Are you thinking about Rent Guarantee Insurance?
In the current economic client, more and more tenants are failing to pay their rent. By having a legal expenses and rent guarantee insurance policy in place it will provide you with peace of mind that should your tenant default on their rental payment, the policy will provide assistance in evicting the tenants. It will also provide you with cover for the lost rental income whilst the legal process continues. Naturally, this would be subject to a policy excess, which is normally the equivalent to one month’s rent.
The most significant aspect of a legal expenses and rent guarantee insurance policy is the legal expenses cover as this will enable you to issue proceedings against a tenant or guarantor in the event of a tenant failing to perform their obligation as set out in the assured shorthold tenancy agreement. The most important issue is for you to regain possession of the property so you can re-let it.
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