The lettings agency Portico is partnering with Goodlord to offer a new insurance policy to its landlords.
Portico landlords can now benefit from rent paid in full should the tenant fall into arrears, which applies for up to 12 months.
The agency – citing campaigning charity Shelter as the source of its data – claims that over 440,000 tenants were in arrears in June alone because of the Coronavirus economic fall-out.
Portico chief executive Robert Nichols says this influenced his decision to offer the new service: “Landlords and tenants have faced uncertain and unpredictable circumstances in recent months, from adjustments to notice periods as a result of the Coronavirus Act 2020, to the recently extended stay on possession proceedings.
“I believe that responsible agents should be planning for a second spike in the COVID-19 infection rate. Part of that responsibility means taking prompt and decisive steps to protect our landlord clients.”
The agency is offering two options for insurance cover that apply for up to 12 months, or until vacant possession – whichever occurs first.
There is also legal cover plus protection against a breach of a tenancy agreement.
This post has originally been featured in Letting Agent Today.