Do I need Rent Guarantee Insurance?

Rent Guarantee Insurance is not a legal requirement, but it can help to reduce the financial risks associated with being a landlord. There are several ongoing costs to consider when letting a property. 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, marketing your property and utilities bills. Landlord Rent Guarantee Insurance can help to give you peace of mind that these costs, or a portion of them, will continue to be covered if you have let your property to a tenant and things go wrong. If they 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. If you would like more information or have any questions about Rent Guarantee, our dedicated team of experts is here to assist you every step of the way. Simply complete your details here and a member of our team will be in touch.

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 who is 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. You can give us a call, and one of our friendly team will be happy to answer any questions that you might have about our cover. They can also help you to arrange your Rent Guarantee Insurance over the phone. Alternatively, if you have a contact preference or you’re not quite ready yet, you can request a scheduled call back. 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 does HomeLet’s Rent Guarantee Insurance cover?

Our Rent Guarantee Insurance for landlords comes with a range of benefits, including:

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 designed to help with rent arrears and resolve tenancy disputes requiring possession. It acts as a safeguard, should your tenants become unable to pay their rent. If they cannot pay, Landlord Rent Guarantee Insurance kicks in, mitigating arrears, and providing professional services to help provide a solution. Even the best tenants can fall on challenging times. Our Market Survey found that difficulties in paying rent due to the cost of living was a renter’s number one concern. While it’s natural to be sympathetic, your rental income still needs to be paid. And if tenants can’t pay, that’s where Landlord Rent Guarantee Insurance comes in.

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 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. 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.

Landlord Rent Guarantee Insurance

Protecting the rental income for your investment property*

Missed rental payments for up to 12 months
Continued cover when vacant possession is obtained for up to three months at 75%
Up to £50,000 cover for professional services & claim costs
Expert support when you need it most

*This is an overview of the cover we provide. Full terms and conditions can be found in the policy wording and policy summary.

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