closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Results 1 to 7 of 7

Thread: Direct Line Landlord Insurance

  1. #1
    Craftsman
    Join Date
    Jan 2017
    Location
    Saundersfoot, UK
    Posts
    493

    Direct Line Landlord Insurance

    As a landlord (couldnít sell our old house), I have Direct Line Landlord Insurance, which covers rent shortfalls should any tenant default. Just had an email saying that insurance aspect is no longer in place, as banks will offer a mortgage payment holiday due to Coronavirus (any shortfall would of course need to be paid after that holiday, but DL handily forgets that).....

    Whilst I have reduced the rent (by 60% due to the current tenantsí circumstances), and have no intention of making any claim against insurance (it was my choice to reduce out of goodwill and loyalty), I am mightily peeved that Direct Line has just basically kissed that element of the policy off (despite using it as an advertising line). Frankly, I will never cross their palms with my business again..

    Anyone else had insurance companies slither out of their dues preemptively?


    Sent from my iPhone using Tapatalk

  2. #2
    Master
    Join Date
    Apr 2017
    Location
    M62 corridor
    Posts
    2,351
    Quote Originally Posted by Pete D View Post
    As a landlord (couldnít sell our old house), I have Direct Line Landlord Insurance, which covers rent shortfalls should any tenant default. Just had an email saying that insurance aspect is no longer in place, as banks will offer a mortgage payment holiday due to Coronavirus (any shortfall would of course need to be paid after that holiday, but DL handily forgets that).....

    Whilst I have reduced the rent (by 60% due to the current tenantsí circumstances), and have no intention of making any claim against insurance (it was my choice to reduce out of goodwill and loyalty), I am mightily peeved that Direct Line has just basically kissed that element of the policy off (despite using it as an advertising line). Frankly, I will never cross their palms with my business again..

    Anyone else had insurance companies slither out of their dues preemptively?
    I'm not a lawyer but I can't see how the insurance contract can be changed retrospectively.

    The point is, anyway, a mortgage holiday simply defers payment (at a cost of more interest) whereas a rental default is/maybe an actual loss (and not just a deferral).

    If they are saying that an agreed deferral or rent reduction prevents the loss being treated as within the rules for a claim, then I guess that's debatable. Might be within the letter of the contract.

    Be interested to hear informed views.

  3. #3
    Craftsman
    Join Date
    Jan 2017
    Location
    Saundersfoot, UK
    Posts
    493
    Nothing said about rent reduction or deferral, besides, that it the landlordís personal choice. This is just a statement that the rent guarantee aspect has been withdrawn due to Covid 19.

    I have just contacted them to ask for a refund of the additional payment that covers the rent guarantee. Donít see why I should pay for a service they are no longer offering. Bet they will not pay anything though.


    Sent from my iPhone using Tapatalk

  4. #4
    Master
    Join Date
    Apr 2015
    Location
    Devon
    Posts
    3,247
    I always doh d with DL that they were competitive when you joined them but after the first year way off the mark. Found this on 3 occasions with car, home and landlord insurance. Donít even bother getting a quote anymore.

  5. #5
    Craftsman
    Join Date
    Jan 2017
    Location
    Saundersfoot, UK
    Posts
    493
    They certainly wonít be getting any business from me again.


    Sent from my iPhone using Tapatalk

  6. #6
    Grand Master number2's Avatar
    Join Date
    Jul 2011
    Location
    North and South.
    Posts
    21,065
    Reminds me to 'shop around' when renewals are due.
    "Once is happenstance. Twice is coincidence. The third time it's enemy action."

  7. #7
    Master
    Join Date
    Apr 2017
    Location
    M62 corridor
    Posts
    2,351
    https://www.landlordlawblog.co.uk/20...newsround-140/

    See section "Rent Guarantee Insurance firm lets landlords down"

    For what it's worth, I'd be making sure a claim was made, then at least when the dust settles in (hopefully no more than) a few months time, you can argue the case then.






Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information