Legal Expenses insurance - cover your costs in any tenant dispute
From time to time, you may unfortunate enough to come across problem tenants that may turn a potentially profitable property into an expensive headache. Our Legal Expenses Insurance gives you comprehensive cover should you encounter difficulties with one of your tenants; whether it's over unpaid rent, a property dispute, or issues related to renovations and repair.
In addition to covering your legal expenses, this policy also offers rent protection ensuring that your income won't be affected if a tenant can't or won't pay their rent.
The key features of the policy are:
- Up to £50,000 in legal costs for property disputes, repair and renovation disputes, tax protection and health and safety prosecutions.
- Rent Protection of up to £2,500 a month per Assured Shorthold Tenancy agreement (to a maximum of £10,000) should the tenant default on their rent payments.
- Up to £25,000 to cover legal expenses arising from tenant eviction from your residential property for either non-payment of rent or the expiry of the Residential Tenancy Agreement.
- Access to a legal helpline 24 hours a day, seven days a week, where trained solicitors can provide you with professional advice on how best to deal with any legal issues that arise concerning your tenants or property.
The policy covers the property, not the tenant, so there's no need to get a new policy when there is a change of tenant.
Renting out a property always has an element of risk to it, but with our Legal Expenses Insurance and Rent Guarantee Insurance, you can minimise the impact that tenancy issues can have on your income.
Tenant references for Legal Expenses Insurance
In order to qualify for our Legal Expenses insurance policy, your tenants must have been subject to, and passed, a credit reference check from a licensed credit referencing company.
In addition you must have:
- Copies of two forms of identification, one of which must be photographic.
- A written employer's reference confirming the tenant or guarantor's current and permanent employment, and that their salary is sufficient to pay the rent after normal living costs have been deducted, showing that their monthly gross salary is at least two and a half times the monthly rent.
If you would like more details on our Legal Expenses Insurance policy, call us today on 023 9224 8780. Alternatively, you can use our online enquiry form to request further information. Please note that all cover provided under this policy is subject to terms and conditions.
