Rental Insurance?

Rental Insurance? The sheer title sounds too good to be true. However it is difficult to predict whether your tenants circumstance will change at any point in the tenancy, and whether these changes will leave them unable to pay their rent in the future - even more so in the current economic climate.

Despite tenants passing referencing - and at SurreyLets we use Endsleigh Credit Referencing - where we have A1 references from the previous Landlord or Agent, reliable employment references, no adverse credit and the affordability check comes back fine - this to all intent an purpose is a snap shot of "here and now"
But circumstances change, sometimes without the tenant being at fault and hard times come. Not many tenants will want to lose their job and home in one month, they have to keep alive and as costs mount up with no income - the rent is the first to go.

As understanding as we may be. Letting out a property is a business. Most Landlords are dependent on the rental income for one reason or another. Whilst the agent or Landlord can start court proceedings on the grounds of no rent or persistently late rent, this takes time, and money.

This is why I am so amazed that Landlords turn down the opportunity of getting a good Rent Guarantee Insurance. For example, If I reference a single occupant through Endsleigh Insurance, and providing they fully pass the reference criteria, a Landlord could, through SurreyLets, take out a policy for 12 months from just £60 pa, or for more than one person from £99pa going direct to Ensleigh with satisfactory Endsleigh references. The policy covers Landlords for the rental payments (there is one month as the excess, but you can claim this from the deposit) until vacant possession or up to 8m on a 12m policy - and includes legal and expenses of up to 25K for repossession and rent recovery proceedings.

It certainly takes the sting (not to mention cost) out a problematic tenancy. For more information visit Surreylets or call us on 01483 282470