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How many of you buy Rental Guarantee insurance and is it worth it?

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  • How many of you buy Rental Guarantee insurance and is it worth it?

    As it says in the title? I've never bought it or thought it worth buying as it is backing a winning horse - you can only get cover for good risks that pass referencing.

    Just my thoughts, please let me know what you think.

    Jason
    The Property Insurer
    Jason McClean
    The Property Insurer
    www.thepropertyinsurer.co.uk
    T: 07734-113554

  • #2
    Re: How many of you buy Rental Guarantee insurance and is it worth it?

    Hi Jason,

    As an estate agent dealing in both sales and lettings, I would say its vital.

    You never know what circumstances might change for a tenant and they are unable to pay the rent. Also you tend to find a lot of the cover comes with legal cover to help cover the cost of eviction that can escalate very quickly especially if you involve bailiffs.

    For circa £15 per month its a must for me.

    Hope that helps!
    Jacks and Jones Estate Agents
    http://www.jacksandjones.co.uk

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    • #3
      Re: How many of you buy Rental Guarantee insurance and is it worth it?

      Thanks Jack and Jones.

      Different from my experience, but some good points there.

      £15 a mont sounds expensive as there are cheaper options out there offering good cover. I'd suggest £10 a month, which maybe makes your argument to have it even more compelling.

      Any other thoughts out there?
      Jason McClean
      The Property Insurer
      www.thepropertyinsurer.co.uk
      T: 07734-113554

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      • #4
        Re: How many of you buy Rental Guarantee insurance and is it worth it?

        Of my 3 BTL properties, I manage 2 of them and have an agent for the third. As part of that agreement they cover the rent collection for that property and if anything was to occur with that tenant, part of their management fee is to cover my loss of rent as well as legal cover and as I recall that is approx. £10 a month.

        An advantage for me though is that through having it with the agent, they'll do all the admin work and deal with it so I don't have too.

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        • #5
          Re: How many of you buy Rental Guarantee insurance and is it worth it?

          I wonder how many of these insurance certificates actually end up paying out? Insurance companies are very good at covering themselves with 'get out clauses'

          Any experience from anyone here that actually had to rely on one of these ? Did they pay out when needed or did they manage to wriggle out of it somehow?

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          • #6
            Re: How many of you buy Rental Guarantee insurance and is it worth it?

            Thanks for sharing ,Please contact me.I need buy Rental Guarantee insurance .
            Lettings Agents Edinburgh - Property Management Services

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            • #7
              Re: How many of you buy Rental Guarantee insurance and is it worth it?

              I buy rental guarantee insurance but until now my renters have always paid on time. I think it’s worthy as no matter how good your tenants’ intensions are, bad things do happen and when they do, paying the rent might not be your renters’ first priority.
              Neli P.
              E-mail: [email protected]
              Website : http://blog.thenello.com/

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