Goodlord continue to offer rent protection insurance
Goodlord has said it will continue to offer rent protection insurance under the new government rules.
The firm added that it intends to introduce new support services.
Under the new service, if a tenant is no longer able to meet their payment obligations, Goodlord will first help landlords and tenants build and execute viable repayment plans.
It outlines that this process will begin as soon as the letting agent has been notified that the tenant will be unable to pay rent.
Furthermore, it will include hands-on guidance on legal obligations, financial assessments, template payment plans, and bespoke advice if tenants do not engage in the process.
Proceeding this phase, claims will then be accepted subject to criteria.
Coverage will include 100% of rent owed, including rent arrears accrued during the three-month period in which legal proceedings could not be started.
Existing policy benefits will also still apply, including property damage cover as standard and legal expenses coverage up to £100,000.
Oli Sherlock, head of insurance at Goodlord, said: “In what has been an unprecedented few days we are seeing COVID-19 affect nearly every aspect of business and how businesses operate.
“In regards to the lettings industry, a particular effect has been the introduction of new legislation restricting the ability to evict a tenant for a period of three months, alongside arrangements for three month mortgage holidays.
“Goodlord welcomes the government’s commitment to help tenants and landlords through the immediate crisis. But this decision has wider reaching implications for products like rent protection and legal expenses cover.
“In the last week, we have seen numerous suppliers in the industry remove such products.”