Payment protection offered to tenants
Wednesday, 24 Sep 2008 15:16
Renters can now take out a payment protection policy specific to them
British Insurance has launched a payment protection policy specifically for people who rent properties.
The policy covers up to £1,500 per month rental payments or 50 per cent gross monthly income and starts at £1.90 per month per £100 of monthly benefit.
Managing director Simon Burgess said: "Mortgage payment protection insurance products are commonplace, but they do not provide a financial safety net for the millions of tenants who also risk losing their homes.
"Those renting face the same financial pressures - just because they don't have their names on the deeds, their property is still a home and the consequences are equally devastating should something happen to stop them meeting their monthly rental commitments."
Steven Hilton from the National Landlords Association added: "The reality in this type of economic climate is more and more are getting into problems. Why shouldn't tenants be able to access the same protection products as owner-occupiers? This type of product is well over due."
The policy offers back-to-day-one payouts and one set premium rate, a choice of cover options and caters for people who voluntarily leave work to become carers for up to one year.
British Insurance said claimants also receive free back to work assistance with telephone advice, a 'back to work' guide offering practical help and guidance on job seeking, CV preparation and interview techniques, plus access to a daily updated job vacancy database highlighting opportunities that are not necessarily advertised on a wider scale.