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Hi, I'm looking at renewing our landlord insurance, currently it's with Direct Line and it includes rent guarantee for around £350, which claims to 'cover unpaid rent after correctly serving an eviction notice to repossess your residential property.'
Has anyone had experience on claiming on these kinds of policies please? Alternatively we can get regularly insurance for almost half of that, but I'm thinking the rent guarantee is very much worth having if they will actually pay out.
Thank you :)
Experiencing this right now. Current tenants not paying rent since May. I have LL+ insurance with HomeLet & also a rent guarantee policy in place with them. Have been able to eventually get back every owed month rent so far. Make sure all the tenancy/contract/notices issued/communication evidences & paperwork are in order through your lettings agent.
That's great to know. I'm with them but have thankfully never needed it so far.
My tenant stopped paying rent. I thought I had a watertight insurance to protect against non payment of rent The insurance company did not pay out. Bullshit clauses
This is what I keep hearing and happened to myself. What was your clauses maybe a general clause list needs to be gathered together into a document to share with the community as it gets asked so many times. I have seen some very odd wording that makes it near impossible to claim.
What reason did they give?
Reference not passed
How do you know?
I’ve tried to claim on various types of insurance many times over the years. Health insurance, travel insurance, car insurance. There are usually so many exceptions and rules that it gets declined or I get a fraction of the money back. I’m personally self insuring.
Make sure you take out legal cost protection as well.
The key element on the rent guarantee insurance is that the references on the tenant are in order. Financial, past tenancies, employment reference, and so on. Without those, DL will not pay out.
I use Alan Boswell