Homelet & Similar Lettings Insurance...is it worth it?

trelloskilos

Really, my question is summed up in the title.

If you're interested in reading up on further details, here they are:

I am a landlord of a property, with a good Agency, and a tenant that I am happy with. She is a young single mum, on DSS, but she keeps the place immaculate, and never troubles me at all. Even when she does contact me due to problems, she always seems apologetic that she is troubling me. In short, she is an excellent tenant.

Only issue is that sometimes she is usually late in paying her rent. However, what started as a day or two, has now become 2 weeks. I have spoken to her to advise that I need the rent to be paid as punctually as possible to cover my own expenses to the property (ground rent, etc.).

We have a rent guarantor (sp?) in place as my tenant is on the DSS, but my Agents have asked me to take out Lettings Insurance via Homelet.

I am not really sure if it is worth it. Like I said, the tenant is a good one, and the rent guarantor seems to be sufficient cover in the event that something goes awry with my tenant. Should I still take out this insurance anyway for the peace of mind, or is it money for old rope?

tbs624

Your LA will be on commission

Many LlL manage perfectly well without this sort of insurance. There is much small print/hoops to jump through.

Was the guarantor agreement executed as a Deed and were both T and G referenced?

If your T persists in paying late, send her and her guarantor a formal rent Statement covering the whole tenancy to date and give them a date by which you want the unpaid rent handing over to you. Remind them that under the tenancy agreement terms the T is obliged to pay the rent in full and on time and failure to do so may put her tenancy at risk.