Reasons why landlord rent guarantee insurance could be a valuable investment include:
- They have become unemployed
- They have run up debt
- Their usual payments have been delayed
- They have a disability or have become ill
- You have had a dispute with your tenant and they refuse to pay
- Your property has become uninhabitable as a result of fire or other damage
Adding landlord's rent guarantee insurance to your policy could protect you against a loss of rent. However, there are still a few things worth noting when you take out an insurance policy:
- Decide on the level of cover you want and do not buy cover you don’t need.
- Look at the overall policy, not just the initial premiums.
- Make sure that you answer landlord insurance provider’s question to the best of your knowledge and be honest. Failure to disclose information could see a raise in your premiums or your policy rejected.
- Make an appropriate and competent tenancy agreement to avoid any problems with your landlord insurance policy.
- Make your property secure by fitting deadlocks on windows and doors and an alarm system. This should keep your premiums down.
We advise that you compare a few different policies as there are many providers which offer landlord insurance with rent guarantee cover. Read each policy carefully before you make a decision on which one to purchase, as you may find that you end up not being covered adequately.