How can I protect my rental income?

As a landlord, protecting your property will be your one of your top priorities. No one knows what the future holds, which is why rent and legal protection cover can offer you the peace of mind you may be seeking*.

Unfortunately, no matter how thorough the vetting of prospective tenants, even the most exemplary of individuals may become unable to pay the rent, perhaps due to an accident, unemployment, or illness.
 

So, what does Rent & Legal Protection cover include?

Rent & Legal Protection aims to meet your needs as a landlord to protect your rental income and cover the cost of obtaining possession of your property, including:

• Loss of rent until vacant possession for up to 12 months in respect of any one insured incident.
• Rent cover up to £5,000 per calendar month.
• Cover of legal costs and expenses of a solicitor appointed on your behalf, up to £50,000, including rental payments, in respect of a single insured incident.
• Up to £75 per day to cover the cost of alternative accommodation for yourself and immediate family, for a maximum of 30 days while the appointed solicitor seeks to obtain a possession order (if you intend to move back into the property).

Is landlord Rent & Legal Protection a legal requirement?

Rent & Legal Protection is not a legal requirement, but its many benefits are well worth considering when wanting to protect your investment and your properties.

What happens when I want to claim under the Lets-Cover Rent & Legal Protection cover?

If you are entitled to make a claim under the policy, the claim process will automatically be started on your behalf, with no forms to complete. When the tenancy reaches the point that a notice for possession can be served, our Rent & Legal Protection team will carry out an application check to make sure everything is in order. If you have a valid claim, we will then seek your instructions to proceed to obtain possession of your property and seek action against your tenant for the funds owed. The Rent & Legal Protection team will then instruct solicitors on your behalf, and act as your dedicated point of contact throughout the process. You will receive regular updates throughout. The team will submit all the required evidence and documents to the legal representatives on your behalf. Once the required notices have been served, payment will automatically be made to you, less an excess or other disbursements on your account. Payments will then continue each month, in arrears until possession is gained (or the limit of liability is reached). If there are no arrears, and you are solely seeking possession, then there is no excess to pay.

Without this type of cover, you would need to submit a claim directly with the court yourself, obtain and supply all the required evidence or find suitable legal representation. Even with legal representation, you will be required to collate the relevant supporting documentation and in the meantime will not be in receipt of rental income.

Am I eligible?

If you’re a landlord renting out your property through one of the Countrywide Residential Lettings branches, and are part of our Fully Managed or Let & Rent Collect services, with a qualifying tenancy, then you should be eligible for our Lets-Cover Rent & Legal Protection cover. Contact your local branch who will give you further details of the policy cover, run some simple checks on your tenancy to confirm eligibility and help you begin the process of protecting your rental income.