Generation Rent

Income protection for tenants
 

Many young people can only afford to rent somewhere with a partner or friends ( dubbed Generation Rent )

Many young people in the UK cannot afford to buy a property -  so instead leave their parents home & go rent somewhere with a partner or friends ( dubbed Generation Rent )

However, if they do not have sufficient savings for a mortgage deposit - do these new tenants therefore maybe not have any backup savings to cover 1 or 2 months rent plus bills etc; ?

So what would happen to those monthly Rental Payments if just one person renting falls ill, has an accident or is hospitalized & has no 'Back Up Plan' ?

" Here are some general vague responses or answers given to us over the years......."

  • I think work has some sickness type scheme - but not sure exactly what or how much
  • I am sure my friend would help cover the monthly rent if I was off ill
  • Ask the Landlord to use our rental deposit to help cover the rent shortfall
  • Explain the situation to the Landlord .... I am sure they will sympathize, he's rich
  • Would take out a loan, extend the credit card or overdraft
  • The Bank of Mum & Dad will help cover them
  • My Car Insurance policy will pay me a regular income if have a car accident
  • Dad's life insurance policy will cover me if I am off sick, I think he said
  • The Government will help out .....Statutory Sickpay
  • Would consider taking out accident & sickness income insurance plan to help cover the rental payments & bills - but naturally only when I need to. I will think about it.

What may actually happen is maybe more realistic or scary.....

  • Get into Rent Arrears
  • Taken to Court
  • Bad Credit Profile
  • Maybe Get Evicted !

If a mortgage has the warnings :

"YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE".

Should your paying rent have the warnings :

"YOU HOME MAY BE REPOSSESSED BY THE LANDLORD OR HIS MORTGAGE COMPANY - IF YOU DO NOT KEEP UP PAYMENTS ON YOUR RENT".

Your Insurance Back Up Plan Enquire Online
 

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