Legal Expenses and Rent Guarantee – 2 Months Excess
Our Legal Expenses & Rent Guarantee policy gives landlords peace of mind by
off-setting the risks of tenants defaulting on rental payments whilst still occupying your property. It also covers the legal costs of regaining possession of your property which can be costly.
- A 12 month policy term with an excess – the excess is defined as an amount equal to two (2) months’ Rent
- A mediation service is available during the claims process
- Up to 5 tenants can be covered on one policy (single tenancy agreement)
- Cover can be offered for an existing tenancy agreement (90 days exclusion period will apply)
The maximum amount payable in respect of an Insured Event is as follows:
- Mediation Adviser Costs: £330
- Eviction Adviser Costs: £1,250
- Maximum Monthly Rent: £1,500
- Maximum Rent payable: 6 Months or the end of the Tenancy Period whichever is the lesser.
The 4 point check is:
- Identification from the tenant, including a clear photograph;
- Either a utility bill or bank statement;
- Credit check – clear of CCJ’s, bankruptcies & indicating confirmation of residency;
- Confirmation of employment – a written employers’ reference on company letter headed paper confirming the tenant’s permanent and current employment and that their salary is at least a multiple of 2.5 of the Tenant’s Rent (the documents should be no more than one month old from the start of the tenancy).
* Please note that if the 4 point check is applied & is in place, there will be no need to do a ‘Full Profile’ reference check – though in the event of a claim, the responsibility lies with the insured to produce the appropriate documents. A 4 point check is only applicable if the tenant(s) have not yet moved into the property before the first continuous policy is incepted.