Landlord Rent Guarantee Insurance
Even the best of tenants can experience sudden changes in their financial circumstances. Tenant references can vet someone’s past, they can’t predict their future. A lost job, relationship breakdown or other changes in personal circumstances can affect their ability to pay you rent.
What would you do if your tenants stop paying rent?
There are appropriate legal actions you can take, but that won’t cover your lost rent in the short term. Rent Guarantee Insurance is designed to cover you if your tenants can't or won't pay their rent.
What does Rent Guarantee Insurance cover?
What is Rent Guarantee Insurance?
Rent guarantee insurance is a legal expenses insurance contract designed to cover you if your tenant stops paying their rent during their tenancy. The policy includes legal expenses up to £75,000 to cover the legal costs needed to regain possession including, issuing notices, eviction, legal advice, legal defence & damage to the property.
Our rent guarantee insurance also covers 75% of the rent for up to 2 months if your property cannot be re-let right away after gaining vacant possession due to damage caused by the tenant.
Legal Expenses
Legal costs and expenses up to £75,000 per insured incident – for eviction costs, legal defence, damage, rent recover
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Rent Arrears Cover
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% 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
Vacant possession cover
Why Choose Rent Guarantee Insurance?
With Rent Guarantee Insurance, you can enjoy the peace of mind that comes with knowing your rent is covered, no matter what situation your tenants find themselves in. Your policy covers the cost of rent if your tenant still stays in the property but does not pay their rent.
The Insurance will also cover the cost and handle the eviction process up until legal vacant possession has been obtained.
Rent Guarantee Insurance for Houses of Multiple Occupants.
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.