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does the above policy exist and if it does how does it work in practice?
have 7 seperate policies at the moment and will be over 30 once the remainder of my properties are self managed
Chartered Accountant, FCA 34th year in public practice,
BTL since 1992
30 RGI policies at about £85 per year is £2550 giving 1.5 million of cover
Not bad eh for a total of £212.50 per month!
If you pay anymore than this for this level of cover you are paying too much!!
Absolutely this policy does exist and is one of our specialities. We offer it from £60 per property when taken out in conjunction with our landlord insurance policy, but we also recognise that people have their own insurances already so offer it £75 standalone.Cover is £25,000 worth of rental income with legal expenses. Whilst prices start at £60 if you’ve got a portfolio of properties this is negotiable and we’re always open to a deal. Call us on 01603 649736
So £89 for £50000 of cover my RGI provider provides 50% more cover than you
For only about £14 more!
You need to have a word with your RGI insurer to double the cover.
Admittedly £25000 of cover should suffice and not paying an extra £14 for double the cover may be considered not worthwhile.
But with rents in expensive areas reaching the £2000 and with most tenants in those areas being able to achieve RGI qualification it makes sense to go for the more expensive RGI for a very small increase in relation to a doubling of cover
Essentially £14 for another £25000 of cover!!!!
Hi Paul The £25,000 cover we mentioned is usually sufficient for the majority of landlords. Unless your annual rent is more than £25,000 there is little point in paying for a higher rate - however we have options to provide rent guarantee cover up to £75,000 if required.
Those options you should make LL aware of
So bearing in mind it can take over 1 year to evict.
With rent of £2000 pcm £25000 is insufficient when you factor in the legal costs.
Perhaps increase your lower level of cover to £30000 with perhaps a £5 premium increase
But given the choice between paying £14 for the extra £25000 of cover I would pay the £14!!!
The £25,000 limit under our policy is in addition to the £100k of legal expenses cover. The policy pays rent up to a maximum of 12 months so if your annual rental income is less than £25k then this limit will be sufficient for your needs.
Happy to talk any of this through if it helps. Call us on 01603 649736