Rent Guarantee can help you if your tenant fails to pay their rent as well as providing valuable Legal Expenses cover and a 24 hour legal helpline that could help you with many of the difficult situations you, as a landlord, could find yourself in.
To help you understand just how Simple Rent Guarantee could make a difference for you, take a look at the example below and if you have any further questions, take a look at our FAQs page.
Rent Guarantee - An Example of how Rent Guarantee could work for you
The landlord successfully agrees a rental fee with a new tenant for their let property and before issuing the tenancy agreement takes the precaution of securing a professional tenant reference.
Using the information in the tenant reference, the landlord decides to issue the new agreement.
The new tenant signs the tenancy agreement that starts on the 1st December at a monthly rental income of £750 per month.
Unfortunately the tenant doesn't make their rental payment on the 1st January or 1st February. These late payments are now having serious financial implications for the landlord so they put a call in to Simple Rent Guarantee's 24hr helpline and register their claim.
Simple Rent Guarantee appoints one of their panel of solicitors who begin eviction proceedings against the tenant, who is successfully evicted 1st May, having made no further rental payments to the landlord.
The legal expenses bill for evicting these problem tenants came to £1,200.
Claim paid as follows:
Simple Rent Guarantee Insurance makes a payment to the landlord of £2,250 for the rent they didn't receive in February, March and April.
The landlord doesn't need to pay out for an excess as Simple Rent Guarantee deems January's missed rental payment as the excess, so the landlord doesn't have to find money that they might not have.
The landlord doesn't need to worry about the legal bill for the eviction proceedings, as the Legal Expenses cover included in the Rent Guarantee policy pays the £1,200 solicitors bill for the landlord.
The total value of the claim is £3,450. The Simple Rent Guarantee policy cost £52.50.