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Rent guarantee insurance: 3 things to check before you buy

Rent guarantee insurance is a 'must' for landlords. You can, and should, take precautions to minimise void periods but you can't predict the future! For that reason, it's important to protect yourself against all eventualities.

Not all rent guarantee insurance is created equal. In this post, we’ll walk you though three important things to look out for when choosing your protection.

Don’t cut corners when selecting rental protection. Buy the wrong policy and you could end up forking out a lot of money down the line.

@homesureproperty Our latest blog post goes into more detail on all these points, to help you find the best rent protection insurance around. Read at Comment below if you want us to send you our ‘section 21 information for landlords’ via DM. šŸ‘‡ #propertymanagementservices #landlordlife #landlordproblems #propertyinvestment #propertyinvestmentuk #propertyinvestmentspecialist #propertymanagement #propertyinvestmentadvice #propertyinvestors ā™¬ original sound – Homesure Property

Work with a trusted letting agent to find quality tenants. Maintain your property to a high standard, so those tenants stay happy and stay put. AND right now, today, protect yourself and your income for the future, by taking out rent protection insurance that ticks the following boxes.

Ask yourself these three questions before you buy rent guarantee insurance:

1. Does it cover every penny of rent, or does it have an excess?

As with car insurance, you often have to make a contribution towards a rent guarantee claim. It’s usually one months’ rent. This won’t surprise you; most insurance policies ask you to pay an excess. What might surprise you is that, when it comes to rent guarantee, there are policies available that won’t ask you to pay an excess.

With our rent guarantee insurance, there is NO EXCESS to pay. That means, if your tenant doesn’t pay their rent, every single penny of that rent is guaranteed. When it comes to buying your policy, don’t settle for anything less than this level of cover.

2. What happens if you need to start an eviction process?

The costs of eviction are open-ended but you can expect it to take around five months to regain possession, if your tenants don’t leave when asked. The process is likely to set you back least Ā£1,300. That is, of course, if your insurance doesn’t cover you. So, make sure it does.

Buy rent guarantee insurance from Homesure Property and all of this is covered. You’ll be receiving 100% of the rent until vacant possession is achieved. We’ll evict the tenants and manage legal proceedings. You even have legal cover to pursue tenants for any damage to the property.

3. Does your rent protection insurance cover the void period after possession?

If you have to evict a tenant, often your property will need work, before you can rent it out again. Make sure you’re not left out-of-pocket by taking out insurance that covers you for this period.

Our rent guarantee insurance pays 75% of the usual rent, for the period while we’re getting the property ready for your new tenant. If you’ve negotiated void periods in the past without protection, you’ll already know how valuable this is. If you haven’t, you never have to!

@homesureproperty Landlords – when you pre-empt potential void periods, you can reduce them and even make a change of tenancy work to your advantage. Here's how (watch the vid). A good property manager is proactive, not reactive. If you're managing your own investment properties it's a lot to think about but you must think ahead, to stay on top of your investments. Share this video with new property investors and landlords looking for tips to help them manage their portfolio. If it's all too much, or if your managing agent isn't as proactive as we are (!) get in touch. We'll help you make your investment work for you, instead of the other way around. We start with a free consultation and you can switch to our fully managed service with just one email. #landlordproblems #landlordtips #liverpoolbusiness #propertymanagement ā™¬ original sound – Homesure Property

If you find better rent protection than this, we want to know!

We’ve worked hard to bring you the most comprehensive cover. Recovering outstanding rent is done for you, legal proceedings are expertly managed and you won’t lose out during the process. Found cover that beats ours? We’d love to hear about it!

READ MORE: Why the price of your investment property doesn’t matter as much as you think it does

Nicholas Stott

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