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Rental
Income Guarantee Insurance + Legal Expenses Insurance.
The
reason why these two plans have been lumped together is that
they really do compliment each other. If the tenant fails
to pay the rent, then the insurer will pay the rent you are
expecting from your property until vacant possession is obtained
(for up to 12mths and excluding the first month's loss of
rent). Additionally you will receive 50% of the rent for up
to 3-mths after vacant possession has been obtained, whilst
a new tenant is found.
Within
the policy above is legal expenses insurance of up to £50,000.
As you can imagine once a tenant has failed to pay their rent
and you are claiming on the policy above, then the insurer
relies on their legal teams to evict unauthorised occupiers
as quickly as possible. It's in their interest as well as
yours to get the tenants out and get some new ones in asap!!
There
is no excess with this policy.
The
insurer requires that a comprehensive reference is taken on
your tenants through them (or an equivalent from elsewhere).
The cost of this is £39.95 + VAT. For this you will
receive;
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An instant financial report.
- Full
final or interim report with 3 working days.
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Covers all types of tenant, employed, unemployed, student,
self-employed, housing benefit etc.
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Credit history and voters roll verification.
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Previous landlord/letting agent reference if applicable.
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Employers reference/ previous employers check.
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Also contains a tenancy recommendation.
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