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Ensure your rental income with our Rent Guarantee Insurance Scheme.
Rent Guarantee Insurance is available to OpenRent landlords with monthly rental amounts of up to £3,000 whose applicants have passed comprehensive referencing. For just £214 a year (inc. IPT) you can guarantee your income with our insurance scheme, which will also cover your legal expenses in the event of an issue.
Any tenant could suddenly suffer a change of circumstances and no longer be able to pay their rent fully or on time.
But your ongoing costs as a landlord (mortgage, repairs, advertising) will keep adding up.
Rent Guarantee Insurance means you will always be able to rely on your rental income to pay your mortgage and other legal costs as a landlord. It is also known as Legal Expenses & Rent Guarantee (LERG) insurance.
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OpenRent Landlord"My tenants suddenly stopped paying their rent"
When my tenants suddenly stopped paying their rent RGI came to my rescue!
It covered the rent I would have lost for around 4 months and also covered my legal costs until I was able to evict the tenants. It's proved a real safety net and I highly recommend it.
Farzana
RGI covers you against loss of rental income from tenants not paying their rent. It also includes cover for the legal costs if eviction is required. In short, RGI substantially decreases the financial risk of being a landlord.
RGI covers landlords with monthly rental amounts of up to £3,000 whose applicants have passed comprehensive tenant referencing.
For a small one-off fee you can protect your rental income in the event of an issue such as the tenant defaulting on their rent.
To qualify for Rent Guarantee Insurance (RGI), either the combined affordability of comprehensively referenced tenants must cover the monthly rent, or any comprehensively referenced guarantors must have sufficient affordability to cover any shortfall for tenants that aren't comprehensively referenced, fail referencing, or cannot afford their equal rent share.
When you are purchasing RGI for a new or existing tenancy, referencing must have been completed within the last 90 days otherwise it will need to be re-ordered.
You can purchase insurance once references have been completed and the eligibility requirements have been met. It can also be purchased once the tenancy is in effect as long as the requirements are met.
OpenRent Limited is authorised and regulated by the Financial Conduct Authority (registration number: 988043).
