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Rental guarantee insurance charged to tenant!
Comments
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What an interesting post.As mentioned above, factor it in to yourselves as extra rent.
However make sure you recieve a receipt and the LL state's what it is for.
There is a possibility you could sue for this money at the end of the tenancy, as the policy would effectively be yours, if that was the case it would be void. If it was void then the LL is entitled to a refund of his premiums, and hence you would be entitled to a refund from the LL.
If it's any consolation, the LL is throwing his money down the drain with this insurance. I use to work in this area and out of 80,000 policies we only ever paid 6 claims and even then they had to take the claim the full distnace to be paid out. In fact we subcontacted out the claims process to a 3rd party who a standard template to refuse all claims.
To be honest, LERG to give it's full name (Legal expenses & Rent Gaurantee) is the next big insurnace scandal once the PPI scam dies down. So keep that receipt as there still is a chance of claiming this money back in the future even if you can't get it at the end of the tenancy.
Default on the rent immediately. Landlord claims. Insurance invalidated on the facts. Premium paid is now refundable to the landlord. Resume paying rent, Landlord is better off by insurance premium.
The whole idea is a nonsense. Landlord should just increase rent and pay premium from the rent. This smacks of the Leeting Agent on a scam.
I suggest agree to pay the premium monthly and keep the rent up, but let the insurance premium default - be very careful to pay the rent with a letter each month stating that the money is rent [ie not premium] and keep copies. When the Agent comes to sue, demand evidence of an insurance contract ... if you are lucky, there will be no insurance. And if the rent has been paid in full, then the LL and agent will have suffered no loss. so nothing owing ....
You need to be bold, understand it fully and be able toargue the poin to carry this one off. But I =cannot see why the LL does not just absorb the premium into the monthly rental.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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