Landlord rent guarantee insurance cover that provides financial and legal shelter from tenant rent non-payment and the problems of possible eviction
GET A QUOTERent guarantee insurance is the essential cover and income protection for landlords when your tenants are either unable to pay or simply don’t pay their rent, leading to lost rental income.
A landlord’s income receives substantial protection with a rent guarantee insurance policy from Protect My Let, which in turn means you’re not exposed to shortfalls in your own income or having to use savings to cover a payment gap while you try and recoup unpaid funds or give an eviction notice.
This landlord rent guarantee insurance policy is there to protect and offer a buffer, even when a rent dispute ends up in court. As the legal process around rent non-payment and eviction may take more than six months, having rent guarantee insurance in situ means that even if your tenant is withholding rent entirely, you’ll avoid running into mortgage arrears on the property or other financial difficulties.
Rent covered when tenants don’t pay up
Essential cover for when a non-paying tenant refuses to leave the property
Covers costs of removing non-paying tenants
Ensuring you’re not out of pocket when you’re in legal conflict with tenants
*Please note this is available at no extra charge if you take out a policy with MS Amlin. We have a panel of thirteen insurers, most of which offer cover for Legal Expenses.
Now we’ve introduced what rent guarantee cover is and why it’s critical cover for property landlords, let’s build on the benefits of a Protect My Let policy.
When your tenants are one month behind on their rental payments, put in a claim and this will be covered for up 11 months – that’s almost a year’s worth of rental income, plus much-need peace of mind. Which, as this often results in a litigious outcome, leads us on to….
Once the legal ball starts rolling on unpaid rent, things start to get costly. That’s why you’ll need the buffer of up to £50,000. This part of your landlords rent guarantee policy includes financial payment for:
This is where your tenant refuses to move out altogether and you need to reclaim your rented property. This is also a stressful process in addition to the non-payment, especially if there is evidence of any deliberate damage to your property.
The eviction of non-paying tenants must always be a last resort, and the word should only be applied after all other methods of legal recourse – formal letters, contact with guarantors etc, have been exhausted or ignored. But once an eviction notice is officially served, this is the point where rent guarantee insurance really earns its keep. Your tenant may try and remain in the property or cause malicious damage – so adequate cover for these additional missed payments and repair is essential.
While these four key benefits provide the foundations of PML’s rent guarantee insurance policy, the added layer of excellence comes from the team that support these pillars. This isn’t one-size- fits all insurance and neither is it one person-answers-everything at the customer service and account management end. We care about every one of your rental concerns and utilise our knowledge and insight to deliver solutions and bear the weight of your landlord stress – even when it may feel like the roof’s falling in!
Our specialist team has over 50 years of combined experience in the property rental cover sector and we’re the exclusive landlord insurance provider for the LNPG.
We were also awarded the Feefo Gold Trusted Service award for 2024.
Going through the legal process for a rental situation can be very stressful and frustrating, so our dedicated experts are always on hand to calm your concerns, whatever the hour, and whatever the issue.
Our approach is personal. We’re all about direct conversations, down-to-earth advice, and straightforward solutions – human being to human being. No chatbots are involved!
Whether rent guarantee insurance is worth it depends on your individual circumstances as a landlord. It offers financial protection and peace of mind but comes with a premium cost and potential exclusions. Consider your financial situation, risk tolerance, and the value of your rental property before deciding. We recommend consulting with an insurance specialist in our team for personalised advice.
Read more about Rent Guarantee Insurance and legal expenses.
You’re not legally obliged to have rent guarantee insurance. However, if you have an outstanding mortgage on your rental property, your mortgage provider may specify that rent guarantee cover will be required for your property within the mortgage terms and conditions. And when you take out a policy via an insurance broker such as PML, you’re also getting specialist insight and expertise in addition to a policy.
Rent guarantee insurance is usually an optional add-on to landlord insurance, protecting your rent payments and reducing stress if your tenants fail or refuse to pay their rent. Rent guarantee insurance may cover payments until your tenant is able to resume payments or until an eviction or repossession notice or plan is served.
Find out the difference between rent guarantee and guaranteed rent.
Rent guarantee insurance is usually in addition to landlord insurance and is highly recommended as your landlord cover alone may not cover non-payment of rent, lost rental income, or the expenses associated with court actions and evictions resulting from this.
Yes, if you already have a landlord insurance policy, you’ll need to wait until your next renewal date to add rent guarantee insurance cover.
If your renewal date is coming up shortly, give us a call and we’d be happy to give you a quote on your landlord insurance, including rent guarantee cover.
You can start claiming rent guarantee cover when you begin legal proceedings to evict your tenant. From here, your legal expenses will be covered up to the value of £50,000. The insurer will also pay rent owed while we’re dealing with your claim for repossession if your tenant refuses to leave your property. After the tenant has left, the insurer will pay 75 per cent of the rent that would have been payable for a further two months.
Got a dispute with a tenant? Read more about how you can resolve it.
The following restrictions to rent guarantee insurance cover will apply:
This policy won’t cover claims that occur during the first 90 days of the first period of insurance where the tenancy agreement started before the start of this policy (except where you had equivalent cover in force immediately prior to the start of this policy).
There is an excess on rent guarantee insurance which is the value of one month’s rent.
All your properties’ insurance policies under one roof with Multiple Property Landlord Insurance.
Comprehensive insurance cover for your rental properties in the event of an emergency – big or small.
