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Commonly asked questions about rent guarantee insurance

1. Who is the provider of insurance?

The insurance is provided by Advanced Rent Ltd. Advanced Rent Ltd. is registered in England and Wales Company No. 7748894. Advanced Rent Ltd. is authorised and regulated by the Financial Conduct Authority under FCA number 728481 http://www.advancedrent.co.uk/

2. How much does it cost?

£204.95 plus Insurance Premium Tax (IPT).

3. How long is the policy for?

Unless otherwise agreed, your cover will last for one year, starting from the date specified in your policy schedule.

4. What is insured?

Below is a table outlining what is covered within these insurance products, however we always recommend checking with Advanced Rent Ltd. for more detail as individual products may vary slightly.

Breach of Tenancy Agreement
Pursuit following a breach by the tenant of any of their obligations under the tenancy agreement.

Pursuit of Rent Arrears
The pursuit of rent arrears which commenced during the period of insurance.

Eviction
The eviction of anyone in the property without your permission.

Legal Defence
The defence of civil or criminal proceedings in respect of any act or omission by you arising from your ownership or management of the property.

Rent Arrears Guarantee
Rent arrears owed by the tenant.

Area insured
The United Kingdom (meaning England, Scotland, Northern Ireland, Wales), Channel Islands and Isle of Man.

 

5. What is not insured?

  • Claims where there are no prospects of success
  • Claims where we consider it unlikely a reasonable settlement will be obtained or where the likely settlement amount is disproportionate compared with the time and expense incurred
  • Claims that arose before the commencement of this insurance
  • Professional fees incurred in connection with interest on rent or service charges payable by the tenant
  • Any rent payable after you have recovered full and vacant posession
  • Any dispute between the insured person and a letting agent
  • Claims where a tenant reference has not been obtained

6. Are there any restrictions on cover

  • The maximum amount payable per claim is £50,000
  • The maximum amount payable per period of insurance is £50,000
  • Maximum of £2,500 per month or the amount detailed within the tenancy agreement in relation to claims under rent arrears indemnity, subject to a maximum indemnity period of either 6 or 12 months, whichever is stated in your policy schedule
  • Where it may cost us more to handle a claim than the amount in dispute we may at our option pay to you the amount in dispute which will then constitute the end of the claim under this policy

7. What are my obligations?

  • At the start of the contract the information you provide must be true and complete to the best of your knowledge and belief and you must tell Advanced Rent Ltd if anything changes later
  • You must provide complete and accurate answers to any questions asked
  • You must observe and fulfil the terms, provisions, conditions and clauses of the policy – failure to do so could affect your cover

8. Can insurance be purchased if the reference was not complete by Advanced Rent?

Yes, see this article: How to purchase rent guarantee insurance with an external reference

9. How can I view my policy once I have purchased it?

A copy of your policy will be returned to Arthur automatically. It can be found in the tenancy it relates to within Tenancy Documents and the rent guarantee index page.

10. How can I purchase insurance?

Please read this article: Purchasing the rent guarantee following the reference from within Arthur

11. Is payment for the rent guarantee insurance taken by Arthur?

No. Insurance payments are taken online by the regulated company as this is a regulated product. Payment is made via PayPal or credit card.

Whilst we endeavour to give you as much information as possible to make an informed decision, we always recommend users complete their own due diligence before taking out an insurance product to ensure they are covered.

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