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Rent Guarantee Insurance Cover?
Chick
Posts: 140 Forumite
Have posted re letting agents & ARLA, but have another query to put to the forum...briefly, I will be renting out my flat; I have a mortgage which means there is that extra importance of having some relative security on the rental income.
On that note, does anyone know much about taking out ‘Rent Guarantee Insurance cover’? that is, so that rent still gets paid even if the tenants are unable to for whatever reasons.
The letting agents I’ve spoken to are keen to provide this (at a cost of 100-150 pounds a year), obviously at a cost, although I have heard that nowadays you can get this with your contents/building insurance.
Does anyone have any advice or experiences regarding this type of insurance cover- did it prove to be a worthwhile cost when renting out your property?
Thanks in advance, Chick
On that note, does anyone know much about taking out ‘Rent Guarantee Insurance cover’? that is, so that rent still gets paid even if the tenants are unable to for whatever reasons.
The letting agents I’ve spoken to are keen to provide this (at a cost of 100-150 pounds a year), obviously at a cost, although I have heard that nowadays you can get this with your contents/building insurance.
Does anyone have any advice or experiences regarding this type of insurance cover- did it prove to be a worthwhile cost when renting out your property?
Thanks in advance, Chick
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Comments
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This sounds like "Letsure" which I think is the product name. The rent is guaranteed so long as all the tenants have passed a credit check by the same company and an insurance policy is taken out. The credit check is quite "high level" IMHO and only, again IMHO, will very good credit worthy applicants pass.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Letsure do this and so do Rentguard. Rentguards premium is £50 for six months cover. They are also the cheapest I can find for LLs insurance.
Tenants do have to pass a credit check/reference. Not sure about high level as Bob says.
A pass is a pass. You shouldn't be accepting tenants if they don't pass the checks
You will also need 2 forms of ID (one with photograph and one with address)
Rent Loss is covered and all legal expenses covered as well.
Worth a bullseye IMO.0 -
As tatsotti says, I;ve always used rentguard for my clients to provide this cover, its much cheaper than letsureI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks so much for all your replies...I will check out Rentguard on the net.
Yes, I think I remember the agent mentioning Letsure- they were quite keen to get me to take it out with Letsure, not surprisingly.
If Rentguard are cheaper & they get the same job done I will go with them, though I reckon that the agent will try to get me to go via Letsure.
Thanks again, Chick0 -
For anyone else who has the same question, here is the link to the Rentguard website http://www.rentguard.org/0
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The agent will probably use Letsure to credit check/reference the tenants.
Rentguard accept a few companies that perform this service. Letsure is one of them.
Make sure the agent does a FULL check and you see (and get copies) of the checks0
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