Better supporting your tenants
While the vast majority of landlords have acted professionally and humanely in their approach to helping tenants worst affected by the pandemic, it’s clear that additional support is required in terms of rental arrears, tenancies and in protecting their mental and financial health.
Tenant support comes in many forms and a recent survey from Paymentshield concluded that landlords should help “educate” their tenants when it comes to their insurance requirements. A recent YouGov poll, commissioned by Paymentshield to over 1,000 adults, found that 67% of those living in a rented property do not have contents insurance. This equates to over nine million renters in the UK living in a home where their possessions are not protected from being lost, stolen or damaged.
However, 84% of homeowners have contents insurance in place. Paymentshield believes there to be multiple reasons behind the low numbers among renters, including tenants underestimating the value of their contents and deeming insurance to be unnecessary or expensive. The insurance firm also feels that the figures demonstrate that the industry isn’t talking adequately enough to tenants about their needs.
Of course, it’s not a landlord’s responsibility to ensure that tenants are protected, and the onus must remain on the tenant in question, but research like this does raise the question of how landlords could potentially better support and educate their tenants. Part of this comes back to the advice process received by the landlord. Is there an opportunity for landlords and advisers to work together to offer tenants access to the type of insurance cover they need?
These are the types of conversations which could benefit all parties in this chain and certainly provides some food for thought.