What isn’t covered by Rent Guarantee Insurance?

While we aim to cover as many events as possible, there are restrictions to HomeLet’s Landlords Rent Guarantee Insurance policies: We only cover homes located in Great Britain and Northern Ireland. If the tenant is already living in the property when you purchase cover, and then fails to pay within the first 60 days of the policy term, you cannot make a claim. You cannot claim for periods during which the property is unavailable to be re-let once the property has been made vacant. Amounts exceeding the sum equivalent of 12 times the monthly rent for Rent Guarantee payments. To learn more about the terms and conditions of our Landlord Rent Guarantee Insurance, view our Policy Summary document and Policy Wording document.

Do I need Rent Guarantee Insurance?

Rent Guarantee Insurance isn’t legally required, but with the upcoming changes set to be introduced by the Renters' Rights Bill, it’s becoming an increasingly valuable safety net for landlords. Letting a property comes with a range of ongoing costs. The HomeLet Market Survey found that over 50% of landlords rely upon rental income to cover their mortgage payments. You may also be liable for additional costs that you cover with the monthly rent. Expenses may include, safety tests, alarms, income tax, letting agent management fees and utilities bills. As the Renters' Rights Bill strengthens tenant rights and adjusts eviction processes, landlords may face longer periods of unpaid rent or delays in regaining possession of their properties. If tenants are unable to pay their rent, refuse to leave after being served an eviction notice, or withhold rent due to a dispute, you can submit a claim for the lost rental payments to help ensure that you have the funds that you need to hand. For full terms and conditions, please read the Policy Wording to make sure this product is suitable.

How do I get Rent Guarantee Insurance?

Whether you’re planning your insurance for your first buy-to-let investment or you’re an established landlord thinking of getting some additional cover after dealing with tenants who have missed payments, HomeLet's Rent Guarantee is suitable for all landlords. Please note that this policy cannot cover events that have already happened. Click here to get a quote online and check out in minutes. Alternatively you can give us a call, and one of our friendly team members will be happy to answer any questions you might have about our cover. They can also help you to arrange your Rent Guarantee Insurance over the phone. We're open from 08:30 - 17:30 Monday to Friday and 09:30 - 13:00 Saturday. Whatever you need, we're happy to help.

What is Rent Guarantee Insurance?

Rent Guarantee Insurance - often referred to as Rent Protection Insurance, Tenant Default Insurance, or simply Rent Guarantee - is a form of insurance cover which helps to protect landlords from unpaid rents and resolve tenancy disputes requiring possession. With the upcoming Renters' Rights Bill set to have a huge effect on landlords, many are turning to Rent Guarantee insurance for the added protection they feel they will soon need. Here's a quick overview of how our Rent Guarantee supports you:

What isn’t covered by Rent Guarantee Insurance?

While we aim to cover as many events as possible, there are restrictions to HomeLet’s Landlords Rent Guarantee Insurance policies: We only cover homes located in Great Britain and Northern Ireland. If the tenant is already living in the property when you purchase cover, and then fails to pay within the first 60 days of the policy term, you cannot make a claim. You cannot claim for periods during which the property is unavailable to be re-let once the property has been made vacant. Amounts exceeding the sum equivalent of 12 times the monthly rent for Rent Guarantee payments.

What isn't covered by Rent Guarantee?

While we aim to cover as many events as possible, there are restrictions to HomeLet’s Landlords Rent Guarantee Insurance policies: - We only cover homes located in Great Britain and Northern Ireland. - If the tenant is already living in the property when you purchase cover, and then fails to pay within the first 60 days of the policy term, you cannot make a claim. - You cannot claim for periods during which the property is unavailable to be re-let once the property has been made vacant. - Amounts exceeding the sum equivalent of 12 times the monthly rent for Rent Guarantee payments.

Do I need separate Rent Guarantee Insurance and Landlord Insurance?

Legally, you are not required to take out a Rent Protection Insurance policy if you’re letting a property. If you do have an existing Landlord Insurance policy, it may include rent guarantee cover as standard or as an add-on, so be sure to check your specific policy documentation to make sure. Here at HomeLet, we can provide both under one policy if you speak to our team over the phone. Even if you are already covered, still contact us, as we may be able to beat your current price.

Can a tenant take out Rent Guarantee Insurance?

No, tenants cannot take out Rent Guarantee Insurance with HomeLet to cover their own ability to pay rent. This policy is only available to landlords.

Do my tenants need references to be covered by Rent Protection Insurance?

HomeLet’s policies require you to have satisfactory references for all tenants to identify any risks of non-payment for you to be covered by our insurance.

How does Rent Guarantee Insurance work?

If a tenant defaults on rent, 100% of the rent is paid for up to 12 months, professional costs to obtain vacant possession are covered (up to £50,000 aggregated total) and our in-house Claims team offer expert support when landlords need it most.

How many tenants can my Rent Guarantee Insurance cover?

There isn't a limit to the amount of tenants which can be covered as our Rent Guarantee policies cover the rental amount. For full terms and conditions around limitations, please view our Policy Summary document and Policy Wording document.

Is Rent Guarantee Insurance worth it?

Rent Guarantee can be a vital safeguard, especially with the upcoming Renters' Rights Bill set to reshape the private rental sector.For a small percentage of the rent, you can cover missed payments and legal costs, and get legal support from our expert, in-house team if you need to submit a claim.

Landlord Rent Guarantee Insurance

Make sure you're prepared for the Renters' Rights Bill with comprehensive Rent Guarantee Insurance!

Benefits of Rent Guarantee Insurance

Rent Guarantee acts as a safeguard should your tenants fail to pay their rent. If they cannot pay, Landlord Rent Guarantee Insurance covers your rental income, mitigating arrears and providing professional services to help provide a solution.

If your tenants stop paying their rent, here's what our Rent Guarantee Insurance for landlords will cover*:

Missed rental payments for up to 15 months
Continued cover when vacant possession is obtained for up to three months at 75%
Up to £100,000 cover for professional services & claim costs
Expert support when you need it most

*This is an overview of the cover we provide.

We can also continue to assist if the tenant defends the action taken, to help find the best solution.

12 month policy term - payment continues beyond the end of our policy term.