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Enhance your management service
Even the best of tenants can experience sudden changes in their financial circumstances, which could impact their ability to pay your landlords their rent. Although referencing provides an insight into a tenant's current situation, it cannot predict the future. A lost job, relationship breakdown or other changes in personal circumstances of your tenant can ultimately affect their ability to pay your landlord their rent. In the unfortunate situation that this arises, this could put a serious strain on your relationship with that landlord.
What does Rent Guarantee Insurance cover?
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Rent Arrears up to vacant possession
Rent Arrears, up to a maximum amount of £2,500 per calendar month from the date the tenant first falls into arrears paid until legal vacant possession
£75,000 legal expenses
Legal Costs and expenses up to £75,000 per insured incident – for eviction costs, legal defence, damage, rent recovery
Vacant possession cover
75% of the rent for up to two months after gaining legal vacant possession if the property cannot be re-let right away due to damage
Why Choose Rent Guarantee Insurance?
Rent Guarantee Insurance is a legal expenses policy to cover your landlords for non-payment of rent and subsequent eviction costs if a tenant stopped paying during the tenancy. In the event of a claim, the insurer will fund the rent for up to 12 months while they manage the full eviction process, from issuing notice to obtaining legal vacant possession. Each policy lasts for 12 months at a time with the option to carry one month or no excess.
Cover can be offered to your landlords as an additional upgrade to your managed service giving your landlords the option to benefit from cover. Alternatively, you can include rent guarantee insurance in your full management package. Incorporating rent guarantee insurance into your lettings business is a fantastic way to offer additional benefits to your landlords and to ensure you stay ahead of the local competition.
Key benefits:
Rent Guarantee Insurance
For HMO's
Advanced Rent offers a unique solution for HMO’s providing you with a cost-effective solution to cover your properties. You will still benefit from the same cover as a single-let policy but with a huge cost saving.
Instead of having one policy per room, Our rent guarantee insurance for HMOs allows you to cover multiple tenants living in the same property on different ASTs under one insurance policy.
Any new tenants that move into your property will be covered from the day they move in, subject to successful referencing.
On average, our landlords save at least £500 per property compared to taking one policy per room.