Landlords are increasingly looking at insurance options to protect their income, with the cost-of-living crisis potentially threatening their tenant’s ability to pay their rent. 

The research by LettingaProperty.com suggests almost one in two landlords (48%) are now looking at rent protection or additional insurance as means of protecting their own income. 

When it comes to its own services, the company said 62% of landlords subscribing to one of their plans included rent protection in the first quarter of 2022. But this figure jumped to 75% in the second quarter of this year. 

LettingaProperty said this growing appetite for insurance reflects the financial pressures on both landlords and tenants.

However despite concern over the current economic landscape, their research showed the majority of landlords are not making dramatic changes to their property portfolios. The survey showed 59% of landlords plan to maintain their current rental portfolio over the coming six to 12 months. This figure rises to 79% for landlords using LettingaProperty.com to manage their buy to let properties.

In addition to taking a cautious approach to protecting the income on which they rely, landlords also have a range of other concerns right now. The survey showed that government changes to legislation is top of their list of concerns, with respondents to the recent LettingaProperty.com survey citing the Renters Reform Bill and upcoming EPC changes as being among their biggest worries.

LettingaProperty offers two plans that include rent protection. Under its Essential and Complete plans, landlords enjoy six months’ rent protection (up to a maximum of £2,500 per month).