Rent Protection and Legal Expenses Insuance

[dazzamancs]

Does anyone know the best policies for both cover and price ??

Any on the web that I could get a quote from ??

[David Lawrenson]

A few do it -try General and Commercial Referencing in Brighton. Tel 08458 337 291
I have to say though, in my experience with these insurances, your tenant has to score so highly on their credit scoring system, that the chances of default will be very low anyway.
Very few of my tenants would have ever qualified to go on, but I have not had a default in over 6 years.
So, in my view, although they give do undoubtedly give some peace of mind with premiums at at approx 4% of rental they are not worth the money.
Just my opinion.
David Lawrenson
Topic Expert, buy to let consultant and speaker
www.lettingfocus.com
Author of "Successful Property Letting"

[Poppy]

If you read any other threads on this subject you will observe that the only people advocating rent protection insurance are brokers and insurers themselves.

Regardless, before you start every tenancy you should thoroughly vet all potential tenants. That's where your money is best spent.

[Tassotti]

Rentguard do this cover at £50 for 6 months cover. Tenant has to pass credit checks/referencing.

The thing is, people's circumstances change. A good tenant may lose his job, so for the sake of a bullseye, I think it is worth it for peace of mind.

And,no, I am not in insurance

Tass

[Markonee1]

Does anyone have a figure for the cost of automatic payout Rent Protection based on 20% of buildings as provided by AXA?
Current or back as far as 2000...

Approximate insurance commissions for agency/portfolios with AXA would be nice too...:D
Thanks
Mark

[cknight@leaseguard.co.uk]

Leaseguard provides a Rent Guarantees with Legal Policies policy. The cost is 2.6% of annual rent + Insurance Premium Tax (5%) + a £10 policy fee. For more details refer to our website www.leaseguard.co.uk - tenant must pass a Tenant Reference (although it doesn't have to be through us)

We do receive claims on these policies and some landlords do find it of benefit.

Re the last post, this is normally included as standard with a Landlords Buildings insurance policy so just part of the overall premium.