The current Covid-19 crisis has changed the way businesses and industry sectors operate, and the Property sector is no different.
Since the government announcement of the lockdown, landlords are seeing higher levels of non-payment and unoccupancy in their properties, with a large number now looking at short term rental contracts under a licence to rent agreement rather than Assured Shorthold Tenancy agreements. This is allowing key workers such as NHS staff access to properties whilst they are working and need to remain isolated.
Whilst this is great news for the landlords and potential tenants, it does create some questions for your insurers, as the number and type of tenants may be different to that originally declared. Based on our investigations, there are insurers that are happy to continue cover on the same basis with no changes, however our advice is to speak to your Insurance Brokers and/or Insurers before you make any changes, as you could be left without cover should there be an incident and the Insurers are unaware. If your Broker is unable to help, contact us at NetRent on 01352 721300 and we can look to source cover that provides the protection your changing needs require.