UK Landlord Forum / Life

Hi all,
Can anyone let me know if I can get Rent Guarantee Insurance for Tenants that are already in a property? Thanks

I believe you can. However it is not something I have done for years. It is a waste of money in my experience. You never know if you are insured until you try to make a claim. The best insurance arises when you make the decision to accept a tenant.   

Quote from: Traci on November 15, 2023, 08:44:11 AMCan I get Rent Guarantee Insurance for Tenants that are already in a property?

Why are you seeking RGI?

Do you have reason to believe that your tenants are likely to stop paying their rent?

I agree with others, this is really a waste of money and you only find out the reason for the rejected claim after you make your claim.

Issues I have heard include

You did not fully comply with X legislation
You are only covered for the LHA rate
You are only covered for the 6 weeks before you can claim Housing Benefits direct
You did not inform us of all of the facts (especially pertinent for you)
You are not covered for the first 5 weeks as that is offset against the deposit
You did not inform us that the Tenant lost their job

I gather that most of these policies require Tenant Referencing and that considerably reduces risk so why not just fully reference the Tenants.

I would imagine that they would want the insurance to start with a new Tenancy Agreement at the very least and that they would expect you to tell them if they had been a previous Tenant.

Quote from: Traci on November 15, 2023, 08:44:11 AMHi all,
Can anyone let me know if I can get Rent Guarantee Insurance for Tenants that are already in a property? Thanks