OpenRent Community

Recommend a good Landlord Insurance?

Hello, i used to be with JustLandlords but they let me down when a tenant stopped paying rent and said the contract shows the tenant did not pass the affordability test but they were happy to take my money without looking at the contract first.
Can anyone recommend a good insurance that covers the exterior, damages and to cover unpaid rent? Thank you in advance.

Hi Tony, we have a great deal you can access via Rent Guard.

Rent Guarantee Insurance is available for just £89 per year, with no excess, for all tenancies where the tenants pass referencing, or provide a guarantor who does. The first step would be ordering referencing via our site at £20 per tenant.

https://www.openrent.co.uk/tenant-referencing

Sam

Thanks Sam, but tenant already in, passed all references and been paying rent for 4 months with no issues. Can i still get the insurance for that?

Hi Tony, yes you can insure mid tenancy. But the tenants would still need to pass referencing to be able to access the insurance.

Sam

Hi Tony,

Oddly enough I moved to Justlandlords insurance from Rent Guard because they let me down. What rent guard do not make clear is that if the tenant just decides to up and leave without notice the rent protection does not cover you and leaves you out of pocket. I suspect all these companies are the same with hidden disclaimers. I just wish they could provide clarity in their policies but then I guess nobody would purchase them!!

The tenant didnt pass the affordability test but you took them on, so you expect them to be able to afford it.
I think you protest too much, its your own fault.

Hi Leslie1, the “affordibility test” - more info please? I would like to know what questions/measures other landlords take to ensure they are getting tenants who can pay.
We seem to be attracting financial liars at one property in particular and getting them out and then refreshing the property evey 6-9 months does not equate to financial fun xx

do you not ask for a payslip or proof of earnings?

I wouldnt rent to anyone that didnt pass referencing, this includes an affordability test, if your not sure you can ask rentguard what the percentage of rent to earings has to be to pass before you reference. I think its between 33 to 40 percent. You could then ask your potential tenants what their earnings are before you reference, if you get this in e mail from them then take a holding deposit, if they dont pass reference because they lied you can legally keep the deposit.

On both occasions payslips for the past 6 months and they also pass the 3 x rent test as well.

We rang the company they worked for on the phone number in the phone book if you see what I mean and "Yes, they have both worked here for a couple of years and “yes, he’s a hard working reliabe lad” for the other.

They move in and within 3 months stop paying the rent as they are no longer working!

Then they go on benefits and “you will get the rent” but instead they get a cheap car and start fly back and forth to Europe every 8-10 weeks and a large TV appears in photos and rose gold iphones etc(Facebook is a fab tool).

From then until they finally leave, it is like extracting teeth getting rent out of them.

It is just this one house - we own the one next door and zero problems with that or the others we own using the same methods of “tenant picking”.

We have got to the point we are dreading listing it LOL xx

I would NOT phone up an “employer” i need it in writing… Just because your method has worked so far does not mean it will continue to do so