The Right Insurance For Landlords
There are a number of competitively priced insurance products designed especially for Landlords, providing cover for landlord liabilities and extra security and peace of mind.
Guaranteed Rental Insurance
Legal Expenses Cover
These policies are invaluable when a landlord has a tenant that has defaulted on the rent and is significantly in arrears. The eviction process can be very lengthy* and many landlords cannot fund the mortgage payments once the tenants stop paying rent.
The policies available do vary so it is worth looking into the detail of the policy being
purchased. Some policies do not cover malicious damage by tenants. Some cover the rent right up to the time the tenants are removed from the property so always read the full terms and conditions and make sure you have met all the conditions specified to ensure you are fully covered.
*As at December 2018 eviction proceedings are taking an average of 5 months for a landlord to regain possession of their property. During that time if no rent guarantee insurance is in place then the landlord has to fund the mortgage costs themselves or face a possible mortgage company repossession.