When you are looking for cover for your let property, any insurer needs to know the use to which the premises are going to be put – and this includes the type of tenant to whom you intend to let the property.
That is the key to understanding what makes landlords’ insurance for housing benefit tenants – and tenants who are unemployed – a specialist and critical form of cover if these are among the occupants your buy to let business targets.
There is one very good reason why you may need specialist landlord insurance for tenants on housing benefits or those who are unemployed (i.e people who are in receipt of Universal Credit) – and that is because many regular insurers impose specific exclusions on letting to this category of tenants.
You might even have found that your buy to let mortgage lender imposed similar conditions excluding such tenants in order for you to secure the loan to buy the property in the first place.
Their argument is that tenants in receipt of welfare benefits – whether housing or unemployment benefit – make less reliable and more troublesome tenants:
You might think it unfair that many insurers tar all such tenants with the same brush, since your own experience has shown that those on low incomes, the unemployed, or others in receipt of DSS benefits make perfectly reliable and trustworthy tenants – and your particular buy to let business relies on the rent you receive from them.
When you are looking to buy let property insurance for housing benefit tenants, or those who are unemployed, there are a number of factors to keep in mind:
When you ask us to arrange your landlord insurance for housing benefit tenants or your let property insurance for unemployed tenants, you may rest assured that cover is extended for any class or type of tenant you care to choose – although the normal precautions continue to be expected, of course, in the background checks you make before reaching any tenancy agreement.
It is products such as these, and our attention to first-rate customer service, which have helped us become one of the leading independent, online property insurance brokers in the UK.
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