Portico has teamed up with Goodlord to offer a new rent protection service.
The Goodlord insurance policy is designed to allow Portico’s landlord clients to benefit from rent paid in full should the tenant fall into arrears over the next 12 months.
The agent’s offering comes during the coronavirus pandemic, a time when the number of private tenants who have fallen behind on rent has increased.
The Covid-19 crisis influenced the decision to offer the new service, according to Portico’s CEO Robert Nichols.
He said: “Landlords and tenants have faced uncertain and unpredictable circumstances in recent months, from adjustments to notice periods as a result of the Coronavirus Act 2020, to the recently extended stay on possession proceedings. I believe that responsible agents should be planning for a second spike in the COVID-19 infection rate. Part of that responsibility means taking prompt and decisive steps to protect our landlord clients.”
Nichols continued: “Portico is all about producing successful tenancies for both landlords and tenants.
“Given recent guidance for seeking rent deferral arrangements, we were delighted to discover that Goodlord’s policy is one based on negotiation.”
Portico landlords who have opted for the agent’s premium introduction only service (Essential Plus), or their premium Management service (Concierge) will now benefit from rent paid in full should the tenant fall into arrears. That applies for up to 12 months, or until vacant possession – whichever occurs first.
Landlords signed up to Portico’s scheme will pay zero excess under their policy. Portico landlords will then receive 75% of the previous monthly rent paid following vacant possession for up to two months.
The agency’s new Goodlord insurance policy also includes legal expenses cover of up to £100,000, plus protection against any breach of a tenancy agreement.
“We’re delighted to partner with Portico to support it in enhancing its Rent Protection service,” said Oli Sherlock, head of insurance at Goodlord. “After extensively evaluating other providers in the market, we’re honoured that Portico chose to partner with Goodlord to protect its landlords during these uncertain times.”
He added: “It’s a testament to our robust claims process, policy benefits, and our hard work to ensure a continuous product when our customers need us most.”