Landlord Legal Expense & Rent Guarantee Insurance
Why would a landlord need a landlord legal expense & rent guarantee insurance?
This type of cover is for those landlords who wish to protect their rental income. This cover guarantees protection of rental income and landlords can also take legal expense cover which would be a protection in case tenant or tenants are unable to pay their rent. Landlords can choose between various cover levels such as a standard or gold cover to protect their property on as single policy. Cover can have flexible term such as 6 or 12 months. Landlords should have a valid tenancy agreement in place and has tenants or tenants or have successfully referenced.
A landlord who lets a residential property are at a risk of their rental income defaulted by the tenant. This can happen even when tenants have been checked and also references obtained as we can never predict a tenant falling in hard times. The tenant may lose their job or even become ill which can put the tenant in a situation where they can no longer their rent.
Since recession that started few years back more and more landlords are finding their tenants unable to pay their rents due to increasing bills, losing jobs and lower wages. Landlords try to recover their rents will find this it can be quite difficult task to deal with the whole process of taking tenants to Court if need be.
Rent guarantee insurance cover policy can provide a peace of mind where the full cost is tax deductible against your rental income.
Rent guaranteed can cover for:-
- Rent arrears
- Legal expense
- No excess to pay
- Unlimited periods of rent arrears paid
- All types of tenants accepted
- Cover is limited by MSL legal expense limited
Legal Expenses Insurance
This is a comprehensive Legal Expenses product that will cover the landlord’s costs of any disputes between themselves and their tenant(s) up to a maximum of £25,000 per claim. This is a 12 month policy