Landlord Rent Guarantee and Legal Expenses Insurance
Landlord Rent Guarantee & Legal Expenses Insurance
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What is rent guarantee insurance?
Rent Guarantee Insurance is taken out by landlords to protect their rent in the event that their tenants stop paying rent for any reason.
1. It must be taken out at the start of a tenancy and the landlord must reference tenants correctly.
2. If the tenants stop paying the rent the landlord claims on this insurance and it will usually pay out until the tenant is evicted.
3. If Legal Expenses are part of the package then the insurers will arrange and pay for legal assistance to evict the tenants.
Start protecting your rental income and investment now
This is a comprehensive policy designed to guarantee your rent up to a maximum of £3000 pcm with a maximum payout of £25000 per claim, including Legal Expenses to help you evict the non-paying tenants and possibly recover costs not covered by your security deposit.
Benefits of our Rent Guarantee & Legal Expenses Insurance
• Rent guaranteed up to a maximum of £3000 pcm
• Maximum payout of £25000 per claim to include legal costs
• Premium is per PROPERTY and covers up to FIVE named tenants
Legal Expenses only for 12 months for £45.00 inc IPT
• Legal Expenses & Rent Guarantee (6 months) £62.00 inc IPT
• Legal Expenses & Rent Guarantee (12 months) £110.00 inc IPT
• Legal Expenses & Rent Guarantee No Excess (6 months) £79.00 inc IPT
• Legal Expenses & Rent Guarantee No Excess (12 months) £139.99 inc IPT
• With Excess means rent is paid after one month of non-payment.
• Without Excess rent is paid from day one of non-payment.
• Tenant Referencing is a requirement of all these policies.
• Click for Tenant Referencing Requirements
FAQs about Landlord Rent Guarantee and Legal Expenses Insurance
Do I need to use a particular tenant referencing agency to obtain this insurance?
If your tenant is in full-time work and meets the 4 Point Check, you can simply obtain a reference from ANY licensed credit reference agency. If your tenant does NOT meet the 4 Point Check then you will need to use one of our approved agencies such as FLS. More
What happens if the referencing fails in any way?
You will need your tenants to supply a Guarantor to cover the rent and that Guarantor must be referenced in the same way. Remember that the income requirements for a Guarantor are more demanding than for the tenant themselves. More
How soon is the rent paid in the event of a defailt by my tenant?
In the case of the basic policy you are paid rent not including the first month. In the case of policies purchased with No Excess then rent is paid as from day one.
What about getting the defaulting tenants evicted?
Soon after a claim is lodged our legal team get to work to evict the tenants.
I see it's PER PROPERTY - how many tenants are covered under one policy?
Five tenants are covered. A 'tenant' is any person named on the Tenancy Agreement.
If I want cover what do I do now?
You can purchase the insurance RIGHT NOW online or by calling our UK based call centre. You can cancel within 14 days with a full refund if you change your mind for any reason. However, you must ensure that you have all the necessary ID checks and referencing in place BEFORE you let the tenants into your premises. You will not be required to show these documents but you must retain them safely as sight of them will be required in the event of a claim. Also, you must ensure you deal with the Security Deposit in the prescribed manner and that you have fully cleared funds for one month's rent in advance and that you hold the security deposit in CLEARED funds - not just a cheque.