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?
There are five different insurance products available within Arthur, one for single lets and four for HMOs (HMO products cover unrelated tenants on separate contracts). The cost of each is slightly different – the prices below include IPT at 12%: HMO policy covers the house during the period regardless of the tenancy change as long as referencing is carried out.
- Rent Guarantee Insurance Single let – £134.40
- Rent Guarantee Insurance HMO Policy Covering up to 3 tenants – £201.60
- Rent Guarantee Insurance HMO Policy Covering up to 4 tenants – £268.80
- Rent Guarantee Insurance HMO Policy Covering up to 5 tenants – £366.00
- Rent Guarantee Insurance HMO Policy Covering up to 6 tenants – £403.20
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 covered?
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.
Repossession of your rental property
Obtaining vacant possession of your property from the tenant
Policy covers unpaid rent due to you under the tenancy agreement until legal vacant possession is gained
Payment of rent after vacant possession
50% of monthly rent is covered for up to three months if the property cannot be re-let right away
Nuisances and Trespass
– A dispute relating to a legal nuisance or trespass which interferes with the use, enjoyment or right over your property
– Evicting anyone who is not your tenant from your property
Covers the property not the tenant
Up to £50,000
Cover for damage to your property
Pursuing your legal rights against the tenant and, or, another party, who has caused damage to your property or its contents in excess of £500
Up to £8,333.33 per month / £100,000 per annum
Defence of criminal prosecutions
Defending your legal rights if an event arising from letting your property leads to you being:
– Interviewed by the police or another prosecuting authorities where suspected of committing a criminal offence
– Prosecuted in a criminal court
Personal legal and tax advise helpline
Lost wages or salary for the time taken off work to attend court for a claim under this insurance
Alternative Accommodation expenses
£175 a day towards alternative accommodation (for a maximum of 30 days)
£15 per day towards storing personal possessions (for a maximum of 30 days)
Disputes arising from a breach or alleged breach of a contract for the buying or hiring in of goods or services for your property
5. 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
6. 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.
7. How can I purchase insurance?
Please read this article: Purchasing the rent guarantee following the reference from within Arthur
8. 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.