Rent guarantee insurance

3card

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

G_M

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

how much are they out of curiosity

G_M

Not hard to google.... here's one:

https://www.endsleigh.co.uk/business/landlord-insurance/landlords-rent-guarantee/

3card

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

3card wrote: »

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

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

3card wrote: »

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

Have made four claims myself and one by an employer a few years back, all paid out without the slightest hitch.

3card

i'm so glad i asked the question LOL

rtho782

3card wrote: »

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

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".

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.

James1236

Might be a little bit late to the party here but every company offering "rent guarantee insurance" covers you in a different way.

it's really worth shopping around here:

vanmildert justlandlords

MSE go into a bit more detail here -/landlord-insurance/rental-protection/