Landlord Rent Guarantee Insurance – How to protect your rental income

Landlords have to jump through hoops to make sure they comply with all the complex rental rules and regulations. You’d hope that after doing all the credit checks and taking tenant references and deposits, your rental income will just start building up nicely. This is often the case, but sometimes things can go pear-shaped and a tenant defaults on their rent.
There are a number of reasons why rents might stop coming in. Whatever the circumstances, at Howsy we thought through all of them and came up with a solution that protects your rental income and gives you peace of mind. Landlords, meet Howsy Protect!
While it matches or beats the cost of a standard property management service, the Howsy Protect plan provides a far higher level of service to you and your renters. Here’s a drill-down:

Rent arrears and Rent Guarantee Insurance

One in two landlords will have to deal with renters getting into arrears during the course of a year, according to the National Landlords Association (NLA). When you rely on rent payments to pay your mortgage or other expenses, things can quickly turn into a disaster for you.
If the renter fails to pay the rent due within 5 working days, then Howsy guarantees to pay the rent to you*.

• We’ll pay the rent arrears whilst your tenants still occupy the property, for up to 12 months.
• You’ll always receive each month’s rent, even if the tenant does not pay.

If a tenant can’t or won’t pay the rent, you will need to begin the eviction process. This is typically an expensive and time-consuming process, but with Howsy you can forget about the hassle:
We’ll handle the eviction procedures for any breach of tenancy**, including anti-social behaviour, and cover the costs

• Legal expenses up to £50,000
• Covers rental income up to £3,000 per month

*Terms and conditions apply
**in respect of any material breach of the tenancy agreement by the tenant

Howsy will also find new tenants quickly through our Tenant Find Services.

Accidents & disasters

Unexpected accidents such as a pipe bursting during a spell of very wintry weather or an appliance fire due to a fault could mean your renters have to leave and stop paying rent while the damage is fixed. Here is what Howsy Protect landlord insurance gives you:

• Cover up to £1,000 per claim
• Provides access to a nationwide skilled contractor network and 24/7 emergency helpline
• Failure of, or damage to, plumbing and drainage system, including the toilet(s) which causes internal water leakage; flooding; or water damage
• Complete failure of the primary heating system
• Repair or replacement of any damaged section of internal gas supply pipe following a gas leak
• Where an emergency renders your home unsafe according to our approved contractors, the cost of alternative accommodation for your renters is covered
• Removal or extermination of grey squirrels; hornets; wasps; rats and mice.
• Damage to the roof resulting from adverse weather conditions, or falling trees or branches.
• Failure of, or damage to, external locks where you are unable to access your home, or are unable to secure it.
• Boiler cover in the event your domestic boiler is declared beyond economic repair subject to insured event:

– £300 contribution if the boiler is under seven years old (sourced by supplier)
– £150 contribution if the boiler is over seven years old (sourced by supplier)

• 30 day initial exclusion period

Broken Appliances

Unexpected costs of repairing or replacing an appliance can leave a dent in your profits. Howsy Protect covers two appliances of your choice (including white and brown goods) under our own group insurance policy.

• Choose & protect 2 appliances – we will collect the appliance details from you when you join Howsy Protect
• Our group policy covers up to £750 per claim
• Mechanical and electrical breakdown or accidental damage
• All repairs will be carried out by the Whitegoods Trade Association Engineer Network – UK’s largest trade association of domestic appliance engineers
• Unlimited claims up to the value of the annual cover limit (£3000)
• Parts, labour & call out fees included
• There’s a 45 day initial exclusion period

Howsy Protect also covers two hours of Handyman time per year, for any renter reported repairs that affect enjoyment of the property. Anything from appliance installation to blinds and curtains fitting and cat flap installations!
There are many other benefits of our Howsy Protect service for you to discover – from a free tenant find service that includes Premium Rightmove listing & professional photos, to your own ARLA account manager who oversees the management of your property at every step.
If you’d like to know more about Howsy Protect, take a look at our website and don’t hesitate to get in touch!
Our friendly team are on hand to offer any further advice you may need, or to get your property on the market and looking for suitable renters! Call us on 0330 043 0183.

While Howsy offers Landlord Rent Guarantee Insurance for unpaid rent, Accident and Repair Insurance and Broken Appliance Cover, it is important Landlords still arrange their own buildings insurance if required for their property.