Are You Protected For The Unexpected?
Unfortunately, no matter how thoroughly a tenant is referenced, even the most exemplary individual may become unable to pay their rent. If the thought of this is something that concerns you, there is a solution that can bring peace of mind!
Having rental guarantee insurance offers landlord’s valuable protection if the tenant falls into arrears. It ensures you will still receive your rental income should the unexpected occur. Anyone really can fall on hard times and have difficulty in paying their bills and it’s interesting to note that over half (58%) of landlords and agents have quoted, a tenant being in arrears as the most common reason for ending a tenancy (according to Government findings).
Of course, we are sympathetic as this can be a very stressful time for everyone involved, however your rental income still needs to be paid. Whatever the circumstances surrounding the situation, the vast majority of landlords have mortgages and expenses that continue to need paying.
Rental guarantee products cover a wide variety of solutions to give landlords assurance and help should the tenancy fall into difficulties. Some of the policies can cover much more than the rent arrears. As with all insurance policies, there are different levels of cover available. Therefore, making sure you purchase the option that covers all the eventualities is vital*.
Comprehensive policies can include:-
· Rent up to £2500 per month for a maximum of 15 months
· Legal expenses - covering for legal expenses you may face, such as costs for evicting a tenant
· Cover of up to 3 months rental cover at 75% following eviction
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If you are a Landlord that relies on your rental income and in these uncertain times, it really is an essential option for you to explore further and we are more than happy to help you.
What if your tenancy has already commenced? The good news is that policies can be purchased after the tenancy has begun, although terms and conditions do apply, such as a certain level of referencing, no arrears at the time of the policy being taken out etc.
Whether you are a tenant find only landlord or we fully manage your property, if you would like to discuss the different options which are available to you, please call one of our Lettings specialists on 01621 850145.
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*As with all insurance products, please refer to full terms and conditions and also check the exact level of cover/read the small print of ‘what’s not insured’ and ‘restrictions on cover’ to make sure the level of protection of what you require is included. Please always make sure you comply with the terms of the policy provided to ensure you do not void cover. Information is correct at date of article.