01 Dec Income Protection Insurance for Tenants

If you are a tenant, or you are a landlord, this may be of interest.

Income Protection Insurance for tenants from is flexible cover that give tenants peace of mind ensuring that they will always be able to cover the cost of their rent and some of their everyday expenses, should they be unable to work due to injury or illness.

Due to the rising costs and a shortage of properties to purchase, the number of people renting in the UK is on the rise and grows every year. Homeowners are actively encouraged to consider the benefits of Income Protection, however many renters are unaware that this product is available to them.

A closer look at the numbers:

• Over the last ten years, the number of people renting their home as more than doubled
• Studies show that from 2018 and predicting to 2023, almost 600,00 new rental properties will enter the housing market
• By 2023, 22% of households will be privately rented

Recent research has shown that a high number of tenants would be interested in finding out more about Income Protection Insurance and how they can protect themselves from falling into financial difficulty should they be unable to work any pay the rent.

Tenants can be evicted after four missed rental payments, making them far more vulnerable than a homeowner who may have other options if they are unable to make their payments, such as an interest only mortgage – for most renters, this is a worry and can cause some financial anxiety. In addition to this, many renters are also saving hard for a deposit to enable them to purchase a property; should they find themselves unable to work, they may have to dip into these savings to cover the rent which will set them further back with their longer term goals.

Using flexible cover to build the right cover for each individual renter or family, Income Protection Insurance for tenants accessible to us via a from a range of insurers, can also feature death or critical illness as well as protecting the income to cover the rent and other payments.

Landlords – if you have tenants in your properties, consider speaking directly to your tenants if you have that sort of relationship, or speak to your letting agent to encourage the conversation.

If you are a tenant in the private rental sector, please get in touch with our Insurance team on 01536 411 144 or insurance@best4umortgages.com and we can arrange for a quote that suits your needs.