Rent Guarantee?

Landlord Discussion
1

A couple of questions :

  • Rent guarantee - I assume OpenRent uses Rentguard to provide this service. On OpenRent website it says it cannot provide Rent Guarantee because of Covid, However, I spoke to the person on the phone (number provided on OpenRent site) and he said they are providing Rent Guarantee.Do you know if RentGuarantee service is currently available through OpenRent?

  • 3 Bed flat in Hounslow - joint tenants (2 boys and 1 girl (one is boyfriend and girl friend)), is this categorized as HMO ?

2

I wouldn’t bother with rent guarantee insurance at the moment. Its unlikely to pay out.

Yes, that would be an HMO and subject to the HMO Management Regulations. You would need to check with Hounslow whether they have a licensing scheme covering 3 bed HMOs.

3

I spoke to Rentguard as well a few days ago, They said they will pay for upto 6 months rent and the Rent guarantee is for 12 months period
Is that not correct then ? I know eviction is not allowed at present ,but looks like rent guarantee is still available via rentguard.

4

Having read about the experience of other landlords trying to claim against RGI and finding that the set of circumstances under which they can make a valid claim are very limited and don’t reflect their real life experience with the tenant, I formed the personal opinion that this insurance was not a good bet. However, it is only a personal view and I have no experience myself of such products.

5

Hi Twenty,

  1. Unfortunately, due to the COVID-19 pandemic, we have suspended sales of rent guarantee products. As such, the service is unavailable to purchase on OpenRent. We are very sorry for any inconvenience caused and are working with our insurance partners to resolve the situation.

  2. A property would be categorised as an HMO if two or more separate households are living in the property.

If you have any further questions about this, please get in touch here.

Best Wishes,
Alex

1 Like
6

Open Rent is not selling Rent Guarantee and looks like RentGuard is still selling RGI. Anyone had experience of claiming from them in the past one year ? I am not sure if i should take insurance from them or not ?