Loss of Rent Insurance for Landlords £2,500 / month

Landlord Legal and Rent Protection Insurance

What is Loss of Rent Insurance with Legal Expenses?

If you are a landlord or owner of commercial property you need to protect both your property and  the associated income. Loss of rent insurance would pay out should your property become uninhabitable as a result of an insured event. Landlord legal and rent protection Insurance well pay out if your tenants fail to pay the rent. 

Failure to pay rent is not uncommon, even good paying tenants can have a change in their circumstance that makes paying rent impossible. If this happens, you will need to take action to recover your arrears and or get them evicted. With rent loss insurance and legal protection you will be covered for your legal expenses plus you will be able to claim for lost rent. All This polices have upper limits which we will explore later.

Other Forms of Loss of Rent

You may have loss of rent included as part of your building's cover. This is loss of rent due to dire circumstances, for example flood or fire. As a result, your tenants have to move out, and you will lose your rental income until the property becomes habitable, and you are able to source new tenants. Please not this is a different type of rental loss insurance, the rent loss insurance being offered here is for loss due to non payment of rent by your tenants, This happens more often than you may think and is much more likely that loss o rent due to a fire or flood. 

What is Covered in Legal Expenses and Loss of Rent Insurance?

  • Loss of rent up to £2,500 per month : The policy will pay out £2,500 per month maximum for periods of unpaid for a maximum of 12 months
  • Legal expenses up to £50,000 The maximum payout for legal responses is capped at £50,000 
  • Accommodation costs up to £5,250 :  If you need to live in the property cover will be provided for sourcing alternative accommodation, but capped at £5,250
  • Storage Costs: £450, is available for help with storage of personal possessions
  • 24/7 Legal Helpline : Access to legal advice and guidance 24/7.
  • Mediation Services : Before going legal, explore the free mediations services that are included free in policy
  • Maximum Loss of Rent : The maximum payout during term of policy is set at £30,000 
  • No COVID-19 restrictions : Policy was designed during COVID-19 and does not contain any COVID specific restrictions

Legal and Loss of Rent Insurance Restrictions

  • Property Location : Only valid for properties located in the UK and includes. Eng;land, Wales. Scotland and  Northern Ireland
  • Assured Shorthold Tenancy, Property must be let out under an assured shorthold tenancy, as defined by the housing act of 1988
  • Existing Circumstances :  Cover is not available for any situation that you were aware of  before the policy start date.
  • First 90 Days : For tenancies that existed before the start date of the policy, no dispute claims will be accepted in the first 90 days. For new tenants, this exception clause does not apply. If the policy is a continuation, then the clause restricting claims in the first 90 days is not applicable.
  • Rent Claiming Period : Claims for  unpaid rent must be made within 60 days of the rent becoming due and payable. All claims should be made when the policy is up and running, or within 14 days of the end date.
  • Successful outcome : Claims must have a 50% chance of a positive outcome, outcome in your favour.

Other insurance and services available for landlords

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