Whether you are a single person, living with friends or living with your partner and children, if you rent your home, you’re not alone. Almost a third of the working age population rent their home, compared to less than 1 in 10 at the turn of the twenty-first century 1. The average cost of rental payments in the UK is over £800 per month (£1300 in London), with these figures set to rise over the next few years 2, likely to rise to over £10,000 a year just in rent, before utility and household expenditure.
In times of economic and housing uncertainty, we just don’t know what tomorrow brings. People who rent their home can spend almost half of their income on rent, with these costs increasing over the next few years. Most rented housing contracts are for 12 months, initially, with one month notice, yet statutory sick pay – possibly lower than your usual monthly income – is only paid for up to 28 weeks.
You could consider taking out a Rental Protection Insurance plan, to help cover the payments to your private landlord or lettings agency.
There are three plans available to help customers protect the payments on their rented home.
This plan is designed to provide a regular monthly payment, which could be used to help cover rent payments, if you can’t work due to an incapacity caused by an illness or injury, which has resulted in a loss of earnings (please note that this cover isn’t suitable for unemployment
Should the worst happen, in the event of your death a regular monthly payment would go to your surviving family, which could be used to help cover rent payments during the length of the plan.
A lump sum, or family income benefit, could be provided for you or your family, which could be used to help cover rent payments in the event of your death, or if you’re diagnosed with a specified critical illness, during the length of the plan.
For more information and advice on Rental Protection Insurance, please get in touch with us for a chat. As an insurance broker we will go to the whole of the market to make sure we are providing you with the right cover at the right price. Call us on 01822 855555 or request a call back.