Do you need Rental insurance? | Jorbb.com

Jardine Lloyd Thompson and QBE Insurance Group will launch a rent protection insurance policy aimed at protecting landlords of private homes and HDB flats.

The timing of this first-of-its-kind product in Singapore is perfect given rising instances of early terminations as global economic conditions worsen.

'This is something you can find in Australia. We talked about offering it here a year ago and it is now ready,' said Institute of Estate Agents (IEA) president Jeff Foo. 'From feedback gathered from our members, there are more people breaking their leases early this downturn compared with the previous downturn. Landlords are not really protected.'

Landlords can buy the insurance, endorsed by the IEA, from their agents.

Details are a bit hazy at the moment as feedback on the product is still being gathered and tweaks may be made.

Basically, the insurance - for a lease of at least 12 months - protects against a loss of rent under certain circumstances, such as rental default and the tenant absconding.

The premium will be fixed at a certain percentage of a month's rent, for instance at 15per cent. And there will be a deductible period, which means the insurance kicks in only after a certain period of zero rental income for the landlord.

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