The end of furlough and how it might affect your income.
“Everything’s fine. The tenant’s on furlough. I don’t need cover.”
Don’t let these be your famous last words.
As pandemic restrictions continue to ease and the end of furlough approaches, have you stopped to think about how this might impact your rental income? And what effect it might have on rent arrears?
The furlough scheme comes to an end in September, but revisions start next month, and from 1st July 2021, employers will be asked to contribute more towards the cost of furloughed employees’ wages. This could see a rise in job losses.
If your tenant loses their job and has no funds to pay the rent, where does that leave you? No rent, no income, no business.
How to protect your income?
It’s simple. Take out Rent Protection Insurance. For a modest premium, you’ll have guaranteed protection of your rental income, covering 12 monthly payments at 100%.
Our policies also cover your legal expenses associated with evicting the defaulting tenant up to £50,000.
