Residential Let Legal Expenses and Optional Rent Protection FAQs

As you are aware, since 1st April 2023, Rent Protection Insurance is back and can be quoted online as part of our Landlords Legal Expenses and Rent Protection Insurance policy.

The following article – which can be used on your own website to inform your customers – answers some Landlords Legal Expenses and Rent Protection Insurance FAQs.

What is Landlords Legal Expenses and Rent Protection Insurance?

Available as a stand-alone policy (or as an add-on to an existing landlord insurance policy you have with us), legal expenses insurance can cover the legal costs associated with residential property disputes, tenant eviction, etc.

Optional rent cover (in the form of Rent Protection Insurance which we discuss below) is also available should your tenant default on their payments, giving you peace of mind.

Why do I need Landlords Legal Expenses Insurance?

As a landlord, you face many risks and challenges such as legal expenses relating to tenant and other third-party disputes, property damage, rent arrears, and other financial losses.

If you are involved in a legal dispute or debt recovery relating to the insured property, then Landlords Legal Expenses Insurance is there to help.

What does Landlords Legal Expenses Insurance cover?

While policy features and benefits may vary depending on your insurer, typically, Landlords Legal Expenses Insurance covers legal expenses associated with: l tenant disputes l property damage l rent arrear recovery, and l other financial losses that may result from disputes with tenants or third parties.

The insurers offer a Legal Advice Helpline, plus indemnity up to £50,000 per incident.

Please note that claim limits apply.

Why do I need Rent Protection Insurance?

Imagine one of the following scenarios

… l a tenant absconding and leaving arrears l tenants running up rental arrears when they cannot pay the rent for any number of reasons including unemployment or a change in circumstances l tenants withholding the payment of rent due to a dispute with you.

If you are unable to resolve any of the above issues of unpaid rent with your tenants, your options may be limited. Typically, however, you can seek legal recourse or compensation through Rent Protection Insurance.

What does Rent Protection Insurance cover?

Rent Protection Insurance is an optional add-on to our Landlords Legal Expenses policy. While policy features and benefits may vary depending on your insurer, typically, protection includes: l cover for loss of rent up to £1,500 per month for a maximum of 6 months (or until vacant possession has been achieved) l tenant mediation and eviction costs (limits apply) l legal costs incurred in evicting anyone, other than tenants who have your permission to be in the property.

Rent Protection Insurance typically may cover these types of situations. It can be bought alongside your Landlords Legal Expenses Insurance. So, if a tenant gets into arrears or leaves the property, you have peace of mind with Rent Protection Insurance.

More questions?

Then please get in touch! We will be very happy to help you and, if required, provide a no-obligation quote for Landlords Legal Expenses and (optional) Rent Protection Insurance.