FAQs

Jul 9th, 2014

Remember with Rentsafe UK you Insure the PROPERTY …Not the Tenant for the time period on the policy selected. .

As long as your resident tenant passes the policy criteria you can insure your property. This means if taking a year’s policy even if the tenant changes after 6 months as long as your new tenant passes the criteria the same policy is still active and valid.

What criteria needs to be met in order to be eligible for RentSafeUK Insurance?

As with all insurance policies, in the event of a claim you will have to show evidence that you have carried out the necessary referencing steps and that the tenant has passed.

At RentsafeUK this would be:

– A Financial Check – Through LandlordReferencing.co.uk this would be an Equifax score of 200+ (See additional criteria in questions below)

– Your property must be let under an assured shorthold, short assured or an assured tenancy under the 1988 Housing Act, Housing (Scotland) Act or The Private Tenancies Order 2006 (Northern Ireland). You must give the tenant the correct notices telling him or her that you want possession of your property.

– Relevant Evidence Checks – eg. Employer, Income, UK Resident Status, ID Checks.

We recommend our partners Landlord Referencing.co.uk as they have automated forms for collecting all the required information.

Copies of this evidence would need to be presented in the event of a claim.

 

Q; Can a policy be taken out if a tenant has entered an IVA agreement and/or they have received a CCJ’s which has been settled and their credit score still comes out above 200+ which is a Medium Risk?

A; Yes! At RentsafeUK.co.uk we can provide cover if a tenant, under the above circumstances, has a credit score of 200+

http://www.landlordreferencing.co.uk/financial-history-report-faq/

Q; Can I insure tenants who receive some form of state benefit?

A; Yes!  At RentsafeUK.co.uk we allow you to cover most types of tenants as we are the first to appreciate that the majority of tenants who receive Government benefits still meet their financial commitments. The only thing we require is that benefit assisted tenants score 300+ (LOW RISK) on a financial score in order to become eligible

 

Q;  What happens if my tenant leaves mid-term through the year.

A; Your 12 month Rent & Legal Policy is a policy which is relevant to the tenancy for the property and not specifically to the tenant in occupation. The policy is taken out and as long as the tenant that comes into occupation throughout that period meets the referencing criteria required for the policy then changes in a tenant throughout the period will mean you will still be covered.

Your Property Let policy can be renewed every year, provided your property remains a rental property, keeping your, income and property safe throughout your investment.

Q; Can I insure my tenant retrospectively.

A; Yes, The policy is relevant to your property and therefore as long as your tenant meets the referencing criteria and is not in arrears and their deposit is still registered then they are insurable throughout the entire term of the tenancy. However, your policy will exclude

“Any disagreement with your tenant when the date of occurrence is within the first 90 days of the first period of insurance and the tenancy agreement started before the start of this policy.”