Legal costs and expenses
up to £75,000 per insured incident – for eviction costs, legal defence, damage, rent recover
Lost job
Illness
Breakdown
Emergency
Breakup
Even the best tenants can fall onto hard times. A lost job, relationship breakdown or other changes in personal circumstances of your tenant can ultimately affect their ability to pay your rent.
With the average time to evict a tenant between 7-8 months, how long can you afford to go without receiving your rent from your tenant?
up to £75,000 per insured incident – for eviction costs, legal defence, damage, rent recover
up to a maximum amount of £2,500 per calendar month from the date the tenant first falls into arrears paid until legal vacant possession
for up to two months after gaining legal vacant possession if the property cannot be re-let right away due to damage
are available
You can enjoy the peace of mind that comes with knowing your rent is covered, no matter what situation your tenants find themselves in
if your tenant doesn’t pay their rent
and cover it’s cost up until legal eviction
Advanced Rent offer a unique solution for HMO’s providing you with a cost-effective solution to cover your properties. Instead of having one policy per room, Our rent guarantee insurance for HMO’s allows you to have multiple
Before buying rent guarantee insurance, you should ensure that you meet all legal requirements for renting out a property and have the correct documents to hand. You will need to be able to provide evidence of the following:
Your tenant needs to be earning at least 2.5 times the monthly rental amount. This can be from working income, benefits, and pensions, or a combination of it
Tenants need to be clear of IVA’s, CCJS and bankruptcies for at least 3 years
We need two forms of ID to confirm the tenant’s identity, one of which needs to include a photo. We suggest a passport or driving licence along with a utility bill
There must be a legal tenancy agreement in place at the time of making a claim, if this is not the case then the policy will be void
The policy also requires that all documents you are required to issue by law have been issued to the tenant, these include:
Your tenants will have to be satisfactorily referenced using two forms of ID, one of which needs to be photographic, for a rent guarantee insurance policy to be valid. We will also accept evidence they have passed the right to rent as proof of identification.
The cost for 12 months cover with no excess can be as little as £108.00 paid annually or £9 per month *Prices are exclusive of insurance premium tax and for indicative purposes only
There is no legal requirement for the product, although it is highly advisable if you rely on the rental income.
Yes, the insurance is based on the property. As long as the new tenant has passed referencing and there is a tenancy agreement in place then the insurance will be valid.
If your tenant stops paying their rent but remains in your property you will need to submit a claim. We will then instruct our appointed solicitors on your behalf to review your case. Upon approval of your claim our solicitors will help you gain possession of the property, and the policy will continue to make the rental payments that have not been paid by the tenant. These payments will continue for a maximum of 12 months, with up to two months’ worth of payments at 50% of the rental amount paid after eviction (while the property is empty).
Create an account here and buy with a credit or debit card or pay monthly by Direct Debit
Unfortunately not. Please contact our help line for assistance and advice on your next steps