Rent Guarantee Cover

In case your tenants fail to pay the rent, it can be a good idea to take out rent guarantee insurance. This could occur for various reasons, including redundancy or the inability to work as a result of injury or sickness.

Should you be unfortunate enough to have unreliable tenants, you may need to go through lengthy legal proceedings to get possession of the property through eviction. Rent guarantee cover is relatively inexpensive and allows you to lessen any financial losses if this were to happen. This could be substantial if you are making mortgage payments on the property.

Before providing cover for this, the insurer will want to be sure that proper checks have been carried out on the tenants. “Insurers like to know who is living in the property and will want to see references so for this reason it can be helpful to use a letting agent,” says Malcolm Harrison.

Having both buildings and contents insurance and making sure it covers your requirements as a landlord is essential but the level of insurance you take out and the extra features you opt for will depend on your attitude to the risks involved, the size of your portfolio and how involved you are in the management of the property.

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