As a landlord you always run the risk of rent defaults by your tenant. Even with the best checks and references carried out you can never predict a tenant falling on hard times or losing their job or becoming ill and then not being able to pay the rent. Would you be able to cover your expenditure and costs over a prolonged period of time if this happened to you? Our rent guarantee insurance includes landlord legal expenses cover. This comprehensive policy provides peace of mind for landlords when renting out properties, it covers rent protection in the event of a tenant defaulting and any legal expenses you may face for issues such as eviction.
£220 for 12mns cover
• Rent protection - Cover for lost rent if the Tenant defaults. Choice of cover levels from up to £2,500 up to a maximum £15,000 per month for up to 12 months.
• Legal expenses - Cover for up to £100,000 should the Tenant need to be evicted.
• Vacant property cover - Up to 75% of the monthly rent paid for up to two months after eviction.
• No excess to pay
• Please be aware validation of this product is based on the fact your tenants have met the referencing criteria required by Goodlord
• Available only via Letting Agents who manage your property
As a landlord, you will need a particular type of insurance for properties you rent out to tenants. This cover usually includes the same type of protection as your usual house insurance, such as cover for buildings and contents in the event of a range of circumstances.
If you’re the owner of a property that you want to rent out there’s currently no legal requirement which states that you must have insurance. However, if you have a buy-to-let mortgage on your property, your lender may specify that you must have insurance in place.
We recommend that you consider a policy which has been designed for landlords. A standard home buildings or contents policy won’t consider the potential risks that landlords face, such as loss of rent and accommodation costs, should your tenants have to move out after an insured event, or cover for your liability as a landlord.
From 1st April 2019, all agents managing lettings in England are required to belong to an approved Client Money Protection (CMP) Scheme.
Client Money Protection (CMP) Schemes provide compensation to landlords, tenants and other clients should an agent misappropriate their rent, deposit or other client funds. To view more information about our CMP requirements please press 'Find out more' below: