Saga launches Landlord InsuranceMonday 7 July 2014
• Product designed following research with landlords • Almost one in 10 over 50s is a landlord • Optional rental income guarantee • 10% multi-property discount.
Saga launches Landlord Insurance
Following extensive research with existing landlords, Saga has launched Landlord Insurance, designed with them in mind. Research involving more than 10,000 over 50s shows that almost one in 10 is a landlord while independent research suggests that there has been a 33% increase in retiree landlords since 2009. These figures show there is a growing market, which Saga believes has so far been underserved when it comes to insurance.The average over-50s landlord owns two properties and just under half of them manage the property themselves, this means taking on all the pitfalls of being a landlord such as unpaid rent, damaged property and dealing with repairs including burst pipes or boiler trouble.
Landlords over 50 say they want to be perceived as good landlords, however despite the best intentions almost a third (32%) have had tenants refusing to pay rent, 27% have had problems with tenants damaging the property and one in 10 has had to resort to legal action to resolve disputes with tenants.
Defaqto 5 Star Rated Saga Landlord Insurance has a wide range of benefits tailored to those with less than 10 properties, whether they’re experienced or completely new to the renting game. It includes the following and more:• Unlimited legal advice, plus up to £100,000 to cover the cost of any proceedings relating to rented property
• Up to £100,000 of cover towards tenant eviction included as standard
• Accidental damage cover included as standard
• 10% multi-property discount
• Optional Saga Home Emergency cover, to help sort problems such as burst pipes or broken boilers at rental properties
• Optional rent guarantee cover, so if a tenant stops paying rent and won’t move out, Saga covers rent during the eviction process.
Roger Ramsden, chief executive, Saga Services, commented: “The nation's over-50s landlords have told us that they rely on their properties to provide an income in retirement. A rental guarantee is really important to help ensure they are not out of pocket."
*Populus interviewed 10,630 Saga customers, all aged 50+, online between 15 and 23 May 2014. Populus is a member of the British Polling Council and abides by its rules; for more information see www.populus.co.uk
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