RENT GUARANTEE Insurance for Landords

Click here for a breakdown of Rent Guarantee products and prices.

Guarantee Your Rental Income

don’t be the victim, let Van Mildert help.

 

Landlords in the UK are out of pocket to the tune of over £5 billion every year as a result of damage to property and unpaid rent.

Guarantee your rental income – don’t be the victim, let Van Mildert help.

 

Landlords in the UK are out of pocket to the tune of over 5bn every year as a result of damage to property and unpaid rent.

 

Van Mildert are delighted to be able to offer peace of mind to help you secure you investment by providing you with rent guarantee insurance.

 

The most important points are outlined below:

  • All tenants must have been comprehensively checked and referenced (and passed)
  • The tenants must move within 60 days of being referenced
  • The policy will only cover up to £8,333 per month of rent
  • If the tenancy started more than 14 days before the policy start date then no claim can be made during the first 90 days.
  • In the event of a claim you must notify us within 60 days.

 

rent guarantee insurance

PROTECT & SECURE YOUR INVESTMENT – GUARANTEE YOUR RENTAL INCOME

 

If you’re a landlord then you’re probably well aware of the fact that every tenant can seem completely fine on paper but can, unfortunately, become unable to pay the rent. Even with a very thorough referencing process it is impossible to predict if a tenant will cease to pay their rent because of sudden unexpected redundancy, illness, divorce or some other serious circumstances which may unfold – Especially with the unstable job market we’re currently experiencing. Rent guarantee is absolutely essential if this were to happen. Even the most reliable of tenants can have a change in circumstances and become unable to pay their rent bills. Without rent guarantee insurance your income and mortgage are at risk. Here at Van Mildert, we provide rent guarantee insurance policies to help protect you against these risks. Van Mildert can greatly reduce this risk by providing you with a comprehensive Rent Guarantee which also includes Legal Expenses cover.

 

The Rent Guarantee element of this insurance policy is very simple — if the tenant fails to pay their rent for any reason then the insurance policy will pay you the rent instead.

 

The Legal Expenses element of the policy provides additional cover in that, in the event of a tenant refusing to leave a property, it covers all of the legal costs associated with formally evicting them.

 

This comprehensive insurance is available exclusively to landlords who have fully referenced their tenants through Van Mildert.

What is rent guarantee insurance?

Rent guarantee insurance is an insurance policy that simply protects you as a landlord from the risk of tenants not paying their rent. If your tenant can no longer pay their rent and if you have a rent guarantee policy then you can claim on your monthly rental income and the insurer will pay the rent that you’re missing out on. Many landlords think that their rent is covered with landlord insurance, however, landlord insurance only covers things like building and contents, most of which don’t have clauses about covering losses of rental income.

Why do landlords need rent guarantee insurance?

Being a landlord is a stressful job, and feeling like you’re constantly worrying about your tenant’s rent being paid on time can make the relationship with your tenant feel pressured. As your income is guaranteed either way you will naturally stress less about this issue. Although you may be a landlord reading this thinking you have the most reliable tenant ever and they have never missed a rent payment. This doesn’t mean to say that their current job position falls through or that they, unfortunately, become unable to work due to no fault of their own and therefore, unable to pay their rent. Some rent guarantee insurance policies also cover the cost of having to evict the tenant, meaning you’re saving even more money!

Am I eligible for rent guarantee insurance?

Any landlord with an occupied property can purchase a rent guarantee insurance policy, there are just a few requirements that need to be met first:

  • A tenancy agreement should be in place before trying to take out rent guarantee insurance
  • The tenant must have passed a tenant referencing check. However, if your tenant has failed you may still be eligible for rent guarantee insurance if the tenant provides a guarantor.
  • Our insurance policy is available exclusively to landlords who have fully referenced their tenants through Van Mildert.

In the event of a claim, the landlord should be able to provide evidence of all of the above as it is the landlord’s responsibility to keep hold of these documents and any other proof asked for when signing the rent guarantee policy.

What will I be covered for?

You will be covered for rent arrears owed by the tenant during the tenancy agreement until vacant possession is obtained, and you will be covered for legal expenses and advisers’ costs in relation to evicting the tenant(s) in the event that they violate the tenancy agreement.

What are the limits?

Rent will be paid up to a maximum of £8,333 per month and legal expenses up to a maximum of £50,000.

How do I claim?

In the event of the tenant breaching the tenancy agreement or falling into arrears exceeding one full months’ rent, you should contact us on 0191 256 0920 to begin proceedings and file a claim.

How does the tenant reference fit in?

Only tenants who have passed our comprehensive reference qualify for a rent guarantee. By referencing them first we have most of the details we need already on file, making the ordering process even easier for you.

About Van Mildert

Van Mildert provide specialist landlord and tenant protection services primarily in the form of tenant referencing services and rent guarantees, as well as contents insurance for both landlords and tenants. With a wealth of knowledge and expertise, we aim to assist our clients and service their needs be it with tenant referencing, automated compliance or rental guarantees. We have compiled a comprehensive range of services and one that is fully integrated into all the UK’s major lettings software.

Contact us

If you would like to order rent guarantee insurance, do not hesitate to contact us on 0191 256 0920, one of our advisors would be able to help you with your enquiry and provide you with any more addition you many require. Similarly, if you are interested in any of the other services that we have on offer here at Van Mildert, then contact us for further information or expertise from one of our advisors. We would love to hear from you!

Click here for a breakdown of Rent Guarantee products and prices.