Rent Guarantee Insurance

If you are a Landlord who lets a property then you run the risk of rent default by your tenant. Even the best checks and references cannot predict a tenant falling on hard times and not being able to pay their rent. Could you cover your expenditure if this happened?

In the current economic climate, many landlords are finding their default rates soar as tenants struggle with rising unemployment and increased bills. Recovering arrears can be difficult and costly for landlords, without any guarantee of success.

At The Online Letting Agents, our partners Rent Guarantee Insurance will cover you against your tenant defaulting or failing to pay the rent.

Please Note – An Online Letting Agents full tenant reference must have been completed by the tenants and accepted before a rent and legal expense guarantee can be purchased, if you are unsure please call us first. Our Referencing and Insurance Partner is Van Mildert.

The Covid19 Effect

The Coronavirus outbreak has had a significant Effect on the rent insurance market. Many product such a Guranteed Rent Collection and Rent-on-Time products are no longer available and are unlikely to be available for the foreseeable future.

Rent Guarantee insurance costs have also risen dramatically in the past few months and many of the ‘cheaper rent insurance products’ are finding ways to not payout.

We’re hearing that the big concern in the industry at the moment is ‘what happens when the furlough scheme winds down’. This seems to be making insurance companies very nervous which is reflecting in their pricing.

Our advice is that while you’re comparing Rent Guarantee Insurance products, make sure you ask your provider about their excess terms, whether they payout on a tenant being made redunant post furlough and what their policy was on payout during the pandemic.

Rent Guarantee Insurance - Landlord Details Request

If you are interested in taking out rent guarantee insurance, simply fill out the form below and someone from the insurance team will contact you directly.