Rent Protection Insurance
With the potential bill on the horizon it’s crucial that now more than ever Landlords are signing up for insurance to cover their backs and provide some peace of mind for those renting out their properties.
WHAT DOES THE POLICY COVER?
The service comes with nil excess as standard for claims made in the first 45 days meaning you will benefit from 100% of the monthly rent owed until vacant possession is obtained. Rent protection and recovery – The insurance will pay rent arrears whilst a tenant or ex tenant still occupies the property until vacant possession is obtained. After this, they will continue to pay 90% of the rent until the property is re-let for a maximum of six weeks. They will also cover the costs and expenses of recovering rent from a tenant or ex-tenant, if the amount of rent unpaid is more than £250. Eviction of Tenants – Tenants who can’t meet the requirements of their tenancy agreement or squatters who are living in the Landlord’s property without consent will be evicted. The legal proceedings will be managed. Contract dispute Protection – The service will cover against costs and expenses relating to the dispute of a contract, entered into for the buying or hiring of any goods and services relating to your property, providing the amount in dispute is over £250 and the agreement was entered into during the period of service. Property Damage – Legal cover to pursue tenants for damage to the property of more than £1000. Plus up to £250 paid where the tenant causes damage to the property above the deposit amount. 90 day claim window – The service offers a 90 day claim window, providing plenty of time to organise a claim from the date of the first rental payment missed by a tenant, with nil excess in the first 45 days and a one month excess for the remaining. The claims process is really simple and all communications to you are sent automatically, when a claim is submitted. Alternative accommodation and storage costs – If the Landlord needs to move back into the property once vacant possession has been gained, the insurance will pay for alternative accommodation and storage costs up to 30 days. |
WHATS NEEDED TO MAKE A CLAIM
- AST
- Referencing reports
- EPC, Gas certificate and EICR
- Inventory
- Deposit Certificate
- Rent Statement
- Prescribed Information
- Landlords contact details
To sign up to rent protection insurance it’s imperative that the Tenants referencing reports meet the required criteria.
● 2 forms of ID (one photographic)
● Pass on affordability (30x monthly rent for a tenant or 36x for a guarantor)
● Low risk credit check*
● No negative landlord reference (if they currently rent)
For any questions regarding fees please get in touch with us directly.