Rent Guarantee Insurance – Providing Adequate Coverage To Landlords

Rent guarantee insurance is a protective shield for landlords, that protects them against defaults on non payment of rent. If you are a landlord or property owner, you must have insurance.

Find Out How You Can Get Rent Guarantee Insurance:

• Tenants are 18 years of age or more
• All tenants have been referenced
• An inventory of contents and condition has been carried out and signed by the tenant(s) prior to the tenancy agreement
• A signed tenancy agreement has been produced
• One months rent has been taken and cleared
• One months deposit has been taken and cleared

You must also:

• Collect two forms of identification from your tenant(s)
• Keep an accurate record of all rent due and received including the dates of payments

Ensure that you don't:

• Begin the tenancy before the policy has been issued
• Exceed the 60 day limit for the start of tenancy
• Apply for Rent Guarantee without collating all of the information set out in 'Preparing for Rent Guarantee'

Landlords and property owners must also have Rent Guarantee insurance cover that runs in line with the tenancy agreement. It must have a start date within 60 days of the tenant reference. The cover expires when either the tenant leaves the property or cover ends. Landlords must also be ware that a policy cannot be renewed if there has been a previous claim.

According to the rent guarantee insurance, landlords must keep an accurate record of all rent due and received including the dates of payments. If you wish to submit a claim, you can do it easily. All that you need to do is submit supporting documentation with your claim form, including proof of default (e.g. bank statements) and copies of the tenant referencing report and tenancy agreement. A rent guarantee policy cover will pay out 14 days after the tenant defaults, minus the amount of the excess. You have 31 days to make a claim once the tenant first defaults.