Landlords lose £6,500 a year, on average, to damage, repairs and rent arrears. Quite frankly, landlords should never enter into a tenancy without a rent warranty and legal protection.
The benefits include consistent and guaranteed rental income in the event that a tenant cannot or will not pay rent. It also includes cover for legal fees involved in evicting tenants, solicitors’ fees, court costs, bailiffs and even malicious damage which can easily reach thousands of pounds.
It is often thought that a rent warranty policy’s main benefit is to ensure the rental income. However, the benefits far exceed simply insuring rent. Policies are designed to ensure not only is the rent paid, but also ensure speedy repossession. We believe this to be a key benefit as often, tenants that do not pay rent are also not taking very good care of the property either. By quickly and effectively evicting the tenants, it will allow landlords to maximise on the deposit amount to carry out any remedial works on the property, which in turn will ensure the property’s value is not affected in the long term.
teclet offer a landlords legal expense insurance and rent guarantee policy. Our policy also includes hotel expenses for the policy holder, if they have no alternative accommodation and the tenant has not moved out as per the notice provided. We also provide defense for the policy holder’s legal rights if an incident arises from letting the property.
To find out more information and full policy terms, please speak to a member of our dedicated team today: