Research involving more than 10,000 over 50s shows that almost one in 10 is a landlord while independent research suggests that there has been a 33% increase in retiree landlords since 2009. These figures show there is a growing market, which Saga believes has so far been underserved when it comes to insurance.
The average over-50 landlord owns two properties and just under half of them manage the property themselves, this means taking on all the pitfalls of being a landlord such as unpaid rent, damaged property and dealing with repairs including burst pipes or boiler trouble.
Landlords over 50 say they want to be perceived as good landlords, however despite the best intentions almost a third (32%) have had tenants refusing to pay rent, 27% have had problems with tenants damaging the property and one in 10 has had to resort to legal action to resolve disputes with tenants.
Defaqto 5 Star Rated Saga Landlord Insurance has a wide range of benefits tailored to those with less than 10 properties, whether they’re experienced or completely new to the renting game. It includes the following and more:
Unlimited legal advice, plus up to £100,000 to cover the cost of any proceedings relating to rented property
Up to £100,000 of cover towards tenant eviction included as standard
Accidental damage cover included as standard
10% multi-property discount
Optional Saga Home Emergency cover, to help sort problems such as burst pipes or broken boilers at rental properties
Optional rent guarantee cover, so if a tenant stops paying rent and won’t move out, Saga covers rent during the eviction process.
Roger Ramsden, chief executive, Saga Services, commented:
“The nation's over-50s landlords have told us that they rely on their properties to provide an income in retirement. A rental guarantee is really important to help ensure they are not out of pocket."
