New research from LV= General Insurance has revealed that, contrary to popular belief, the majority of landlords in the UK value their tenant’s emotional wellbeing and would be willing to help if they couldn’t pay their rent.
Quashing the idea that all landlords are bad, almost two thirds of landlords surveyed (62%)* said they want their tenants to be happy living in their property and 60%* want their tenants to feel at home. Two fifths (42%)* said they would go the extra mile to make sure that their tenants are happy and many landlords are also committed to supporting their tenants financially, with over half (53%)* saying that it is important to offer value for money on rent. What’s more, 81%* even said they would consider offering tenants financial support if they found it difficult to pay their rent.
This stands in stark contrast to the widely held belief of renters that landlords don’t care. Of those surveyed, many suggested that UK landlords have an image for being unsympathetic and profit-driven, with two in five (42%)* renters feeling landlords don’t care about their tenants and a third (34%)* feeling they lack empathy or understanding.
With renting fast-becoming the norm,** LV=’s research aims to help tackle the misconceptions of landlords and promote a more positive relationship between them and their tenants. The insurer has used the research to produce a guide for landlords to help them improve rental perceptions with tenants. Tips in the guide include: always giving notice when needing to access the property, being understanding if financial issues arise for tenants, and ensuring you have the correct insurance in place.
Commenting on the research, Heather Smith, Managing Director of the LV= Direct Business said: “The housing sector has evolved significantly in recent years, with renting fast-becoming a long-term reality for many people. It’s clear from our research that landlords value their tenants’ happiness and financial wellbeing, but this isn’t being translated to tenants. LV= understands the challenges that being a landlord brings which is why we want to help mend these tenant-landlord tensions.”
LV= is also supporting landlords by offering new customers 25% off when they apply online for landlord insurance. For more information visit www.lv.com/home-insurance/landlord-insurance.
*Methodology for consumer survey: LV= commissioned Censuswide to speak to 2,000 members of the public, of which 1,000 are residential tenants and 1,000 are residential landlords. The research took place between 5th October and 12th October 2018
**The private rental sector is predicted to increase to 7.2million households by 2025. PWC UK Housing Market report https://www.pwc.co.uk/assets/pdf/ukeo-section3-housing-market-july-2015.pdf
Liverpool Victoria General Insurance Group Limited (LVGIG) is an LV= branded strategic partnership between LV= and Allianz Holdings Plc, following the sale of a 49% stake in LV=’s General insurance business on 28th December 2017, creating the UK’s third largest personal insurer with over £1.7 billion annual premium income and serving over 6 million customers.
LVGIG is a holding company employing over 3000 staff and incorporating two regulated insurance companies. Liverpool Victoria Insurance Company Limited (LVIC), registered in England and Wales number 03232514 and Highway Insurance Company Limited (HICO), registered in England and Wales number 03730662, both registered at County Gates, Bournemouth, BH1 2NF are part of the Liverpool Victoria Group of companies and are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (LVIC FRN number 202965 and HICO FRN number 202972).
LV= and Liverpool Victoria are registered trademarks of Liverpool Victoria Friendly Society Limited and LV= and LV= Liverpool Victoria are trading styles of the Liverpool Victoria Group of companies.