Claims from landlords jump 21%
Paying rent wasn’t a high priority for some tenants during the economic downturn, with one insurer’s claims for rental losses increasing 21% during the past year.
Figures from Vero Insurance-owned landlord insurance provider Terri Scheer Insurance show the average value of those claims climbed 41% during the period.
GM Carolyn Majda said claims for rental losses are increasingly common. “We’ve found that even the best of tenants can suffer a change in their financial circumstances.”
She says landlords should be vigilant over policy terms and conditions, with variations around such terms as payment default, tenant hardship and repair interruption.