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Even the most reliable tenants sometimes struggle to pay their rent. Statistics published by LSL Property Services show that 65,000 tenants in the UK are in ‘severe arrears’ of at least two months.
Tenant default insurance from Simply Business provides vital back-up for landlords. It can cover your rental income if your tenant fails to pay rent for two months or more.
As long as you perform credit checks and background checks on your prospective tenants, you can add tenant default cover to your Simply Business landlord insurance policy. Just start your quote below and choose tenant default insurance as part of your landlord insurance package.Start your quote
Tenant default insurance - sometimes called rent guarantee insurance - is an extra cover that you can add to your landlord insurance policy. Create a tailored policy by adding it to core landlord covers like buildings insurance and landlord liability insurance.
If you add tenant default insurance, you’ll be covered for up to eight months of lost rent if your tenants fail to pay for at least two consecutive months. You’re covered for up to £2,500 per month. The excess (the amount that you pay towards a claim) is one month of rent, but this is usually covered by the tenant’s deposit.
By choosing tenant default cover, you also get legal expenses cover as standard. This covers property-related legal fees up to £50,000, including legal action to repossess your property or pursue unpaid rent.
When your tenants moved in, you were confident they’d be trustworthy. They had passed their reference checks, were both employed and they had strong credit records. But a few months later, they’ve suddenly stopped paying their rent. They’re still living in your property, and you still need to pay the mortgage on the house.
What is covered?
Your rental income of £800 per month.
What isn’t covered?
The excess (the part of the claim you pay) of one month of rent (£800). This is covered by the deposit that your tenants paid when they began the rental.
It’s very important to make sure you understand what you need from your insurance. Use the check points below to get you thinking.
You should state the rebuild cost of your property, not its market value, when buying buildings insurance.
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– R Matthews, Handyman
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