Landlord Insurance – when the tenant stops paying
This week I was delighted to help one of my clients get over £4,000 from their insurance company for rent that their tenant wouldn’t/couldn’t pay.
I look after a lot of landlords. They come to me to protect them against a number of things like damage to buildings, contents, interruptions to the rental income if the property is damaged, or if they get taken to court by their tenant.
One of the other areas I protect landlords is with Rent Guarantee Insurance; essentially, cover for when the tenant stops paying.
The policy I arranged for my client earlier in the year gave him up to £50,000 in rent arrears, no excess, and legal costs to have the tenant evicted.
What happened when the tenant stopped paying
When the tenant stopped paying, he called me, we collated the information the insurers wanted to see and submitted a claim. This week the insurers transferred over £4,000 into his account and continued with the process of evicting the tenants for him.
The client was delighted and I was very happy to have helped him recover this money – so many landlords choose not to take Rent Guarantee Insurance, which is an optional cover usually sold separately to Landlords Insurance.
Rent Guarantee Insurance often costs less than the overall buildings policy too!
If you’re a landlord and not sure if you have this cover, contact us for a no obligation review of your Landlord Insurance arrangements.
Evans Insurance Brokers – specialists in Landlord Insurance