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RGI - Rent Guarantee Insurance

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Author Topic: RGI - Rent Guarantee Insurance  (Read 125 times)
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« on: October 26, 2020, 07:14:06 PM »

We've had RGI insured with Endsleigh for the past  4 or 5 years but had an email 2 weeks before our renewal date informing us that they had withdrawn from the RGI market and were no longer able to offer insurance. 

Since then I've been looking through various RGI insurances and it seems that (a) prices have doubled (or more) since Covid (b)  since the current insurance has now lapsed (since Oct 5th), I now need to get all tenants (2 properties, 3 tenants) re-vetted.  The vetting isn't an issue.

 What is an issue is that since Covid the small print on most of the policies seems to suggest that there are an awful lot more conditions to be met before they will pay out  (stuff like notifying them within 45 days and giving notice to the tenants etc within certain timescales so it's difficult to even work out whether it's still worth having RGI.   We rely on the rental income from both flats  to live on as we are both now retired with only my husband in receipt of state pension so there's a strong case to buy RGI but only if it is likely to pay out when required without endless quibbling about clauses and whether we've jumped over all the correct hoops /notification timescales etc.

I've looked at RentGuard  who charge 299 but that includes Legal Insurance.  However, I already have Legal Insurance included with our buildings insurance from RiskAlliance and don't want to pay for it twice (and in the event of any claim I don't want the situation of each insurer refusing the claim because I'm double insured).   

On further research, all RGI policies that I'm now finding also include Legal Insurance.

Can anyone recommend a company who do just Rent Guarantee Insurance without the Legal Insurance add on? ?.  And the Holy Grail would be a company that doesn't have endless conditions (I accept that tenant vetting is going to be necessary for a new policy but some of the conditions on some policies seem to go on forever and to be designed to trip up a claim...)

Thanks in advance to anyone who has any advice.



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« Reply #1 on: October 27, 2020, 10:15:44 AM »

I cannot recommend a company or organisation, but a Broker might... it may be time to approach one... it seems like the situation has changed significantly and you might want to take stock with some proper advice. If nothing else at least you can talk it through with an expert.
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« Reply #2 on: October 31, 2020, 07:22:58 AM »

What is rent guarantee covering ??
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« Reply #3 on: November 14, 2020, 08:45:02 PM »

It covers your rental income if your tenants can't (or won't) pay their rent...  but due to Covid there are a lot more restrictions for anyone who wants to take out a new policy where the old one has lapsed (or if they haven't had RGI before.   Our existing policy was due to run out in 2 weeks time when Endsleigh informed us that they were unable to renew as they were no longer offering the product.   
« Last Edit: November 16, 2020, 07:03:02 PM by cindyp »
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Posts: 28

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« Reply #4 on: November 20, 2020, 02:24:05 PM »

I had rent guarantee & loss of rent cover, just renewed mine & removed them both fat lot of good it did me last year.

New tenant is a teacher so I figured I could save a few quid.
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