Letsure
has launched a new combined reference and rent guarantee insurance product to the landlord market. Rentsure Complete combines
Letsure’s
highly inclusive Rent Guarantee insurance with its Comprehensive reference product. The new package has been designed to deliver the highest level of cover at the lowest possible cost.
Cover provided by Rentsure Complete includes legal protection for the eviction of tenants for non-payment of rent, as well as other breaches of tenancy where there are reasonable grounds to evict.
Letsure’s
in-house legal experts are able to handle the technical aspects of evicting a tenant, allowing the landlord to take on new tenants as quickly as possible. Rental payments are made for up to 11 months at 100 per cent until the eviction process is completed, with 75 per cent of the rent paid for a further two months while the landlord makes the property ready for new tenants.
Letsure
Managing Director Ian Fraser (pictured) said the combined product formula was developed to allow landlords or their agents to apply for Rent Guarantee insurance and references at the same time.
He added that the reduction in administration and the increased exposure through the online referencing system,
www.eletsure.com
, has allowed
Letsure
to drive down premium costs and deliver an unprecedented level of cover for a combined policy.
Ian explains further, “Innovation is key to the successful development of services to the lettings industry and we have been working hard over the last eight months to begin expanding our range of products and services.
“The first major release was the replacement of our Emergency Assistance with the new Home Emergency Assistance to include boiler breakdown cover and the second has been the release of Rentsure Complete.
“Central to the development of Rentsure Complete was the desire to maintain the high level of cover offered on our other policies, whilst at the same time keeping administration to a minimum and lowering costs as much as possible.”
A recent survey by the National Landlords Association found that 37 per cent of landlords reported that their tenants were in arrears. Last year the legal and claims department handled over 4000 notified claims and paid out over £2.8 million on Rent Guarantee insurances.
Ian Fraser adds, “The two most common events leading to claims are unexpected unemployment and relationship breakdown, neither of which can be predicted and both of which can happen to anyone.
“This unpredictability means that even the most stringent referencing process won’t be able to prevent against every possible occurrence, so it’s important to have in place plans to mitigate the potential loss.
“Legal fees can be costly and mortgages still have to be paid, but very few landlords will have sufficient financial resources to absorb these costs.
Letsure
can provide insurance to cover these costs, for any type of tenant and on any type of property.”
