Enhanced landlord insurance for Renters’ Rights Bill

Goodlord is boosting its rent protection and legal expense insurance, aiming to shield landlords from the complexities being introduced into the PRS by the Renters’ Rights Bill.

The firm says its revamped insurance package offers robust safeguards and increased financial backing for new policies and renewals under Goodlord and Vouch.

The upgraded insurance includes a guarantee for the first month’s rent if unpaid after a tenancy agreement is signed, enabling landlords to claim immediate compensation.

There’s also an offer of compensation to protect against concerns surrounding Section 13 of the Bill – which has sparked unease among landlords.

Goodlord’s new cover will compensate the difference between the original and increased rent for up to six months or until a First-tier Tribunal ruling, whichever occurs first.

Risk profile is shifting

The firm’s managing director of insurance, Oli Sherlock, said: “As the industry prepares for significant changes under the Renters’ Rights Bill, it’s clear that the risk profile of lettings is shifting.

“We recognise that plenty of suppliers are saying they are ‘Renters’ Rights ready’ but in truth very little has been delivered.”

He added: “We’ve been working behind the scenes to ensure our insurance product evolves in lockstep with those changes.

“These unique insurance enhancements are designed to offer greater peace of mind and practical support to landlords and agents at a time of peak uncertainty.”

Damage cover increased

The lettings’ platform has property damage cover which has quadrupled to £1,000, while alternative accommodation support has tripled to £175 per night for three months.

Storage costs are covered at £15 per day for the same period.

Goodlord says its changes reflect its commitment to supporting its clients amid shifting legal landscapes and evolving tenant-landlord relationships.

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