Rent guarantee
Rental Income & Legal Expenses
Protection for Landlords

No matter how well your Tenants are vetted there is unfortunately no guarantee that they will continue to pay their rent, and to legally evict them can take up to a year and in some cases longer.

Tenants’ circumstances can change for many reasons, such as:

• Accident or illness
• Breakdown of a relationship
• Unemployment

….or they could just be that “Tenant from Hell”!

Regardless of the reason, the consequences can be very serious:

• You will still have to pay the mortgage with no rental income
• Your personal finances will suffer
• Mortgage arrears will adversely effect your credit rating and future borrowings
• If your investment is contributing towards your pension your retirement income will suffer
• The financial pressures and dealing with a tenancy dispute can cause significant stress.

What is Rent guarantee?

RENTGUARANTEE – A UNIQUE INSURANCE PRODUCT
PROTECTING YOUR “BUY TO LET” INVESTMENT
AND BRINGS YOU PEACE OF MIND

It is an insurance product which will pay:

2. Cover up to €25,000 for expert legal advice and representation in dealing with the above.

Rent Guarantee (FAQ)

Rent Guarantee is designed to provide a Landlord with a guarantee that while their property has a Tenant the rent will be always be paid and that where a rent arrears issue arises they will have access to free professional legal advice to help deal with this situation (both subject to the terms, conditions and exclusions of this insurance) thereby reducing the financial risk, stress and hassle of being a Landlord.

Frequently Asked Questions

The following answers the most common questions regarding Rent Guarantee Insurance.

What am I covered for?

This insurance covers:

1. The policy will pay the monthly rent (sum insured specified) in the event your Tenants stop paying and refuse to vacate the property. The first month of default is not covered (the Landlord retains the
deposit collected).

The monthly rent will be paid until such time as the Tenants are evicted or for 12 months, whichever
occurs first. When the Tenant is evicted the policy will pay an additional month rent to allow time for
any necessary property repairs and re-letting.

2. Legal advice and expenses up to €25,000 to provide access to a Solicitor to help deal with any tenancy dispute and to cover their cost for attendance at PRTB hearings/tribunals.

Cover is also provided for any such dispute which falls outside the remit of the PRTB or where your legal advisor (solicitor) and ours agree that a PRTB decision is unjust.

Where this insurance is taken out within 21 days of a new Tenancy the policy benefits will apply
from the inception date of this insurance.

Where this insurance is taken out in respect of an existing Tenancy the following exclusions will apply:

• Any claim arising within the first 62 days of cover incepting
• Any claim where there is a history of arrears of more than 7 days in the previous 12 months; or
• Any claim where the Insured knew or ought to have known that a default was likely.

What type of properties can be covered?

Any self-contained:

• house;
• apartment;
• flat;
• studio apartment; or
• bed-sit

rented out under a single tenancy agreement, and located in the Republic of Ireland.

What if I have a house rented out in multiple units?

Each unit must be separately insured and comply with the conditions of this insurance. All units must be insured and identifiable by the relevant tenancy agreement.

Who arranges this insurance?

This insurance is arranged by Lion Letting and the full cost of doing so is absorbed by Lion Lettings.

For more information contact Lion Lettings:  01 637 39 35 Were waiting for your call.