Landlord rent protection insurance & Rental Guarentee
Tenants can fall into arrears for many reasons, even those with favorable references. Can you afford to lose monthly income? Rentsure offer assistance in protecting your rental income as you never know when your tenant's circumstances may change.
Landlord rent protection insurance provides:
- Insurance on legal expenses to obtain possession of the property on breach of the tenancy agreement.
- Rent Protection insurance to insure the monthly rent (up to the cover level selected) for up to six months on breach of tenancy agreement.
In my many years of property investing, I have used landlord rent protection insurance on most of my properties. I have only had to claim once, and it may have taken a while to get my money back, but I got it eventually. But hey, thats insurance for you, they usually take a while to process. I still thought it to be a worthwhile investment.
One property that I did not take landlord rent protection insurance with - and wished I had, was a 3 bedroom luxury property in Liverpool (as featured on Tonight With Trevor see more details here) and I had a tenant that paid 6 months rent in advance, so I thought I would be safe. So I took the cash and didnt take out landlord insurance, and six months later went to get the next months rent, and he would not pay - always out of the country. In the end, because I had no landlord protection insurance I had to get Landlord Action on board to help me to evict him. It was quite a horrific experience, and he owed me over £3000 in rent by the time he left. I wish in that instance I had not let my greedy cash up front head make a decision - and I had taken out the appropriate landlord rent protection insurance.
The landlord rent protection insurance comany I have had the most experience with is HomeLet - You can set up your own Homelet account here and get quotes online.
And if you get in a pickle, and didnt take protection insurance, you can contact Landlord Action here - they offer a 3 stage eviction process to get the tenant out of your property or get arrears brought upto date.
Featured Insurance:
Letsure Rental Protection & Rent Guarentee
