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Rent Protection and CV-19
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Comments
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Comms69 said:
I have insurance but dont know if it covers me
or
I'd like to buy insurance after the fact
Because the latter doesnt exist, but if it's the former, then we'd need to see the T&CsI have a tenant in situ for this academic year and if they refuse to pay for the next academic term because the Uni is shut, then I don’t think even insurance will pay out, as they have a clause update from the Govt. it seems that they won’t pay for the next three months. Eviction is not an option either, nor is chasing in court.
i guess I better hope my student stays put and pays.0 -
Rent guarantee insurance is not normally possible "after the fact" and does not protect against letting voids anyway. The insurance needs to go in place on or before the start of tenancy and there are normally conditions attached regarding tenant referencing.
I suspect even if you were starting a new tenancy today the policies would have some get-out for the effects of Corona, just like travel policies.
So I think you have little or no chance to insure. Just need to hope normality resumes in time for September intake.
As far as the next three months is concerned, if you have a contract then they still owe the rent. The Gov has advised to allow forbearance with collecting rent but they have not said anyone is to be let off rent entirely.1 -
It looks like many Rent guarantee Insurances will not be paying out when needed.Landlords who bought the premier rent guarantee service offered by lettings agent Leaders have been similarly abandoned. The service promises to cover rental payments if tenants fall into arrears. AN lives in the Philippines on income from a property let in Kent. He pays £36.86 a month for the guarantee and assumed it would protect him if his tenants fell behind with rent due to the pandemic. However, like RoomerFlex, Leaders has written to landlords informing them that the guarantee guarantees nothing when a pandemic is concerned, even though there’s no mention of pandemics in the list of exclusions. Unlike RoomerFlex, it’s not offering to refund the considerable cost of the cover to those who now find themselves unprotected. Leaders was contacted for comment.1
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Thank you so much for all of the advice. It looks like we are in very uncertain and worrying times.
i just am hopeful that the Universities and schools get open soon.0 -
You have stated a profit of £300 a month, that will have to carry you through any void periods. But they may well not happen. Insurance companies tend to not insure for things that have a higher risk of happening .., (like the possibility of floods in some areas can be very difficult to get cover for now, particularly before the government 'intervention'). I'm afraid this is when things like pods become a higher risk, which could not be forseen.
However I would have expected you to look at what you would do to cover the high costs and fees if the pod was not rented out, because covering them is always one of the cons of an investment like this. Sods law tends to rule eventually lol.
Have your checked your documentation to see if there are any rent guarantees and if that applies if you are without a student in the pod?1 -
Unfortunately I believe you're just going to have to suck it up and cover it with your letting businesses emergency funds.
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Sounds like it TBH.0
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would buying a new policy now be even worth it ? Can anyone please suggest an insurance policy at this very moment in time for a landlord to take out, in case the next academic year means that I don’t get a student in situ ?1
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Smb3088 said:Comms69 said:
I have insurance but dont know if it covers me
or
I'd like to buy insurance after the fact
Because the latter doesnt exist, but if it's the former, then we'd need to see the T&CsI have a tenant in situ for this academic year and if they refuse to pay for the next academic term because the Uni is shut, then I don’t think even insurance will pay out, as they have a clause update from the Govt. it seems that they won’t pay for the next three months. Eviction is not an option either, nor is chasing in court.
i guess I better hope my student stays put and pays.0 -
mystic_trev said:It looks like many Rent guarantee Insurances will not be paying out when needed.Landlords who bought the premier rent guarantee service offered by lettings agent Leaders have been similarly abandoned. The service promises to cover rental payments if tenants fall into arrears. AN lives in the Philippines on income from a property let in Kent. He pays £36.86 a month for the guarantee and assumed it would protect him if his tenants fell behind with rent due to the pandemic. However, like RoomerFlex, Leaders has written to landlords informing them that the guarantee guarantees nothing when a pandemic is concerned, even though there’s no mention of pandemics in the list of exclusions. Unlike RoomerFlex, it’s not offering to refund the considerable cost of the cover to those who now find themselves unprotected. Leaders was contacted for comment.
Here's the full Ts & Cs...
https://mr0.homeflow.co.uk/files/site_asset/image/3377/6212/PRGS_TACs_May2017.pdf?1502721680
The key in there is...7 Exclusions
This will definitely count as a "restriction placed on the property", ergo they aren't liable, and it is covered in their Ts & Cs.
Leaders shall not be liable to make any payment under this Premier Service in respect of rental income arrears, legal expenses, alternative accommodation expenses or whatever:
...
7.2.6 the compulsory purchase, confiscation, nationalisation, requisition, destruction or restriction or control placed on or damage to any Property or the actual planned or proposed construction, closure, adaptation or repair of roads or bridges or the actual planned proposed construction, demolition or adaptation of buildings, housing or other works by or under the order of any intergovernmental, governmental, public or local authority0
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