Rent Guarantee Insurance

To help provide peace of mind if your tenants can’t or won’t pay the rent.

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rent guarantee insurance

Our full policy covers:

View or download documents related to this product:

Policy Wording – September 2021
Policy Wording – April 2019
IPID – September 2021
IPID – April 2019

Rent Guarantee Insurance including Legal Expenses Cover

If you are a landlord who lets a residential property, then you always run the risk of rent default by your tenant. Even if you have had the best checks and references carried out, you can never predict a tenant falling on hard times or losing their job or becoming ill and then not being able to pay the rent. Would you be able to cover your expenditure and costs over a prolonged period of time if this happened to you?

In the current economic climate, many landlords are finding their rent default rates increasing, as many tenants struggle with unemployment, lower salaries and increased bills. At Just Landlords, our Rent Guarantee Insurance can provide cover against your residential tenant defaulting or failing to pay the rent, taking away some of the stress associated with being a landlord.

Our policy can provide peace of mind and the full cost may be tax deductible against your rental income, helping to save you money. Have a look below at the cost of our Rent Guarantee Insurance. Our aim is to make it easy and cost effective for you to financially protect your rental income.

We provide a choice of excesses. Each month’s excess will be the amount you charge for one month’s rent.

The three excess price options for our policy:

  • £225 for a policy with no excess
  • £200 for a policy with 1 month’s excess
  • £175 for a policy with 2 months’ excess

These prices are inclusive of Insurance Premium Tax.

All of our Rent Guarantee Insurance policies last for 12 months.

The policy is designed to cover one tenancy at one property. If you have multiple tenancy agreements at the property you will need a separate policy for each tenancy agreement. For example, if you have two separate tenants and two tenancy agreements you will need two separate policies.

Just Landlords’ Rent Guarantee Insurance provides the following cover:

  • Rent arrears covered up to £2,500 per month over a 12 month period
  • Legal expenses for the recovery of your property

You must obtain satisfactory references for each tenant or guarantor before the tenancy agreement started for rent arrears cover. Full details of these references can be found in the policy wording.

Policy limits and exclusions may apply, please see the policy wording for full terms and conditions.

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Our frequently asked questions

Please note that these frequently asked questions are not a substitute for the policy wording. For full terms and conditions please see the policy documentation.

For how many months will my rental payments be covered under your policy?

Our annual policy will cover missed payments of up to £2,500 over a 12 month period whilst the eviction process is taking place to grant vacant possession of the property.

What happens if my tenant’s references are not satisfactory?

For cover to be effective, all references taken must be satisfactory. If the tenant’s references are not satisfactory there will need to be a guarantor whose references are satisfactory.

When can I make a claim?

The policy will provide full details of the cover for each section covered. But in general, the rent must be in arrears by only one calendar month for you to be able to initiate a claim.

When should cover be taken out?

Cover should be taken out on or before the start or renewal of any tenancy agreement.

Does a deposit need to be taken from the tenant?

Yes, this policy does not cover claims if the insured person or their letting agent has allowed the tenant into possession of the insured property prior to the first month’s rent and the deposit having been received in cash or cleared funds. Please see the policy wording for full terms and conditions.

If the tenant defaults on their rent and I make a claim, do I have to wait for tenant eviction before I am paid any money?

No, we appreciate that rent should be paid to you each month, especially as you may have your own financial needs to meet. Therefore, during the claim process, we will pay you your rent arrears on a monthly basis in line with your tenancy agreement.

How many properties can I cover on my policy?

The cover provided is specific to the property where the tenancy agreement is in force. If you wish to cover more than one property then a policy must be issued for each property separately.

How quickly can I get covered?

Cover is provided instantly, simply complete the online application and you are covered from the moment your payment is processed. The online application process can take no longer than a few minutes. You will then be sent your full policy documents to your email address.

Can you insure the buildings and contents of my property?

Yes, we provide a comprehensive landlord insurance policy that includes 40 covers as standard. This includes a range protection for both buildings and contents. You can read more about this product on our Landlord Insurance page or you can click here to get a quote.

What if I have more than one tenancy agreement at the property?

The policy is designed to cover one tenancy at one property. If you have multiple tenancy agreements at the property you will need a separate policy for each tenancy agreement. For example, if you have two separate tenants and two tenancy agreements you will need two separate policies.

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Other links

  • Landlord News – Our provider of the latest industry updates.

  • Gallagher – Just Landlords is a trading name of Arthur J. Gallagher Insurance Brokers Limited. Part of the Arthur J. Gallagher & Co group of companies.