If your tenant has stopped paying rent, would you be able to cover the cost of your mortgage repayments – or other costs – which their rent usually covers? Rent guarantee provides cover so that you won’t be out of pocket.
Landlord Rent guarantee quotes
With Simple Landlords Insurance Rent guarantee from just £79.99 a year, you could get your rent protected, and not have to worry about your monthly income. You can buy a standalone policy, or buy it with a Legal expenses policy with a Rent guarantee discount.
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What does Landlord Rent guarantee cover?
Our landlord Rent guarantee includes:
- Up to £2,000 a month to cover your rent for up to 12 months (you choose the level based on the amount of rent your tenants normally pay)
- Up to £5,000 of legal cover for the eviction of tenants (on standalone policies), which will be managed on your behalf.
- Access to a 24 hour legal helpline - to support you to deal with rent disputes, arrears, and evictions
- Cover for all unpaid rent except for the first month owed (which is usually covered by the tenant deposit) until the tenant is evicted
- Cover for existing tenants, provided you got a tenant reference at the start of their tenancy
- Cover for existing tenants, even if they don’t have references, after the first 90 days of your policy. (So if there’s 3 months without incident, your policy will then kick in, or if they’ve been in long-term without issues, you may not have to wait at all).
What we need from you
- Any new tenants must be referenced
- Tenant references must confirm that the tenant can actually meet the monthly rental commitment, must include two forms of identification (one with a photo), and must show they have no outstanding or closed CCJs (County Court Judgements) in the last three years.
Things we won’t cover
- We can’t cover things that happened before you took out Rent guarantee insurance with us
- We can’t cover you if your tenants have a history of not paying their rent
- Claims in the first 90 days where you didn’t obtain a reference for a new tenant
- Claims where the amount in dispute is less than £250 - because it’s really not worth the time and expense of getting solicitors involved
- Claims where there is less than 2 months’ rent in arrears.
For more information please take a look at the full policy documents - which show exactly what you’ll be covered for.
What is Rent guarantee insurance?
Rent guarantee insurance - also known as rent protection insurance - is an optional cover for landlords. It is designed to protect you, as a landlord, if your tenants are unable to pay their rent.
Do I need Rent guarantee insurance?
Rent guarantee insurance is not a legal requirement, but some landlords do find it gives them peace of mind - particularly those who rely on rental income to pay a mortgage.
How much does Rent guarantee insurance cost?
Rent guarantee insurance from Simple Landlords starts at £79.99 for 12 months, which works out at less than £7 a month.
How much rent does your rent protection policy cover?
Simple Landlord’s rent protection policy can cover up to £2,000 of rent a month for up to 12 months.
What do I need to provide to ensure that I’m covered immediately?
To ensure that you’re covered as soon as you take out a rent guarantee policy with us, you’ll need to provide us with tenant references. These refences must include: two forms of identification (one with a photo) and proof that your tenants do not have any outstanding or closed County Court Judgements (CCJs) from the past three years.
Do I need to let you know if I have new tenants at my rental property?
If you’re getting new tenants, it’s important that you let us know. To make sure that new tenants are covered immediately, you must provide us with their references. These references must: confirm that they are able to meet their monthly rental payments, must include two forms of identification (one with a photo), and must show that they do not have any outstanding or closed County Court Judgements (CCJs) in the last three years.
What if I don’t provide you with new tenant references?
If you don’t provide us with references, cover will kick in automatically but only after 90 days without incidents.
Is there a minimum amount that you can cover?
We cannot process claims for which the disputed amount is less than £250, as it would likely cost more than £250 in solicitor and administration fees to process and resolve the claim.