We compare rent guarantee insurance but that's not the only thing I'm going to offer you, this article will explain what loss of rent insurance is and why landlords should consider the policy to cover tenants who don't pay the rent because they've lost her job or for any other reason.
At the end of the day, you still need to pay your buy to let mortgage or you may depend on the income to support your family. I have spent a lot of time on this article to try and answer every single question about rent guarantee protection for landlords, let's have a look.
The rent business interruption insurance policy will pay your rent for up to 5 months with a 12-month policy but some insurance companies differ. If your tenant loses their job the policy will help you with eviction, the policy will also help you resolve disputes when it comes to sorting out what rent is due and how much you are owed.
The policy will also help with legal costs in regards to rent arrears or criminal and malicious damage if the tenant takes it out on your property.
However, you must have a tenancy agreement in place with your current tenant and it must be in date, you also need to have successfully referenced your tenant with a company the insurance company recommends. If you don't have these you cannot take out a policy, the insurance company won’t let you because of these conditions.
The policy will probably pay a maximum of £15 to £20,000, again depending on the policy choose, a commercial rent insurance policy will pay a higher amount due to the monthly rent costs compared to the standard private property.
You have a team of lawyers at hand for advice and to proceed with any legal obligations your tenancy requires. You don't need to worry about the quality of the lawyers insurance companies hire because they are usually top notch and get the job done without much interaction with you, they know how to deal with tenants and they know how to get rid of bad tenants when they stop paying the rent. Your loss of rent income insurance policy can also pay for damages caused by the tenant and it can assist with nuisance tenants and trespassers.
Whenever comes a time you need to claim your insurance policy your excess is equivalent to one month's rent, that's the standard practice with every insurance company in the UK.
If you have a tenancy with a DSS tenant you can purchase rent guarantee cover for tenants on benefits, but this insurance as a bit harder to get because of your DSS tenant as it is harder to check them, a very high percentage of DSS tenants have no credit score so they might be turned down by a reference checking company and you know you need a reference for each tenant to be eligible for a policy, most landlord insurance companies want this in place before you are considered.
Even if you have a professional tenant the policy will also assist you with legal advice and legal proceedings against the tenant, the rent guarantee policy for tenants can help you recover rent arrears accumulated over time. While you are trying to gain access to your property for the insurance policy will pay for accommodation expenses until you regain access.
Some policies pay up to £75 per day and some companies pay less than that, it all depends on the insurer you take a policy out with. You can find a policy right here because the best bit about our comparison service is the ability to contact several landlord insurance companies to see what they offer, then you can make your mind up on the policy you need to purchase.
The cost can vary from landlord to landlord, it depends on how many properties you have and how many policies you have, you can get a discount for insuring a block of flats or any other properties you have like a portfolio of properties, you may be a buy to let landlord with multiple policies like I said, so, therefore, it just depends on how much you pay for your loss of rent insurance policy. The best way to work this out would be to talk to an advisor, click here to send in your details.
It depends on your business and you probably have a better idea than I do, since you're looking at this page you probably want a rent guarantee policy because you have already weighed up the odds and the risks involved. If you are a professional landlord it is advised you to take out a policy to cover rent losses especially if you have a mortgage hanging over the property.
Remember you need to reference your tenant properly with a recommended tenant reference agency that the insurance company recommends and you need an official tenancy agreement in place before you can even consider getting a policy like this.
Every single landlord insurance company work’s like that so there is no way out of it, so please consider this policy carefully, but if you have already made your mind up why don't you compare prices right here and get up to 35% off your policy when you compare with us?