Sheldon Bosley Knight is adding to its range of lettings and property management services and we want our current landlords to be the first to know.

Offered by Homelet, Rent Recovery Protection (RRP) is designed to provide financial peace of mind to landlords.

Under the RRP, should a tenant default on their rent for whatever reason, the total monthly rent will be paid by Homelet. It will also cover the total monthly amount until vacant possession of the property or for up to 15 months, whichever comes first and legal expenses of up to £100,000 to cover eviction costs of the tenant for certain breaches of their rental agreement.

The protection also covers assistance if the tenant defends the action taken to help find the best solution and the rent guarantee covers the whole property meaning the policy continues even if or when the tenants change.

The price of the insurance is dependent on the individual property and tenancy agreement but is based on a percentage of the monthly rent.

In 2023, Homelet paid out £3,367,233 in claims. The average volume of claims received per month in 2023 was 163 and in the year to date, it’s 199 which is higher than the average of 246.

Sheldon Bosley Knight’s director of lettings, Rebecca Dean said: “Landlords are under no legal obligation to take out any form of insurance to protect themselves but we feel this is a no brainer.

“Sometimes events overtake us and life deals us a bad hand. Tenants can lose their jobs, be poorly and unable to work for a period of time or sometimes just decide to stop paying.

“In this situation a landlord needs to know he or she is still going to receive the rental income every month regardless and we feel this RRP offers security at a time when things do not feel secure.

“The RRP offers security and peace of mind and we believe it is in our landlords best interests to sign up to this scheme. However we recognise not all will want to be part of it so we suggest they opt out if that is the case.

“I cannot recommend this scheme highly enough but if any of our landlords wish to talk to us about it, or have any concerns or questions, please do not hesitate to contact me or one of the team and we’d be delighted to help.”