Non payment of rent is a common problem for many landlords.
However, you don't need to foot this bill yourself. Landlords rent guarantee insurance is designed to help you ensure that you aren't left high and dry if your tenants don't pay.
What is landlords rent guarantee insurance?
Landlord rent guarantee insurance is designed to provide financial support to you in the event that your tenants miss their rental payments.
This cover typically provides a monthly sum to you to replace any losses you incur as a result of your tenants not paying their agreed rent.
Rent guarantee insurance for landlords typically also includes legal expenses cover. This is because the costs of taking your tenant to court or defending yourself in a dispute can be significant. This cover is designed to ensure you're not out of pocket in this situation.
Including rent insurance for landlords as part of your property insurance policy.
If you are keen to ensure that your rent is protected then it is possible to take out stand-alone cover for this. However, it is much more common for landlord rent insurance to be included as an extra on a buy to let buildings or contents insurance policy.
Most insurers offer landlord rent protection insurance as part of their policy.
Some will include this cover as standard while you may have to pay a small additional premium on some policies to benefit from this protection.
Finding cheap rent insurance for landlords
A common place to begin your search for the best value landlord rent insurance is online.
Here you can compare the prices and benefits of landlord insurance with dozens of leading insurers.
When you undertake your comparison, make sure that rent insurance is covered under your chosen policy.
While you may be tempted to buy the cheapest policy, it may not include optional extras such as accidental damage or landlords rent guarantee insurance. You may save money on your premium but you could end up significantly out of pocket if your policy won't pay out when you make a claim.