A simples guide

Rent Guaranteed Insurance

Rental property can be a great investment for your future. You can potentially receive additional income or even use a rental to pay off an existing mortgage.

 

Having a good tenant is an absolute must. While you may get a higher rent from a short term tenant, you may be better off in the long run charging less money and having a higher occupancy rate. One of the main advantages of this option is that it will allow you to take out rent guaranteed insurance.

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What is rent guaranteed insurance?

Tough economic times have meant more and more landlords having to find ways to protect their rental property investments, just having good and reliable long term tenants may not be enough. Should the tenant’s circumstances change they may not be able to pay their rent, leaving you without any income from your occupied property.

Having a rent guaranteed insurance policy in place, can give you peace of mind knowing that you are covered and won’t be out of pocket.

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What is covered under rent guaranteed insurance?

The list is long and varied. Before you can obtain most policies, you must already have a tenancy agreement in place and the tenants must have been successfully referenced. Once this is in place, you will find that your application is more likely to be accepted by potential insurers.

Every insurance policy differs, however you will find standard terms associated with the maximum number of months and the total value from which you can claim unpaid rent from your tenant. It is important to ensure that you check the terms so you have enough cover and aren’t left in financial difficulty should you need to claim.

A guaranteed rent insurance policy is not just for rent arrears. It can also be used for expenses such as legal costs. You may need to take legal action relating to the recovery of rent arrears or process an eviction, for example.

Some insurance policies will also provide access to a panel of solicitors who can help you with legal advice should you need additional support. Their advice is not just limited to the letting of the property but covers a wide range of services.

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Where can I get the best deal on rent guaranteed insurance?

Using our landlord comparison service you can compare a range of insurers to find a policy that suits you best, just select the option to protect rental income whilst making you way through the journey. It will return results in just a few moments and help you quickly identify the best policy for you.

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