Rent Guarantee Insurance
Our Rent Guarantee Insurance Policy protects landlords in the event of rental disputes with a tenant
Being a responsible Landlord is a must in order to protect yourself and your assets, which is why things like referencing and credit checks on tenants are important. However, no amount of prior research can prepare you for a scenario in which a tenant does not pay, which is a common issue that Landlords face.
Our Rent Guarantee Insurance safeguards you from the unpredictable tenant problems that come with letting your property and protects you from the snowballing effect that it can have on your finances.
So if your tenant is refusing to pay, our Rent Guarantee Insurance covers the costs of the monthly rent, any damage to the property, accommodation during repossession and any potential legal fees that rear their ugly head. With this, we aim to give our customers some much needed security against the unexpected, allowing you to Live Life Confidently!
What does Rent Guarantee Insurance cover?
Taking back Possession of the property
You will receive financial and legal support as a part of your policy, helping you to take action against the occupier of the property, whether they are squatter or tenant, providing you have served adequate notice of eviction as per your contract.
We will pursue the repossession of the property as well as costs for damages*, reimbursement of any additional fees incurred (legal, temporary accommodation etc.) as a result of the insured event and repayment of any unpaid rent.
*We will pursue payment for damages if the damage incurred is above the amount taken as a security deposit or above the value of £1000 (or whichever is greater).
Legal Expenses & Protection
You receive up to £50,000 worth of legal expenses cover along with your rent guarantee policy, this includes cover for things like:
- Negotiation of your legal rights after an incident of physical damage to your property
- Eviction of anyone (including squatters) who has not got your permission to be there
- Repossession of your property
We also defend your legal rights if an incident arising from you letting your property leads to you being prosecuted in a criminal court.
Levels of Cover
There are 3 levels of Landlord Rent Guarantee and legal expenses insurance dependant on the value of your monthly rental income, these levels are;
- up to £1500 rental income per month
- up to £2500 rental income per month
- up to £5000 rental income per month
How much is Rent Guarantee Insurance?
The costs for Rent Guarantee Insurance vary dependant on your monthly rental income, the costs for our policies start from;
- £61.60 for 6 months OR £100.80 for 12 months
- £67.20 for 6 months OR £100.80 for 12 months
- £67.20 for 6 months OR £100.80 for 12 months
All of our Rent Guarantee Insurance policies for Landlords come with No Excess.
The Key Areas of Cover Include:
- Cover for rent that your tenants have not paid
- Cover for legal defence should an incident arise from you letting your property
- Protection against legal expenses should you need legal intervention
- No excess for legal protection and no excess for rent guarantee
- Legal costs to recover any rent that your tenant owes you
- Much much more!
What is Rent Guarantee Insurance?
Rent Guarantee Insurance protects Landlords from the financial pitfalls that can occur if squatters or rogue tenants occupy their property.
Do I need Rent Protection Insurance?
It is not a legal requirement in the UK to have Landlords Rent Protection Insurance.
There are however a number of instances where not having Landlords Rent Guarantee insurance can affect you. For example, if you have a mortgage on the property that you are letting and the tenant does not pay the rent as agreed, not only will you be left to cover the mortgage payments but you could also be stuck with the legal fees that come with taking your tenants to court.
Our policy protects you from situations like this!
Some Frequently Asked Questions
How do I make a claim?
You must notify us of your claim by telephoning us on Tel: 0114 220 1794 quoting the Certificate Number shown on your policy schedule.
Any delay in making a claim may affect your legal standing on the matter.
Is there a cooling off period with this policy, in case I change my mind?
Yes, we offer a 14-day cooling off period with this policy.
How can I save money on Landlords Rent Guarantee Insurance?
Shopping around for your Landlords Rent Protection Insurance is a surefire way of saving a few extra pounds. Fortunately, there are a number of comparison sites that allow you to compare home insurance however, it is worthwhile doing your research as some providers have exclusive offers that are not on price comparisons websites.
What is the Best Rent Guarantee Insurance
It is difficult to determine what Rent Guarantee Insurance is the best as each policy provider will offer different benefits and each customer will have different needs and opinions.
One customer may value cheap rent guarantee insurance with less cover over more expensive options with better cover.
It is most important to choose the cover & company that is right for you for a price that is within your budget.