Rent guarantee is most suitable for property owners who have let out property on rent or lease. Basically, this kind of insurance provides protection against loss of rent. This kind of insurance covers the landlord’s legal costs of recovering rent and/or evicting a non-paying tenant. It is an effective way of protecting yourself against any kind of losses.
It is a must for landlords, more so in a situation where landlords let their property without a letting agent. It gains prominence due to the fact that there are no checks involved and the property owner would be letting out property at their own risk. If you were to face a situation wherein, the tenant either due to unexpected events finds it difficult to pay rent or doesn’t pay deliberately, you can benefit from this insurance. You may suffer from loss of rent due to any of the following reasons:
• Any damage caused due to your property due to natural calamity
• Fire breakout
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