Protect Your Rental Income In Minutes!
Whether you have one investment property or have built a substantial portfolio, the last thing you want to do is put your investments at the mercy of a tenant who fails to make the rent. By having a rent guarantee insurance policy in place this can protect you from being out of pocket as a landlord. Assetgrove can help with guaranteed rental schemes, and can offer excellent advice on such policies. Let’s look at some of the advantages of rent guarantee insurance, and why it’s important that you get it.
Economic Uncertainty
It’s still unstable out there and while companies offering rental insurance schemes often undertake strenuous employment and credit checks, your tenants may find themselves without work at short notice. Rent guarantee insurance will make sure you’re covered if this happens.
The Insurance Company Will Chase Arrears
With guaranteed rental insurance you’ll not only receive guaranteed payments but you won’t have to chase your tenant for arrears. The insurance company will want their money back and will have the means at their disposal to ensure this happens. Chasing tenants can be an unpleasant ordeal so it’s best to leave it to the experts.
Cover In Case Of Emergencies
Life happens and fire, floods, and other events can render your property uninhabitable. Losing rental income on these occasions only adds to the problem. Rental cover protects you should you experience such circumstances.
Legal Expenses Covered
Some rent guarantee insurance policies cover this while others offer separate legal expenses policies. Whatever the case, this is essential as it covers the legal fees that arise when you need to evict a tenant. Look for policies that offer this in tandem with guaranteed rent insurance to make sure you receive rent while the eviction process is undertaken. Thankfully, the best guaranteed rental schemes will also take care of the eviction process for you.
Dilapidation Covered
Apart from tenants skipping rent, the worst thing that can happen to your property is tenants leaving it uninhabitable. Companies like Assetgrove will ensure a detailed, date-stamped inventory is taken when tenants move in. Rental guarantee insurance will cover the dilapidation costs, and guarantee your rental income, provided you can supply this inventory.
Legal Advice
The best rental insurance companies offer free legal advice around the clock. Being a landlord can be a legal minefield, so this is like having an army of lawyers in your corner 24/7.
Peace of Mind
Next to income, security and lifestyle are the most likely reasons you have an investment property. Guaranteed rental schemes allow you to get on with living your life with the knowledge that you’re fully covered. If you dream of a life in the sun, without sleepless nights of wondering whether your tenants will pay, guaranteed rental insurance is just the ticket.
Given the current economic climate, guaranteed rental insurance is essential. After all, it could make the difference between you keeping or losing your investment property.
Image credit: Simon Cunningham
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