New pilot insurance offering to relieve renter woes
For the first time, renters will have access to financial protection, ensuring they won’t be out of pocket or potentially homeless should their landlords force them to move properties.
Online insurer, Bingle, has introduced its Renter’s Forced Moving Insurance cover which is designed specifically to address one of the biggest fears of the neglected renters market.
Bingle spokesperson, Duncan Bone, said: “Moving is rarely a pleasant experience and can often leave renters with large and unexpected costs.
“Renters are often left with just four weeks notice, waiting for their old bond to be released while scrambling to secure a new place and funds to pay their next bond, as well as other moving expenses like trucks, boxes and utilities set-up.”
Mr Bone said despite renters making up a third of the housing market, there were few ways for them to manage the risk of a forced move, which are a common occurrence.
The most common reasons renters are forced to move include the landlord wanting to sell the property, renovate, move into the property or when the home becomes uninhabitable after an accident or a storm.
Mr Bone said covering the costs of moving was also getting more difficult for renters, with recent data* showing tenants, particularly in Sydney and Melbourne, now spend more than a third of their income on rent.
“Attitudes are slowly changing in Australia as renting becomes a more permanent lifestyle and owning a home becomes less affordable to some,” he said.
With this new product, Bingle wants to offer renters the confidence of financial and logistical protection should they get the dreaded call from their landlord, including temporary accommodation, reimbursement of two weeks of possible rent double ups and assistance with relocation costs.
“Bingle Forced Moving Insurance gives renters a greater degree of housing and financial security in what can be a difficult rental market. We’ve even built in a pet lodging allowance for our four-legged friends and a cash injection for out of pocket costs.”
For just over $100 for 12 months cover, less than the price of a night’s stay in most hotels, Bingle’s Renter’s Forced Moving Insurance provides:
- Up to 28 nights of temporary accommodation
- Relocation and secure storage space for belongings for up to four weeks
- Bond assistance for help paying for the new bond
- Reimbursement of up to two weeks for rent double up when you’re need to start paying rent on your new place
- Cash injection to help with the little things
- Pet lodging allowance to make sure your paints aren’t stressed through the move.
The initial pilot of Bingle’s Renter’s Forced Moving Insurance will be available for purchase until 31 May 2016. If the pilot is successful, Bingle will move the product into the market on a full time basis.
For more information visit https://renter.bingle.com.au/renter/forcedmoving/bingle/landing.html