July 9, 2010
Landlord Insurance - New Buy To Let Product
A new Rent Guarantee insurance product for landlords has hit the market from Martin & Co and lettings insurance specialist HomeLet.
Called the Martin & Co Promise, the scheme provides cover for missed rental payments, with 100 percent of the monthly rent paid for up to five months from the first arrears.
It also covers legal expenses for eviction costs and covers the whole property, no matter how many tenants a property investment landlord has.
Landlords will also receive 75 percent for two months after the property has been vacated and while they are looking for new tenants.
Ian Wilson, managing director of Martin & Co, said: “We’ve worked closely with HomeLet for over five years and they’ve used our experience of residential lettings to develop this new product and ensure that its features and benefits are tailored to our landlords' needs.
“Sadly, in the majority of cases it’s a change in the tenant's circumstances that makes them unable to pay the rent.
“This can put the landlord in a difficult situation, especially if their rent isn’t guaranteed. Naturally landlords may be sympathetic, but they still need their rent.”
