Compare rent guarantee insurance deals for landlords
Get cover that pays out if your tenants default
Get rent guarantee cover
*Terms and conditions apply. Enro Ltd t/a Superscript is authorised and regulated by the Financial Conduct Authority. FRN 656459.
What is rent guarantee insurance?
Rent guarantee insurance covers any lost rent if your tenants don’t pay.
It also offers options to do more than just that - it can also cover the cost of:
Taking a defaulting tenant to court
Repossessing a property
Evicting squatters.
If you rely on your rental income to pay your mortgage, then getting insurance to cover the monthly rental payment from your tenants is worth considering.
Do I need rent guarantee insurance?
Non-payment of rent can happen to any landlord, no matter how careful you are when choosing who lives in your property. It can even even happen if you use a lettings agent – although some agents may offer this cover as an added benefit.
Tenants failing to pay their rent is often more of a risk when the economy is stretched and money is tight. It doesn't have to be a malicious act, for example your tenants could fall on hard times and suddenly be unable to pay their rent.
If you’re a landlord, rent guarantee insurance is a way of protecting yourself. It helps you avoid serious financial challenges due to non-paying tenants and gives you peace of mind that you won’t default on your mortgage.
What does rent protection insurance include?
Included
Not included
How much does rent guarantee insurance cost?
The price depends on the specific policy you choose, but it's worth noting the cost of rent guarantee insurance is tax-deductible against your rental income.
Superscript's rent guarantee insurance is charged at a flat rate of £9.95, per property, per month, regardless of property type, tenant type and monthly rent.
Remember to check whether you’ll need to pay an excess if you make a successful claim.
What landlords are paying out on expenses
The table shows the total allowable expenses figures declared to HMRC by UK landlords. The largest amount was residential financial costs, accounting for 32% of all expense claims by individual landlords.
How do I choose the right rent guarantee insurance?
When it comes to finding the best rent protection insurance for you, there are a few things to look for:
The excess
A higher excess normally means a lower premium. But you'll have to pay more yourself if you do make a claim.
Any exclusions
Make sure the policy you choose covers your circumstances - if not you might not get a payout.
How much you can claim
Make sure the maximum payout will be enough to cover your needs.
Whether it covers your type of tenants
Some types of tenant are excluded from some policies, for example students and houses in multiple occupation (HMOs) are frequently not covered.
The price
Insurance is a valuable tool, but make sure you're not paying over the odds for protection.
What other insurance do landlords need?
If you have a mortgage, you’ll need buildings insurance. This covers the cost of rebuilding your home if it’s damaged, and may also pay for temporary accommodation while repairs are carried out.
Contents insurance covers the cost of replacing furniture, appliances, carpets and more should they be stolen or damaged.
What other insurance do landlords need?
Buildings insurance
Contents insurance
FAQs
The earlier you take out rent guarantee insurance the better, because there are often limitations on when you can make claims. You can’t claim for events that occur within the first 90 days. So if the tenant fails to pay on day 30, but then you wait until day 91, the claim would still be denied.
You can only cover one property on a rent guarantee policy, so you need a policy for each property you want to cover. However, some insurers offer multi-property insurance policies.
It depends. Some insurers may charge an excess, while others won’t. Check the terms and conditions of your policy to see how much you would need to pay in the event of a successful claim.
This depends on the policy. It usually pays out up to an agreed amount per claim.
Yes, most rent guarantee policies need your tenants to be reference checked before cover starts. Some also ask your tenants to be credit checked.
Landlords must typically agree to obtain satisfactory references including background and identity checks on each tenant and each guarantor from a licensed referencing service before the tenancy agreement starts.
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