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Frequently Asked Questions
1. Do I have to use your services for Tenant Referencing or am I free to use another service ?
2. What references must be obtained ?
3. Am I restricted to just 6 months of Rent Arrears cover ?
4. What happens if the prospective tenant fails a credit check ?
5. When can I claim ?
6. When should I take out cover ?
7. Do I need to take a deposit from the tenant ?
8. If my tenant defaults on the rent and I need to make a claim, do I have to wait for the tenant to be evicted before I get paid ?
9. Can I cover more than one property on my policy ?
10. How quickly can I get covered ?
11. Can you insure the buildings and contents of my let property ?
1. Do I have to use your services for Tenant Referencing or am I free to use another service ?
You are free to choose any licensed referencing service to obtain a satisfactory reference for the tenants or the guarantor. Actually in most cases your letting agent will do this as a matter of course before any tenancy agreement starts.Top
2. What references must be obtained ?
As with all rent guarantee insurers, the satisfactory reference must include: written references from a previous managing agent or landlord (if applicable); an employer (or other financial source); and a credit check which includes the Enforcement of Judgements Office, County Court Judgements and bankruptcy.Top
3. Am I restricted to just 6 months of Rent Arrears cover ?
No, our policy covers you for the full amount of rent that is owed to you until possession of your property has been gained - even if this takes longer than 6 months.Top
4. What happens if the prospective tenant fails a credit check ?
For cover to be effective all references taken must be satisfactory. Unfortunately we cannot provide cover if the references are unsatisfactory.Top
5. When can I claim ?
The policy will provide full details of the cover for each section covered. But in general the rent must be in arrears by only one calendar month.Top
6. When should I take out cover ?
Cover should ideally be taken out at the start or renewal of any new tenancy. Existing tenancies can be covered but there is a period of 90 days before you could make a claim. This period is set to prevent policies only being taken out because there is an immediate problem with the tenant. You should note that this only applies at the start of cover and not to any future renewals of the cover.Top
Please note that if you have terminated or lapsed a cover with another insurer to take this cover out then the 90 day exclusion will not apply.
7. Do I need to take a deposit from the tenant ?
Yes, you should take a deposit equal to one months rent.Top
8. If my tenant defaults on the rent and I need to make a claim, do I have to wait for the tenant to be evicted before I get paid ?
Absolutely not, we appreciate that rent should be received by you on a monthly basis to meet your own financial requirements,
therefore during your claim we will pay you your rent arrears on a monthly basis as if you where being paid your rent in the
normal way.
In fact at no point during the process will you be asked to pay any costs or be out of pocket in any way.Top
9. Can I cover more than one property on my policy ?
Unfortunately not, the cover is specific to the property. If you wish to cover more than one property then a policy must be issued for each one individually.Top
10. How quickly can I get covered ?
You can be covered instantly, simply complete the online application and you are covered from the moment your payment is processed. Our online application process will take no longer than a few minutes to conclude. We will then send you your documents electronically and securely to your email address.Top
Of course you can also telephone us to arrange instant cover as well.
11. Can you insure the buildings and contents of my let property ?
Absolutely, we are a market leader in this field and provide the widest cover available for Landlord Insurance.Top
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