Rent guarantee insurance

Also part of Howden, Protect My Let offer extensive rent guarantee insurance to protect landlords from non-paying tenants.

As well as the following four pillars of cover, the additional layer of excellence comes from Protect My Let’s expert team. The cover and support involved isn’t a one-size-fits-all approach. Its truly specialist, using decades of expert knowledge to support every landlord and deliver expert solutions.

Here is a bit more about the cover.

Rent indemnity 

Protect My Let’s rent guarantee insurance provides up to 11 months of rent indemnity. When your tenant is one month behind on their rental payment, you can submit a claim for the cost of the rent. This gives you up to 11 months of peace of mind if your tenant is unable/unwilling to pay up.

Legal costs

When your tenant stops paying their rent, you may start to explore your legal options. Protect My Let’s rent guarantee insurance provides up to £50,000 of legal cover. This can include cover for contract disputes, legal action and defence, recovery of debt, eviction and court proceeding costs.

Repossession

If your tenant refuses to move out, this cover can assist with costs related to reclaiming your property.

Legal and tenancy eviction

This element of Protect My Let’s rent guarantee insurance is where the cover really earns its keep. If an eviction notice is finally served, your tenant may still refuse to leave or even cause malicious damage. This is where adequate cover for additional missed payments and repair is essential.

Rent guarantee insurance is worth it if you want to protect yourself from the financial difficulty and stress that comes with tenants being unable or unwilling to pay their rent.

While it comes at an additional cost, rent guarantee insurance can save you a lot of money and stress should you need to make a claim.

You may want to consider your financial situation, risk tolerance and the value of your property when deciding whether to take out rent guarantee insurance.

Protect My Let’s expert team can provide personalised advice.

Rent guarantee insurance is not a legal requirement, but it may be a requirement of your mortgage provider. You should check with them to make sure you’re getting the right covers in place.

Rent guarantee insurance is usually added on to standard landlord insurance. Should a tenant stop paying their rent, after the first missed payment, you can make a claim for the missed rent. You can continue to claim for up to 11 months.

You can also claim for the other elements of cover such as legal and tenancy eviction and repossession. Protect My Let’s expert team will be able to support you through the process.

Rent guarantee insurance is usually in addition to standard landlord insurance. Standard cover doesn’t usually include rent guarantee. But rent guarantee is equally as important when considering your risks as a landlord.

Protect My Let’s expert team can talk you through your options when getting a quote.