As the Queen’s Speech mentioned the Tenant Reform Bill again, it seems likely that landlord insurance will have to evolve slightly, depending on whether the key elements of the Bill make it through Parliament of course. But this recent research by Admiral highlights how tenants are increasingly concerned about legal disputes over deposits and repairs, so maybe there is a growing market for a new type of Tenant Insurance, which doesn’t just focus on Contents cover, but also the protection of a lifestyle?
For example, a policy which panelled out the County Court legal actions required to make a landlord carry out repairs quickly and to a safe standard, plus chased up cash held by the snail-paced DPS agencies, might prove a wise investment for some tenants?
Admiral Home Insurance has uncovered the main causes of tension and disagreements between tenants and landlords ahead of the Rental Reform Bill, revealing the changes both sides really want to see when it comes to renting. New research from the insurer found six in ten tenants feel that renting a property negatively impacts their mental health, with 62% saying they feel either stressed or anxious because of their living situation.
The top issue facing renters that contributes to stress and anxiety is repairs to a property not being carried out, with a third (33%) citing this as a reason for their worries. Renters’ stress could be justified, as only a quarter of renters say requested repairs have been carried out to their satisfaction, while almost one in ten (9%) say repairs haven’t been made at all.
Other worries raised by renters include concerns over their landlord increasing rent during the tenancy (27%) and feeling worried about receiving notice to end a tenancy or facing eviction (19%).
However, Admiral’s research suggest renters aren’t the only side feeling the strain. Almost half (45%) of landlords surveyed have had rent payment issues, while nearly a fifth (18%) have experienced aggression from tenants.