that tenants have thought about this. “As a result we’re actively promoting an accident, sickness and unemployment policy to tenants – we’re the first letting agent to do it but feel, with the increasing number of people choosing to rent rather than buy, that it’s our responsibility to do so. “Tenants can receive, for example, an income of £600 a month for one year by paying a premium of 22 a month – that’s less than £6 a week. “And, of course, they can choose the amount of benefit and the length or time they receive it for – so it could be even cheaper” If you’d like to find out more about ASU Cover from Your Move or to gain a free, no obligation quote, simply contact Your Move by calling 01227 453662.