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  • Insurance

    Rent guarantee portfolio insurance

    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

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    Chartered Accountant, FCA 34th year in public practice,

    BTL since 1992

    http://www.blythepropertyholdings.com

    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!!

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    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

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    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!!!!

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    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.

    regards


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    Ah!!!

    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!!!

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    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

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