Rent Guarantee Insurance and credit limits for tenants/guarantors

I’m about to let my flat out for the first time and I was hoping someone could help me with a couple of questions about Rent Guarantee Insurance.

I have two prospective tenants who will jointly rent the flat. The first has passed credit checks and the rental limit has been set at roughly half the full rent.

The second tenant has failed the credit checks (which we expected as much of her income is from abroad plus her UK-based work dried up with Covid). Her first guarantor failed the credit checks due to a tiny CCJ which has been paid off. I’m now in the process of referencing another guarantor (I’m patient and happy to spend the extra doing this referencing as the tenants are very nice!)

Assuming the guarantor passes the credit checks and is given a limit of the the other half of the full rent, would this be enough to qualify for Rent Guarantee Insurance?

And if the gurantor is given a lower limit, could I still get Rent Guarantee Insurance for the lower combined amount or is it an all-or-nothing scenario i.e. the combined credit limit must be equal or greater than the rent? Perhaps different insurers vary with their policies for this?

Finally, would there be any value in including the failed guarantor on the tennancy agreement so she would be on the hook for any rent not paid to save me having to claim on the insurance?

Many thanks for any help/advice.

I have no idea about rent guarantee insurance as its a product I have no faith in. However, these two don’t sound like great prospects. Are you sure you want to rent to them?

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Forget them and just wait