Landlord Rent Guarantee Insurance without salary checks

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    Landlord Rent Guarantee Insurance without salary checks

    Hello,
    Is there such a Rent Guarantee Insurance, where referencing is done for tenants, but their salary is not checked?
    I am facing a problem, where so many decent interested people are filtered out by the Openrent rent guarantee scheme, because their salary is apparently not high enough to afford the property.

    thanks and regards

    #2
    This makes no sense. Why would an insurer insure against something that is predictable and nearly inevitable. Well they might, but the premium might approach the total annual rent for a one year premium.

    Are you sure you have been thinking clearly about what you are doing as a landlord? Rent guarantee insurance is at best a waste of time as a protection. You are taking this one step further by selecting tenants that even they would not insure.

    Comment


      #3
      Hi AndrewDod,
      Thanks for your advise.
      I know many experienced landlords, do not like rent guarantee insurance.
      They are a lot better judging and selecting their tenants.
      But being a novice, I am worried about the potential eviction costs, and bad tennats etc.

      But I get your messaged. Perhaps such a product does not exist.

      Comment


        #4
        6 months rent up front for a 6 month tenancy is the best guarantee in my book. Then s21 notice & standing order form at 4 month point.

        Comment


          #5
          Originally posted by AndrewDod View Post
          Rent guarantee insurance is at best a waste of time as a protection.
          Why is Rent guarantee insurance a waste of time ?
          Sounds quite straight forward, if theT dont pay, they pay instead .


          Comment


            #6
            Originally posted by Luke View Post

            Why is Rent guarantee insurance a waste of time ?
            Sounds quite straight forward, if theT dont pay, they pay instead .

            Because they will weedle out of paying up if tenant defends the eviction.

            Comment


              #7
              Originally posted by Luke View Post
              Why is Rent guarantee insurance a waste of time ?
              Sounds quite straight forward, if theT dont pay, they pay instead .
              And because they don't. You really think if a tenant you badly-selected doesn't pay rent they are going to pay it while you sit around twiddling your thumbs in exchange for your £70 premium? If you are relying on and need this sort of insurance you have far bigger problems with your tenant selection than the insurance is ever going to cover.

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                #8
                BentuKala,

                You could lower your rent so they do pass the rgi. (are they working?)

                Comment


                  #9
                  I recall a few years ago, I asked what happens if a tenant signs a six month contract, but leaves after two months. They said they would not cover, as the property is empty. You need to read the terms and conditions, to make sure everything is covered.

                  Comment


                    #10
                    Originally posted by AndrewDod View Post
                    you have far bigger problems with your tenant selection than the insurance is ever going to cover.
                    this.

                    We always use rent guarantee insurance: personally vet and check every tenant, have strong criteria of what you will and won't accept, don't compromise them and never rent to anyone you have even a tiny bit of doubt about.

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                      #11
                      I'd question your whole selection process, starting with where you are sourcing your enquiries from.

                      Comment


                        #12
                        Originally posted by boletus View Post
                        I'd question your whole selection process, starting with where you are sourcing your enquiries from.
                        You have had problems with that company? What of their straightforward Rightmove service? Are they not passing on enquiries received?

                        Comment


                          #13
                          I'm not specifying any company, just saying some tenant sources attract more undesirable enquiries than others. I no longer use 'To Let' boards for example as I'd spend all day turning down applicants.

                          Comment


                            #14
                            We've had quality applicants from OpenRent... I think it's very hard to generalise something for all properties in all areas of the country. Perhaps your properties aren't suited to OpenRent style ads boletus but I'm not sure how you know why OpenRent isn't suitable for the OP.

                            Beats walking the streets wearing a sandwich board...

                            Comment

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