Which is the best landlord insurance when tenants are on benefits?

Which is the best landlord insurance when tenants are on benefits?

0:07 AM, 31st May 2024, About 6 months ago 4

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Hello, I’m posting for a friend who is a landlord with a 2-bed flat in London. I’m hoping other landlords can help.

I would like to know: Who is the most most effective landlord’s insurance for a tenant in receipt of housing benefit?

May I also admit, the tenant is paying between £3/400 pm under current market rent value. They do not look after the property and live in a way that has created mould issues.

My friend has recently spent £9k on a new damp course and remedial action, but if the tenant continues to live the same way, I see future problems.

I suggested they serve notice to the tenant before the reforms, and refurbish the property as a family member would like to move in.

What are your thoughts please?

Ellen


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Cider Drinker

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8:54 AM, 31st May 2024, About 6 months ago

If your ‘friend’ is charging below market rate, that isn’t the tenant’s fault.

If the property needed a new damp course, that isn’t the tenant’s fault.

Your suggestion could prove expensive for your friend and would be somewhat unfair on their tenant.

LordOf TheManor

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11:22 AM, 31st May 2024, About 6 months ago

Quick question....

What events are you trying to insure?

Judith Wordsworth

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14:38 PM, 31st May 2024, About 6 months ago

Your friend should have a home owning guarantor in place at the outset.

Landlords fault for not charging a market rent, but many don’t and use the LA Housing Allowance as I did, but not £300+ a months less.

Matt - London letting Agent

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9:22 AM, 3rd June 2024, About 6 months ago

Reply to the comment left by Judith Wordsworth at 31/05/2024 - 14:38
Agreed. Always best to exercise caution

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