At LetRef we understand that even the best intentioned tenants sometimes fall on hard times meaning they may be unable to keep up with their rental payments.
It is more often than not a change in circumstances, such as redundancy or long term illness, which causes a tenant to default on their rent rather than an unwillingness to pay.
Should your tenants fall into arrears the cost associated with legal fees and missed rent can amount to £10k+.
Key Benefits of Alan Boswell Group's Legal Expenses & Rent Guarantee Products
Should your tenant’s default on their rent, Rent Guarantee insurance can take the stress and expense out of regaining possession of your property.
- Nil Excess
- £100,000 Legal Cover
- Rental payments up to £2,500 a month for a maximum of 15 months
- Vacant Possession cover at up to 75% of the rental amount for a maximum of 3 months.
- Section Notices Served
- In House Claims Service
- 60-day claim reporting period
- Backed by one of the UK’s largest insurers Aviva
- No Covid Exclusion
If the current tenant moves out, the policy will still be valid for the new tenants as long as no claim has been made under the policy and the new tenants have met the referencing requirements of the policy.
Upon renewal of your Legal & Rent Guarantee policy, you will receive a renewal notice 28 days in advance giving you the opportunity to continue cover for a further 12 months. Provided your tenants have not had any payment issues in the preceding 12 months and you are not aware of an change in their financial circumstances there will be no need for you to re-reference your tenants.
To purchase cover from our insurance partner Alan Boswell Group for £215.00 for rents up to £2,500pcm (inclusive of insurance premium tax) for the year if purchased in isolation please click below.