How We Can Help With The Cost Of Living Crisis

The cost of living crisis is the perfect storm of rising costs driven by high inflation and rising interest rates – as well as the war in Ukraine – the price of energy, food and fuel are all hitting record levels.

It is clear that the cost of living crisis will have the biggest impact on the most vulnerable in society and many of these will be housed by landlords.

Housing experts say the cost of living crisis has put extra pressure on the rental market because landlords, seeing their income reduced in real terms by rising costs and increased taxation, want to increase rents at a time when many tenants are struggling to make ends meet. 

With the costs inevitably leading to more cases of arrears, landlords will need to consider how they can support their tenants throughout this crisis.

We recommend Landlords speak to our insurance experts who can review your property insurance policy and help you add rent and legal protection to cover the loss of rent. It is also important to regularly review your mortgages, as rates increase, to check whether switching product or remortgaging to a new lender is a cost-effective option. 

Now is also a good time to check that you have the right level of Income Protection in place. Income Protection insurance is designed to pay an income if you can’t work due to accident or sickness. It usually kicks in if you are out of work for three months or more. 

While the inability to work is usually seen as an age-related problem, statistics from healthcare and protection insurer, The Exeter, showed the average age of claimants was 40, and on certain types of products, this dropped to just 33. 

It is vital to have the right protection in place rather than face severe financial difficulty in the event of losing your income due to your inability to work.

If you would like to discuss the options available to you, speak to a member of the team or our senior broker, Danny O’Keeffe on 0208 364 3444 alternatively schedule a call back by clicking on the button below.

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