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  • Insurance

    Rental Guarantee Insurance

    Hi folks,

    I was wondering what people's thoughts are on rental guarantee insurance...

    Has anybody had to use it before? 
    How soon after the arrear did you have access to funds?
    Did you take it out before finding tenants and therefore had to meet certain criteria with the tenants you let to?
    What sort of prices and products are out there?

    Thanks in advance :-)

    Murray

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    I too am very interested to hear about this. There must be at least one member on here that has had to claim!

    I started a similar post Best company for RGI? - Some useful info in there but no actual experience

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    I've never purchased it and like others I'm equally keen.

    This is anecdotal input but in a local forum in my area, one of the experienced Estate Agent said that its not worth the paper it's written on. Her claim was that like with many insurance policies, the terms are so restricted that when it comes to making a claim they make it hard for the landlord to get value out of purchasing the policy. 

    Also the process seems very time consuming when you read the small print which has put me off. It's seems i have to make a lot of effort with evidencing and building a case to make a successful claim and I'd rather focus that time getting rid of a bad tenant and finding a replacement quickly. These policies also restrict the types of tenants you can have in your property - I suppose they want to reduce the risk - which is what insurance schemes are about. However just like categorisation of DSS tenants being bad for business, I think some of these RGI policies restrict the landlord from getting someone good based on your own personal analysis. 

    I think there is a place for RGI for some landlords, especially in the south, where even a few months of loss rent from tenants can quickly stack up. 

    I'm hoping someone can share their experience of using RGI claim


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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.