Protecting landlords in case of problems with tenants, Landlord Legal and Rent Protection cover is offered alongside or automatically included within a landlord insurance policy through a broker or insurer scheme and can also be provided via specialist letting agencies. Elements of the policy are as follows:
Repossession
- Pursuit of a claim to gain vacant possession of the insured property from the tenant.
Rent Protection
- Covers the amount of uncollected rent owed to the policyholder, provided that we have covered a claim for Repossession.
- Rent is payable for up to 5 or 11 months (depending on whether the tenancy agreement was for 6 or 12 months) until vacant possession is obtained, but not including the first unpaid month’s rent.
- 50% of the rent is also payable for up to 3 months if the insured property needs to be repaired and cannot be immediately re-let due to damage or neglect caused by the former tenant.
- Cover is subject to a suitable tenancy agreement being in place and satisfactory credit reference checks having been made on the tenant.
Rent Recovery
- Pursuit of a claim to recover rent arrears owed to the policyholder by the tenant or former tenant of the insured property.
Alternative Accommodation and Storage Costs
- Accommodation and/or storage costs arising whilst the policyholder is unable to regain possession of the insured property, which is being repossessed for the policyholder to live in.
Damage to Your Property
- Pursuit of a claim following damage to the insured property, including dilapidations.
Nuisance and Trespass
- Actions following nuisance or trespass relating to the insured property.