Renting my property to insurance companies?
Hi, 18 years ago, we managed to rent our three bedroom, end of terrace property to the council but it left us with a financial burden. The council did the original contract and over the years the price of bills, and market rates all increased except our rental income.
We ended up with a huge loss and no control of our property until the tenant left. I heard about insurance companies renting from private landlords on a short term basis and was wondering whether anyone has had any experience with this?
I am considering offering my property for short term lets to families who need emergency accommodation through insurance companies and if anyone can give valuable insight in how I go about doing this, I would be really grateful.
Thanks,
Ruby
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Member Since September 2022 - Comments: 193
10:12 AM, 10th April 2024, About 2 years ago
Wow never heard of Insurance companies getting involved in providing emergency accomadation to homeless people.
Now the council might be interested in your rental but that did not work out well last time ?
Member Since July 2017 - Comments: 462
10:37 AM, 10th April 2024, About 2 years ago
Several years ago we had a house that we were renting out. In between tenancies our letting agent was approached by an insurance company to house a family for four months. Their own house had been badly damaged in a fire and rectification work would take some time. The insurance company paid in advance so the deal looked attractive. The family moved in with two boisterous children. When they were due to leave the house was inspected and many fence panels were broken due to being continually hit with a football. Also some damage in the house. The family had paid no deposit and we only got part of the money back for the repairs.Generally I have found if people get something for nothing or something free they don’t take care of it if their own money is not involved – so be careful.
Member Since April 2024 - Comments: 1
10:49 AM, 10th April 2024, About 2 years ago
Reply to the comment left by Dennis Forrest at 10/04/2024 – 10:37
Thanks Dennis for your feedback. ?
Member Since February 2021 - Comments: 106
11:37 AM, 10th April 2024, About 2 years ago
Never in a million years
Crazy idea
Member Since October 2020 - Comments: 1178
5:38 PM, 10th April 2024, About 2 years ago
So you’ve already learned the folly of rent to rent schemes, but now you think you’ll do it again!!!
Member Since February 2021 - Comments: 106
5:53 PM, 10th April 2024, About 2 years ago
Reply to the comment left by David at 10/04/2024 – 17:38
Some people never learn…
And we wonder why the PRS is in a mess..
Yes part of it is legislation – part is fiscally naive landlords