LetHQ has launched a new rent guarantee service to help safeguard landlords from losing out on rental income.
Unpaid rent and rent arrears are a major worry for landlords, especially those with a mortgage on the property.
To help protect landlords from losing out on rental income, LetHQ has become the latest firm to provider a rent guarantee service for buy-to-let landlords that pays out if tenants are unable to pay the rent.
The rent guarantee insurance product, which starts from £99 for 12 months, £59 for six months or paid monthly from £9, will often see a landlord reimbursed for any unpaid rent while a tenant or ex-tenant is still in the residential property.
A landlord can generally make a claim once the rent has been overdue for at least one calendar month, while some insurance products will also contribute to the cost of repairing damage once the landlord has regained possession of the property.
The rent protection insurance, which requires a basic credit check to have been completed, is available for either six or 12 months cover.
The insurance policy also comes with up to £100,000 in legal fees as standard, while a nil excess means there are no extra fees to pay in the event of making a claim.
In addition, LetHQ has introduced a 24-hour legal helpline, available if clients have any queries regarding their claim.
LetHQ’s Simon Paul Skinner said: “We have developed a genuine game changing rent guarantee insurance, specifically tailored for letting agents and landlords in the UK. This comes with a number of features that makes it stand out head and shoulders above other rent guarantee insurance policies currently available to the UK rental sector.”