However, even with thorough tenant vetting, unforeseen circumstances can lead to rent arrears. That's where Rent and Legal Protection cover comes in, offering peace of mind and financial security for property owners.
This specialised insurance product is designed to safeguard you as a landlord against the unexpected. It provides you with coverage for lost rent and legal expenses associated with regaining possession of your property if tenants fall into arrears or breach the tenancy agreement.
With Rent and Legal Protection you benefit from:
Even the most reliable tenants can face unexpected financial difficulties due to accidents, unemployment, or illness. This cover ensures that you're protected against potential losses, allowing you to maintain your income and cover mortgage payments or other property-related expenses.
When selecting a Rent and Legal Protection plan, you should consider various factors so that you can be sure that the cover you buy suits your rental property and/or portfolio.
For example, our cover includes the following:
You may find that premium costs vary significantly depending on the level of protection you choose. While cheaper policies may seem attractive, they may not offer sufficient coverage for more complex disputes. Look closely at any excess fees as well, as they can impact the total cost if you need to make a claim.
When comparing offers, keep in mind that your aim is to find the right balance between what you can afford and what will keep you protected.
Do your due diligence and research how long the claims process has taken other landlords with your chosen cover. Don’t forget to check out the insurer’s reviews and how efficient or straightforward other landlord claims have been handled.
You may now be wondering what cover is the best for you. While we can’t tell you which would be the most suitable, as we only offer insurance on a non-advised basis, we can offer you some insight and an example of what could be included in your cover.
For example, we offer Lets-Cover Rent Protection & Legal Expenses Policy underwritten by DAS Legal Expenses Insurance Company Limited. This is on a non-advised basis, which means we cannot advise you as to whether this policy will meet your individual needs. However, we can inform you of the cover that the policy would give you, which includes the features listed in the first bullet point.
Most policies will require you to meet eligibility criteria, including, but not limited to, the following:
Without this cover, you may need to seek legal advice from a specialist solicitor. The combination of lost rent and legal costs for obtaining possession can represent a significant financial burden, and take many months to resolve.
So, all in all, landlord Rent and Legal protection cover offers you valuable peace of mind. By safeguarding your rental income and covering potential legal expenses, this type of policy allows you to focus on managing your property portfolio with confidence.
For more information on how to protect your rental income, contact your local lettings branch today, and discover how we can support you. As stated above, our Rent and Legal Protection policy covers, loss of rent of up to £5,000 per calendar month until vacant possession, for up to a maximum of 12 months' rent, and the legal costs and expenses of a solicitor appointed on your behalf to regain possession of your property.
