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Monday 26 October 2009

New rent guarantee insurance launched

The National Landlords Association has launched ‘NLA rent guarantee insurance', an insurance package for landlords and helpline support specifically designed for NLA members who face increasing pressure from tenancy disputes and rental arrears.

Rent guarantee insurance - best rates

RGI has been developed for the NLA by specialist legal expenses provider Arc Legal Assistance through the NLA's insurance broker Hamilton Fraser Insurance.

According to the NLA, 1 in 3 landlords have tenants in rental arrears.

Paul Berwick, head of marketing, NLA said: "The level of these arrears is heavily influenced by the current economic climate. Many of our members are landlords with large property portfolios who are likely to face greater exposure to rent arrears."

Richard Finan, director of Arc Legal added: "This is a clear indication of how this sector of the landlord market has adapted its business model to provide more support and assistance in difficult financial times."

RGI covers six and twelve month tenancies and has been developed to complement the NLA's new tenant referencing service.

NLA members also have access to a specialist 24/7 technical legal helpline provided by Arc Legal's panel solicitors which sits alongside the NLA's in-house advice line for members.

This landlord insurance package extends Arc Legal's relationship with the NLA, which also provides professional fees and tenancy deposit protection cover to mydeposits, a joint venture between Hamilton Fraser and the NLA.

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