SAL recognises that even tenants with the best intentions may face difficulties keeping up with rental payments due to unforeseen circumstances - typically, it is a shift in situations like job loss or prolonged illness that leads to rental defaults, rather than a lack of willingness to pay.
In the event of your tenants falling into arrears, the expenses related to legal procedures and missed rent can escalate to over £10,000, rent guarantee insurance can take the stress and expense out of regaining possession of your property.
If the current tenant moves out, the policy will still be valid for the new tenants as long as no claim has been made under the policy and the new tenants have met the referencing requirements of the policy.
Upon renewal of your legal and rent guarantee policy, you will receive a renewal notice 28 days in advance giving you the opportunity to continue cover for a further 12 months. Provided your tenants have not had any payment issues in the preceding 12 months and you are not aware of an change in their financial circumstances there will be no need for you to re-reference your tenants.
How to purchase legal expenses and rent guarantee insurance
This product is offered by Alan Boswell Insurance, independently of the SAL Tenant Referencing service. To obtain a quote, please go here:
Purchase insurance