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Politely you are mad if you don't.
Look at basic maths.
Example Rental = £800pcm = Annual Rental income of 12 x £800 = £9600
You'd be insuring that total for a cost of the Insurance (anywhere from around £100+) - so for easy maths just say £100 policy - to cover £9600 income
The time to evict a tenant is approx 3 months (depends where you are in the UK and court delays etc) - so you'll likely lose £2400 in Rental income without it, plus there's a chance the property will have dilapidations.
A lot of policies will also give you some sort of income (maybe 50% of rent) for 3 months allowing you to refurb the property whilst it cant be re-let out.So you protect your property, your income and get help with the eviction process for approx £100-£150 ?? No brainer - IMO.
Have a bad tenant who goes owing thousands and trashing your property and you'll never ask this question again.
All views expressed are my own and do not represent the opinion of any entity which I have been, am now, or will be affiliated. I am not responsible, in any way whatsoever, for the use of the information contained in or linked in the post.
Richard is right - you'll likely need a full reference on the tenant(s) and you need to make sure you follow the correct process of issuing all your prescribed information etc.
In other words, if you are professional and follow a correct professional approach then insurers will likely underwrite your risk. If you decide to to take a different path and use your own judgements etc - then it's highly unlikely an insurer will help and the risk will be yours.
Hi I tried this with all my properties and due to certain things they would only accept 2 yes 2, these were solid tenants that would never not pay any of the others they wouldn't touch even ones that were both in full time employment, cant see it being as easy as above example
Its a no brainer. I have it on all my properties in Liverpool. Helps me sleep @ night! Lol. If the insurer of RGI picks up on any problems, then you get a home owning guarantor. This is what I do. As many prospective tenants do fall short for one reason or another. A guarantor will make it water tight - home owning that is. Approximately £12 pcm. Get it.
Any recommendations for an insurer?
Can it be setup through OPENRENT?
Possibly. Ask them. I use a company called 'Tenant Referencing Uk'. They credit check and reference the tenant. Then through this referencing a tenant may or may not become eligible for RGI. If they are, they use 'Rent safe uk'. Ive been with these for over 12 months now. Seems watertight. cost is £140 per house though. And with the tenant fee ban you obviously now have to pay it unfortunately.
Alan Boswell Group is the insurance partner of Property Tribes and offer this product. The award-winning team can be contacted on 01603 649736 .I have ABG insurance on all our properties. It's circa £90.00 per annum and, as others have said, is a "no-brainer".
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**