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 too. Expenses may include, safety tests, alarms, income tax, letting agent management fees, marketing your property and utilities bills.
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, 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.