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Rent Guarantee Insurance
Purchase our rent guarantee insurance and get peace of mind when renting out your properties. Our rent guarantee insurance policy also comes with legal expenses as standard, so you can get rent protection in the event of a tenant defaulting and any legal expenses cost’s you may face, such as costs for evicting a tenant, covered.
- Covers up to £75,000 rental income
- Cover for multi-tenancy property
- Up to 12 months’ cover
- Full landlord legal expenses up to £100,000
- Landlord Legal expense helpline 24/7
- Cover for HMOs and student lets
Looking for landlord building insurance? Save an additional £15 from your rent guarantee insurance policy when you purchase a landlord policy from us.
The Alan Boswell Group Difference
Alan Boswell Group appreciates the time and effort it takes to find the right tenant(s) and the need to protect rental income for the property. However, sometimes, circumstances out of a tenant’s control, such as redundancy, may result in a rent default. It is at this point that a rent protection insurance such as landlord rent guarantee insurance can make all the difference. Because we understand this, we have created a policy that caters to a variety of events.
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Rent Guarantee Insurance in detail
Rent Guarantee Insurance is a valuable insurance policy for many landlords who want rental income protection. Landlord insurance with rent guarantee and legal expenses is a perfect combination for any professional or residential landlord, providing cover if your tenant defaults and fails to pay the rent on your property.
The benefits of Rent Guarantee Insurance are:
- Rental income cover Choice of cover for up to £75,000 worth of rental income (maximum monthly rent of £7,500)
- Legal expenses cover Cover for up £100,000 legal expenditures for eviction, possession of property, tax investigation and property disputes
- Helpline The policy provides you with access to a 24/7 legal advice helpline
- Guidance Access to online health and safety documents
For this insurance to be valid, your tenant(s) must have passed the relevant referencing process in advance. This includes proof of earnings and affordability, proof of ID and a credit check showing no CCJs in the last three years.
It is not possible to take this policy out once a tenant has defaulted.
If a tenant already occupies the property and you want to take out the policy after the tenancy has started, there will be a 90-day exclusion period before a claim can be submitted.
Costs
Rent Guarantee and legal expenses cost
How much does rent guarantee insurance cost?
Thanks to our close insurer relationships, we can provide rent guarantee and legal expenses insurance at a competitive price. Plus, if you take it out when buying a landlord insurance policy with us, we can give you an exclusive discount.
| Monthly rental income | Insurance cost when bought with landlord insurance from Alan Boswell Group | Insurance cost per property per year |
|---|---|---|
| Up to £2,500 | £60 for 12 months | £75 for 12 months |
| Up to £5,000 | Call for a quotation | £125 for 12 months |
| Up to £7,500 | Call for a quotation | £159 for 12 months |
Purchase stand-alone rent guarantee insurance with legal expenses, follow the link below.
Standalone Landlord legal expenses
You are also able to purchase a standalone cover for landlord legal expenses insurance, the cover is available for £30 if purchased in conjunction with an Alan Boswell Group landlord insurance policy.
Alternatively, landlord legal expenses insurance can be purchased for £50 on a standalone basis.
FAQs
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Yes, but the guarantor will still have to go through the same referencing process.
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Two forms of ID are required and one must be photographic.
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Yes, dependent on what part of the policy you are claiming on there are excesses as follows:
- £250 legal expenses
- £0 excess for eviction if due to unpaid rent
- £500 or one month’s rent (whichever is higher) for rental income cover
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Yes, the insurance is based on the property. As long as the new tenant has been referenced and there is a tenancy agreement in place then the insurance will be valid.
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There is no legal requirement for the product, although it is highly advisable if you have no other means of covering costs of the property.
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You can cover up to 25 tenants for a student let/HMO (House Multiple Occupancy) although the pricing will differ from a single tenancy.
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No, the policy is designed to pay rent while the tenant resides at the property (but is unable to pay rent). If they leave, there will be no cover for future rent due.
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You can take out a policy, but any claim for their arrears/eviction will be excluded.
Get in touch
Talk to us about rent guarantee insurance
01603 216399
Amanda Riches
Insurance Adviser
Amanda is an insurance adviser specialising in personal lines including landlords insurance, boat, motor, home and travel.
Leah Mayes
Insurance Adviser
Leah has worked in insurance for 10 years and joined Alan Boswell Group in 2009. She works within the Personal Lines department and specialises in…
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