Letting platform Goodlord has updated its Rent Protection and Legal Expense Insurance product, which it said it designed to help agents and landlords prepare for the Renters’ Rights Bill.
From the start of June Goodlord and Vouch products will introduce a new level of cover which can be accessed if a tenant disputes a valid Section 13 rent increase.
Property damage cover is being increased and will now cover any damage up to £1,000, four times higher than previous amount.
Alternative accommodation costs are being tripled, with up to £175 per night for up to three months. Storage costs of up to £15 per day will also be covered for up to three months
Meanwhile the first month’s rent is guaranteed, if a tenancy agreement is signed but the first month’s rent is not paid.
Oli Sherlock (pictured), managing director of insurance at Goodlord, said: “As the industry prepares for significant changes under the Renters’ Rights Bill, it’s clear that the risk profile of lettings is shifting.
“We recognise that plenty of suppliers are saying they are “Renters’ Rights ready” but in truth very little has been delivered.
“We’ve been working behind the scenes to ensure our insurance product evolves in lockstep with those changes.
“These unique insurance enhancements are designed to offer greater peace of mind and practical support to landlords and agents at a time of peak uncertainty.”