Both OpenRent’s own Rent Guarantee Insurance and the third-party DAS Rent Guarantee Insurance policies both stipulate that referencing must include written references from the landlord and employer.
I’ve just paid for and completed referencing for my tenant for a second year and a landlord reference is obtained by emailing the landlord a checkbox form to complete and proof of income via the Open Banking API. Does this process count as a ‘written reference’?
I’m trying to decide whether to get OpenRent’s own RGI or the third-party DAS policy. I don’t want to take out this insurance if I’m not going to be covered in the event of a claim!
Insurers understand that there is a lot of variation in what any individual tenant can provide for their references in practice depending on their circumstances, so different broker suppliers have discretion about the precise details of the referencing criteria. Typically cover will be offered wherever the reference has met industry-standard referencing criteria.
The suppliers of the RGI policy we offer through our website have specifically agreed that passed OpenRent references will be eligible to claim under the policy if needed, so there should be no cause for concern here. You will only be offered the opportunity to purchase via the OpenRent website if the referencing has met the agreed eligibility criteria for the policy.
OpenRent’s references are completed using industry-standard rules to determine whether applicants should pass or fail, with the addition of further technology and information that is specific to us. As such, our referencing should be just as suitable for rent protection insurance eligibility as any other provider’s, though eligibility criteria are ultimately up to the insurers of the policy in question.
What happens if the prospective tenant is renting for the first time so there’s no previous landlord reference? Will the rent guarantee insurance cover in the event of a claim?