Changes to Rent & Legal Protection from 1st October 2020
Please be advised that policy terms will change from 1st October 2020*.
This is due to current legislation changes and the insurance underwriters amendments. Whilst we understand this is not ideal, we still have a great product to offer – one that remains very competitive, particularly in the current climate.
The new policy details are as follows:
- The definition of rent will be amended to 75% of the monthly rent due under the tenancy agreement
- The maximum number of monthly payments will be 8, so the maximum to be paid for rent is £15,000
- We will exclude rent arrears following the issuing of a Section 21 where there were no rental arrears at the time of issuance of the Section 21
- You will require the tenant to take advantage of any government support schemes if offered
As of September 2020 and the updated Coronavirus Act, we estimate the average eviction timescale to be 13 months.
If you would like more details about the changes being made and how these may affect you, please don’t hesitate to contact our team for help.
*Your current policy will not be affected, the change is for all new and renewal policies from this date.