With Lawshield’s Silver, Gold or Platinum cover, landlords are covered for many things, including rent guarantee. These levels of cover are popular because of the additional benefits.
What is ‘rent guarantee’?
Rent guarantee is a really useful part of landlord’s legal expenses insurance. It means that if tenants stop paying their rent, the landlord doesn’t have the stress of being out of pocket.
This is especially important if they rely on tenants as their main source of income. We’ll pay 30 days in arrears and unpaid rent that is due under the tenant. This is up to a maximum of 12 months, and after the deduction of any deposit paid.
This is part of the Silver Cover and Gold Cover of landlord’s legal expenses insurance. Rent guarantee is subject to the claim being reported within 45 days of the rent becoming due, and a full month’s rent being in arrears.
Do landlords need ‘rent guarantee’?
Being a landlord can come with several risks, including if their tenants miss their rent payments, pay it late, or flat out refuse to pay at all. This could lead to a loss of income, which can have devastating effects.
Landlords can always go for the Bronze Cover, but this doesn’t include the rent guarantee. Whilst they can do without a higher level of cover, rent guarantee provides peace of mind which makes the world of difference.
What else is included in landlord legal expenses?
Landlord legal expenses comes with a variety of different options which changes depending on what type of cover you choose. Below is a list of the added features.
Bronze cover includes:
- Rent Recovery
- Property Damage
- Nuisance
- Property Disputes
- Contract
- Health & Safety
- Tax Investigations
- Eviction & Repossession
- Eviction
- Attendance
- Legal Helpline
Silver & Gold Cover includes:
The above and…
- Rent Guarantee
Platinum Cover includes:
The above and…
- Vacant possession
For more information, check out What’s Included in Landlord Legal Expenses Insurance Cover?
Why should landlords take out legal expenses insurance?
Legal expenses insurance is essential for covering unforeseen financial circumstances. As brokers, offering legal expenses insurance to your clients can provide additional coverage beyond standard policies. This type of insurance is increasingly popular due to its clear benefits. It serves as a safety net, assuring clients that they have support when they need it most. By providing this added layer of protection, you can help your clients feel secure and relieved, knowing they are prepared for life’s unpredictabilities.
Landlord’s legal expenses cover with Lawshield
With a wide range of products, and over 25 years of experience, Lawshield is a name you can trust. We inform brokers with all the information they need to be able to make an informed decision. Our team of experts are brilliant at what they do, and they work hard to make our products as successful as they are. For more information on all of our landlord products, you can read more on our website.
If you have any questions about our landlord’s legal expenses cover, or any other of our products, make sure to contact us today for more information, alternatively, you can call us to learn more on 0800 093 6313.
