Rent Guarantee Insurance
Rent defaults can be a serious problem for any landlord. As a landlord we know you will ensure you have the best possible tenant for your property, but unfortunately nobody can predict what the future holds.
Making sure you choose the right property to invest in is one thing, but ensuring you choose the right tenant can be a different issue entirely. That’s why Total Landlord Insurance recommends taking out Rent Protection Insurance; where in the case a tenant fails to make a rent payment on time, you’ll be fully protected.
Understanding the Importance of Rent Protection Insurance
In a period where finances are unstable and unemployment becomes a common issue, the idea of taking out Rent Protection Insurance is quickly proving to be an appealing option amongst the landlord community. Even if your tenants have undergone the most rigorous of referencing checks, in this time of economic uncertainty anything could happen – such as a tenant being made redundant, which in turn affects their ability to pay their rent on time.
Thankfully, Total Landlord Insurance has a solution – and that’s our landlord rent guarantee insurance policy.
Legal Expenses Insurance
Additionally, the policy will also offer a comprehensive Legal Expenses service – whereby landlords will be covered from any costly legal fees during an eviction process.
Legal Expenses & Rent Protection
Enjoy the best of both worlds, by combining legal coverage along with Rent Protection Insurance up to the amount of the monthly rent as stated in the tenancy agreement – the maximum rent payable per claim is £50,000 or the equivalent of twelve months rent, whichever is the lesser amount.
What do I get with Rent Protection insurance?
- 24 hour legal advice helpline
- Eviction proceedings against a tenant to recover possession of the property following a breach by the tenant of the terms of the tenancy agreement
- Cover up to a maximum of £50,000 or the equivalent of 12 months’ rent
- £100,000 of Legal Expenses in respect of an insured Incident
Safeguard your home and your income with our landlord rent guarantee insurance, and make failed rent payments a thing of the past – by protecting your future today.
Before you Buy
Before you buy a Rent Protection Insurance policy you must be aware of the importance of meeting the following criteria:
- You have an Assured Shorthold Tenancy Agreement no longer than 12 months in place with your tenant.
- You have taken a deposit equal to or greater than 1 months’ rent.
- You have protected your tenants deposit with one of the Government Approved Tenancy Deposit schemes.
- You have obtained a full tenant reference. Click here if you need to obtain one (link to https://www.totaltenantreferencing.co.uk/)
If you do not comply with all of the above then a Rental Protection Insurance policy may not be suitable for your requirements. However, we would encourage you to call us so that we can offer further assistance.
Terms of Business
The Terms of Business explains how this Insurance will provide business to you and include our complaints procedure. For full details please download a copy of our Terms of Business. This insurance is only available to properties in England & Wales.