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What do you do if a tenant stops paying?

Even honest and reliable tenants can fall into financial difficulty … loss of job, breakdown in relationships and other changes in circumstances can cause a tenant to default on their rent.

£11,007 … this is how much it can cost a landlord

• Ministry of Justice figures state that it takes on average 322 days to gain
possession of a property when evicting a tenant
• According to the October 2018 Rentshield Rental Index, the average UK rent is £928 a month
• The standard legal fees to evict a tenant including court fees is around £1,156
• The lost rent and legal expenses associated with an eviction can cost as much
as £11,007!*

What does this mean?

This unexpected loss of income can cause landlords to fall behind on mortgage payments and some may even choose to leave the rental market after a bad
experience like this.

*Average monthly rent according to the October 2018 Rentshield Direct Rental Index. Ministry of Justice and Rentshield Direct average eviction times correct as of July 2018. Legal and court fees of £1,156 is based on Rentshield Direct’s three stage eviction charges (£567+VAT) in addition to court fees of £325 which is variable  dependent on proceedings.

 

What’s included?

• Rents of up to £4,000 paid until vacant possession is obtained**
• Rentshield Direct’s expert legal team will support the eviction process –
Rentshield’s average eviction time is just 25.4 weeks so the landlord will get their
property back quicker
• 50% of rent paid after eviction for up to 3 months while you re-advertise the property
• Legal cover for property damage over £1,000
• £50,000 total cover for lost rent and legal fees

**Rent is paid until vacant possession is obtained up to 12 months depending on the policy taken out.

It’s good to know…

  • We offer 6 and 12-month policies with nil excess options
  • We have our own, in-house claim handlers who will get to know your case
  • We work hand-in-hand with our underwriters…so you’ll be in safe hands
  • You can request Rent Protection through Connect, our simple referencing platform

Want to know more?

To learn more about how our comprehensive Rent Protection Insurance can work with your business and to get started, get in touch with us today!

Enquire today

Agent Insurance