Guaranteed Rent Insurance for Landlords
from cotters letting agents, northampton
Common landlord worries
As a landlord, do you worry about the possibility of rental arrears? As a property owner, you still have to be able to pay your mortgage. What if the tenant causes damage to your property that is more than the rental deposit? You will need to pay for any damage to be rectified before you can re-lease your property. What happens if you have to evict a tenant? There will be additional legal costs that you’ll need to cover.
If these concerns sound familiar, you may be interested in exploring the option of guaranteed rent insurance. At Cotters Property, we offer a comprehensive range of guaranteed rent insurance products designed to give landlords peace of mind and financial security.
How does guaranteed rent insurance work?
Guaranteed rent insurance, also known as rent guarantee insurance, is a type of policy that provides landlords with protection against rental arrears and eviction costs. With this insurance, landlords can receive a fixed monthly rental income, even if their tenants fail to pay the rent.
To qualify for guaranteed rent insurance, landlords need to meet certain eligibility criteria. These may include carrying out appropriate tenant reference checks and ensuring that the property meets all relevant safety standards.
Guaranteed Rent Insurance offers income and legal protection
Guaranteed rent insurance offers a number of benefits to landlords. Perhaps the most obvious benefit is the guarantee of a fixed monthly rental income. This provides landlords with much-needed financial stability, particularly during times of economic uncertainty. If you’re in a situation where you require legal advice and action, guaranteed rent insurance also offers legal protection.
- Monthly rent paid for up to a maximum value equivalent to fifteen months of arrears, plus 3 months’ rent paid at 75% following Vacant Possession
- No Excess, 100% of your rent is paid
- Legal expenses up to £100,000 to cover eviction costs if the tenant is in breach of their tenancy agreement or following an expired section 21 notice
- Professional court attendance on your behalf
Perhaps the most significant benefit of guaranteed rent insurance is the peace of mind it provides. Landlords will be assured that they will receive rental income, even if tenants are unable to pay. This alleviates financial stress and allow landlords to focus on other aspects of property management.
Note: You can claim from as little as 31 days after tenant payment failure.
Cotters Property offers reliable Guaranteed Rent Insurance
At Cotters Property, we pride ourselves on offering high-quality, reliable guaranteed rent insurance products to landlords across Northamptonshire. Our policies are designed to provide comprehensive cover against rental arrears and eviction costs, with a range of different options to suit the needs of different landlords.
In addition to our insurance products, we also offer a range of other services to help landlords manage their properties more effectively. These include tenant referencing, property inspections, and compliance support, all designed to help landlords stay on top of their legal and regulatory obligations.
Please note: The policy is taken by Cotters on behalf of the landlord, as part of Cotters service.
Having any questions about Guaranteed rent insurance?
Contact us on 01604 603450 and we will talk you through the benefits.
Or complete our short contact form
After a nightmare tenant with a previous agent, Sue, Carol & Jo found me a suitable tenant quickly and turned being a landlord from a Nightmare into a dream.