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The insurance industry is reporting the increasing popularity of rental protection products.They put this down to uncertainty in the sector combined with increasing concerns over tenant affordability and the fact that it can take up to 9 months to regain possession of a property when evicting a non-paying tenant.Rent guarantee insurance is an insurance "add on" that can be taken out for a nominal sum.If you have a rent guarantee insurance policy in place from our insurance partner, Alan Boswell Group, they will actually cover the rent money you are due while your solicitor pursues the tenants for the money they owe.It can be purchased as an extension to other legal expenses cover and will pay out up to a maximum of £25,000 or 12 months’ rent, whichever is reached soonest.
ABG's landlord legal expenses cover will also help you with the costs of pursuing a tenant who is in breach of the tenancy agreement.For both of these policies, ABG offer great value for money with their "price beater" guarantee, and they really are invaluable should you suddenly find yourself without your rental income.You can contact the Alan Boswell Group team on 01603 649736 for service.*Alan Boswell Group is a commercial partner of Property Tribes and, if you take out an insurance policy with them, this site will receive a small commission. This helps maintain Property Tribes as a free-to-use community resource.SEE ALSO - A beginner's guide to landlord insuranceUP NEXT - 3 types of personal protection for landlordsDON'T MISS - 3 things: 3 ways to save money in 2018NOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Paul barrett will be all over this
Yeah I thought the same too. We already have ABG policy but no RGI. Must get wife on this. ASAP.
PB instills the fear in me everytime he posts about his experience and with good reason too.
Coming soon Investorsk8.com
Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs.
What are the thoughts on there on this insurance, do you use it? I use it. My thinking was that if a £120 annual policy can (hopefully) protect me against my main risk as a landlord, then it was worth it. I just have to have successful referencing for the tenants at the start of the tenancy.
Has anybody had experience with making claims? I have not.
RGI great idea
Saved me from bankruptcy!!
Cost of RGI policy
Ability to source tenants who qualify for RGI.................not easy!
Any tenant who can qualify for RGI;get it!
Thanks Paul yah this is how I always envisioned things. Hope I'll never have to use it but I agree, for a small % of a month's rent to cover your biggest risk must be a good deal (just don't know if when the time came to use it, if the companies would be efficient etc.. I like to think yes).
I'm a new LL with 1 property owned since 2016. Both tenants I've had during that time qualified. It's a small 1 bed in Reading so I suspect also this depends on areas/demographic (in Reading there seem to be a good pool of young professionals that meet the affordability/employment checks etc)
Providing the RGI company accepts that the referencing carried out complies with the RGI requirements then you are in the clear.
Many RGI companies reject a claim because they say the referencing was inadequate yet they took the tenant on in the first place.
Using LRS I believe that the RGI company used accepts the LRS referencing as adequate.
Just as an academic exercise establish what the EXACT RGI claim requirements would be.
If you have everything sorted then a claim should be successful.
If not ...........................then you just don't know! !
It would give you a chance to make sure everything is sorted just in case a claim is required
Spot on Paul! I currently have a 3 bedroom house sitting vacant since the last 2 months due to my insistence that the prospective tenant qualifies for RGI. Have had 3 of them rejected by Rent Guard who are doing my referencing and RGI for me.
I would rather have it this way, than the prospect of losing £10,000 on rouge tenants!
Yep it is a bit of a bummer hanging on for the elusive RGI qualifiable tenants
Perhaps consider a sharing AST as then there will be two main incomes which should be sufficient to meet RGI requirements.
Try spareroom for such tenants
You can advertise for free a whole house letting
Very few LL allow shared lettings.
But you would easily achieve 2 professionals as singles or couples to meet RGI requirements
You won't find many other LL competing as so few LL accept shared AST and LA definitely don't like them.
You could allow two couples to take on a lodger for the 3rd bedroom
Perhaps charge slightly more in rent for the whole house if they choose to let the 3rd bedroom to a lodger.
The only issue is with the new HMO regulations.
Not sure whether two household couples and an unrelated lodger would require the new mandatory HMO licensing!?
Has anyone come across a RGI product which doesn't have a months excess as part of the policy?