This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Peace of Mind and Goodwill to All Men
If you are a private landlord, you are always at risk of your tenant defaulting on rent. In fact, Just Landlords states that 33% of landlords will have a problem with rent arrears at some point. And with Christmas on the way, it is vital that you protect your business.
You may have thorough checks in place and reliable references may have been conducted, but you can never predict that your tenant will go through financial difficulty. What would you do if your tenant couldn’t or wouldn’t pay the rent?
Landlords, ask yourself whether you would be able to cover your costs over a prolonged period of time if your tenant stopped paying rent.
This is where Rent Guarantee Insurance comes in. This peace of mind policy will cover you when your tenant defaults on rent, taking away some of the stress associated with recovering arrears, which is a difficult and expensive process.
Just Landlords offers not only Rent Guarantee, but also Legal Expenses Insurance, which covers the cost of evicting your tenant. Additionally, if your property requires any work when the tenant has left, Just Landlords will cover 50% of the rent for three months once the property is vacated.
Its policy follows the Housing Act 2004, meaning that you must serve the correct notices when evicting your tenants. If you do not know whether to use a section 8 or a section 21, you can call the 24-hour legal helpline to ensure you stick to the law.
You must also conduct thorough checks, including an employer reference (you can take a Department for Work and Pensions reference if they are unemployed), licensed credit check, a past letting agent or landlord reference, take copies of two types of ID, have a detailed tenancy agreement in place and compile a complete inventory. This will ensure that your back is covered if your tenant stops paying. It is also advised that you make regular checks (the rule of thumb is for two checks every six months or so) to your property.
So how does Just Landlords compare? The firm’s Samantha Miles explains that other insurance providers can have “harsh rules” in place surrounding this type of cover, such as “an excess, maximum rent and a no payment period of up to 90 days”.
Just Landlords’ Rent Guarantee Insurance is also “open to all tenant types”, meaning that you are covered even if your tenant is on benefits.
For more information and for much-needed peace of mind this festive season, take a look at the policy here: http://www.justlandlords.co.uk/rent-guarantee-insurance.php
