Number of Landlords Buying Rent Guarantee Policies Skyrockets in 2011

23 February 2012 Categories: News

Number of Landlords Buying Rent Guarantee Policies Skyrockets in 2011

The buy to let insurance specialist, Let Alliance, has reported a 39% increase in the number of rent guarantee policies sold during the last six months of 2011. Let Alliance, a new company that has been trading for just over one year, saw 49% of landlord references from letting agents actually purchase a policy in the second half of 2011 – up from just 10% in the first half of the year.

It also saw a large increase in the number of letting agents referring landlords to them for buy to let insurance services, and now reports dealing with referrals from over 250 separate letting agents each day.

The huge increase in the number of rent guarantee policies being sold of late has been attributed to the instability in the job market, the rising cost of living and the growing number of tenants who find themselves falling into rental arrears. Landlords are now starting to worry about potential loss of income and quite rightly see rent guarantee policies as the best answer.

Andy Halstead, founder of Let Alliance said “Our first full year has been an outstanding success and we have outperformed all expectations. By the end of this year (2012) we plan to be working with 1,000 letting agents.”