Published: 17/03/2021Do you ever worry that your tenants won't be able to pay the rent? Are you concerned that the current situation may affect your tenant’s ability to pay rent in the future? If so, have you considered getting a rent guarantee policy.
Generally, tenants pay the rent on time, Still, the last twelve months have shown us that you never know what is around the corner and while you can’t plan for all eventualities you can make your life easier if you know your rent will be paid no matter what happens.
A rent guarantee policy will provide you with protection insurance should your tenants struggle to pay rent. The policy will cover any missed rent from the tenants and protect you should something suddenly come up that affects payment and also cover any legal costs that might occur along the line.
What does Rent Guarantee Insurance Cover?
Should you find yourself needing to make a claim, your insurance should cover the following and offer up some additional benefits. This includes:
- Missed rental payments: Depending on the policy you choose; you could receive up to 12 months of rental payments cover.
- Vacancy cover: Some policies offer 50% of the rent if the property has been left vacant for over three months.
- Legal support: All legal processes will be dealt with, relieving you of any additional stress. Legal and claim costs will be covered by the policy with a mandatory maximum limit.
- Expert advice and support on hand: The insurers will provide you with expert service and support.
Simply speaking, taking out a rent guarantee insurance will give you peace of mind that your rent will get paid and should you need legal help to evict a tenant that the cost of that is covered to.
Here at Wigmore Jones we offer our fully managed properties a complimentary rent and legal guarantee for the first tenancy. If you would like to discuss any of your property needs, please get in touch on 0207 118 8484