If you are the owner of a home or premises, and you are concerned that your tenant will not pay the rent, We can help you with our Landlord Insurance in Tenerife and Las Palmas!
From the real estate sector they foresee an increase in delinquencies in the payment of housing rental income, due to the economic and social crisis derived from the coronavirus. It should be noted that, according to INE data, in Spain 17,5% of families live in rented homes. In the Canary Islands the figure is higher, 19,5%. This has generated the interest of homeowners in protecting their rents. For this reason, since the coronavirus crisis broke out, various brokerages specialized in insurance in the real estate sector have appreciated a increase in the contracting of landlord protection insurance.
It should be noted that on December 22, 2020, the Real Decreto-Ley 37 / 2020to extend and ensure the protection of renters of housing in vulnerable situations, evictions of vulnerable people without alternative housing being prohibited during the state of alarm, in force until May 09. Tenants have the opportunity to access public loans without interest for the payment of housing lease. In addition, from the real estate sector, owners are urged to adopt agreements with tenants for the deferment of payment. Even so, there are many owners who need rent and want to protect themselves against possible defaults. Currently the best solution is rental non-payment insurance.
How does landlord protection insurance work during the coronavirus?
The main coverage of the lessor's protection insurance is the unpaid rent. If you have a rented home and your tenant does not pay the rent, rent default insurance gives you the option of suing the tenant. The insurer will pay the lessor the unpaid rent. Although it is currently not possible to file eviction lawsuits, from the moment the insurer's lawyer reports being able to file the lawsuit, the insurer will pay the amounts due.
What else does landlord protection insurance cover?
In addition to default coverage, landlord insurance offers you other coverage. We highlight: legal advice, claim for damages caused by the tenant, loss of rent due to fire in the home or coverage for damage to furniture caused by
How much does rent non-payment insurance cost?
The cost to the homeowner of taking out landlord insurance is usually quite cheap. Approximately, the annual premium to be paid would be around 4,5% of the annual rental income. For example, for an annual income of €6.000 (€500 per month), the annual premium to be paid would be €270.
We invite you to learn more about landlord protection insurance in our article “Insurance of non-payment of rent: ensures the payment of rental income”. If you prefer, you can now protect your income and apply now your rental non-payment insurance.
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