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  • FIRST POST
    • 3card
    • By 3card 7th Oct 17, 7:32 PM
    • 160Posts
    • 55Thanks
    3card
    Rent guarantee insurance
    • #1
    • 7th Oct 17, 7:32 PM
    Rent guarantee insurance 7th Oct 17 at 7:32 PM
    Hi Guys

    I rent out a couple of properties and have just rented out a new purchase last week.
    I was considering taking out a rent guarantee insurance policy for this new property for maybe the first 12 months.

    As anyone got any experience with one of these policies?
    Any recommendations?

    Thanks for any feedback
Page 1
    • G_M
    • By G_M 7th Oct 17, 7:57 PM
    • 42,311 Posts
    • 49,156 Thanks
    G_M
    • #2
    • 7th Oct 17, 7:57 PM
    • #2
    • 7th Oct 17, 7:57 PM
    As an experienced landlord I'd have expected you to know as much as any of us!

    But as with any insurance, it's a matter of your attitude to risk.

    Make sure you understand what conditions the insurer imposes eg on category of tenant, level of credit checking required etc.

    And make sure you understand in exactly what circumstances the insurance will pay out (read the small print), and how much (eg excludes 1st month? Maximum number of months rent covered etc)

    Then look at the premium and decide if the cost of the premium is value for money for the peace of mind and/or potential financial security.
    • csgohan4
    • By csgohan4 7th Oct 17, 9:27 PM
    • 4,019 Posts
    • 2,499 Thanks
    csgohan4
    • #3
    • 7th Oct 17, 9:27 PM
    • #3
    • 7th Oct 17, 9:27 PM
    how much are they out of curiosity
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • G_M
    • By G_M 7th Oct 17, 9:30 PM
    • 42,311 Posts
    • 49,156 Thanks
    G_M
    • #4
    • 7th Oct 17, 9:30 PM
    • #4
    • 7th Oct 17, 9:30 PM
    Not hard to google.... here's one:

    https://www.endsleigh.co.uk/business/landlord-insurance/landlords-rent-guarantee/
    • 3card
    • By 3card 8th Oct 17, 12:18 PM
    • 160 Posts
    • 55 Thanks
    3card
    • #5
    • 8th Oct 17, 12:18 PM
    • #5
    • 8th Oct 17, 12:18 PM
    Thanks for taking he time to reply.

    Yes i have read up on these type of policies and yes there are quite a few different ones out there.

    As we all know, insurance companies are very good at taking our monies for all types of cover but they dont usually like to pay out in the event of a claim.
    My main reason for asking was i was hoping someone would have first hand experience of this type of policy and have some recommendations to some insurance companies

    Thanks again
    • saajan_12
    • By saajan_12 9th Oct 17, 10:22 AM
    • 1,010 Posts
    • 678 Thanks
    saajan_12
    • #6
    • 9th Oct 17, 10:22 AM
    • #6
    • 9th Oct 17, 10:22 AM
    yes there are quite a few different ones out there.

    ..

    My main reason for asking was i was hoping someone would have first hand experience of this type of policy
    Originally posted by 3card
    If you understand there are many different policies then why are you asking for someones's experience of a singular (/at best handful of) insurance policies?

    As G_M suggested, look at the range of policies available and decide what level of cover/exclusions/price you're happy with, if any.
    • parkrunner
    • By parkrunner 9th Oct 17, 1:26 PM
    • 812 Posts
    • 1,191 Thanks
    parkrunner
    • #7
    • 9th Oct 17, 1:26 PM
    • #7
    • 9th Oct 17, 1:26 PM
    Thanks for taking he time to reply.

    Yes i have read up on these type of policies and yes there are quite a few different ones out there.

    As we all know, insurance companies are very good at taking our monies for all types of cover but they dont usually like to pay out in the event of a claim.
    My main reason for asking was i was hoping someone would have first hand experience of this type of policy and have some recommendations to some insurance companies

    Thanks again
    Originally posted by 3card
    Have made four claims myself and one by an employer a few years back, all paid out without the slightest hitch.
    • 3card
    • By 3card 9th Oct 17, 8:35 PM
    • 160 Posts
    • 55 Thanks
    3card
    • #8
    • 9th Oct 17, 8:35 PM
    • #8
    • 9th Oct 17, 8:35 PM
    i'm so glad i asked the question LOL
    • rtho782
    • By rtho782 10th Oct 17, 9:36 AM
    • 1,037 Posts
    • 748 Thanks
    rtho782
    • #9
    • 10th Oct 17, 9:36 AM
    • #9
    • 10th Oct 17, 9:36 AM
    Thanks for taking he time to reply.

    Yes i have read up on these type of policies and yes there are quite a few different ones out there.

    As we all know, insurance companies are very good at taking our monies for all types of cover but they dont usually like to pay out in the event of a claim.
    My main reason for asking was i was hoping someone would have first hand experience of this type of policy and have some recommendations to some insurance companies

    Thanks again
    Originally posted by 3card
    That's a sweeping generalisation. I've had nothing but good claims experience with our Admiral Home insurance policy.

    It would be as accurate to say "As we know, Landlords and their agents are very good at taking monies for rent and any fees they come up with, but they don't usually like to pay out for repairs".
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    • tiz
    • By tiz 10th Oct 17, 12:38 PM
    • 99 Posts
    • 112 Thanks
    tiz
    We have it, and I think it roughly doubled the cost of insurance - we pay about £230pa in total for insurance - rent is £800pm. There are some stipulations on tenant checks etc. you have to comply with too so it might add extra costs there.
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