Rent Guarantee Insurance
RGI covers you against loss of rental income from tenants not paying their rent. It also includes cover for the legal costs if eviction is required. In short, RGI substantially decreases the financial risk of being a landlord.
RGI covers landlords with monthly rental amounts up to £3,000 whose applicants have passed Comprehensive tenant referencing.
For a small one-off fee you can protect your rental income in the event of an issue such as the tenant defaulting on their rent.
RGI is purchased per tenancy. If you are purchasing RGI for a shared house or house in multiple occupation (HMO) where all tenants have their own, individual tenancies, separate RGI policies would need to be purchased.
Am I Eligible for RGI with OpenRent?
We can offer RGI for properties where all tenants have been referenced and pass both ID and credit checks.
Failing credit checks results in the application not being eligible for RGI, even if a guarantor is present.
If tenants pass both ID and credit checks but do not meet the affordability criteria, the application can still become eligible with guarantor(s) who pass referencing and can afford the full rent share of the tenant(s) they are guaranteeing.
When you are purchasing insurance for a new or existing tenancy, referencing must have been completed within the last 90 days. References completed over 90 days ago are no longer eligible for insurance.
Can I just reference one applicant or selected applicants?
No, all tenants must be referenced and must pass both ID and credit checks, even if there is a guarantor present.
All tenants who will be living at the property must be named on the tenancy agreement.
You can purchase the insurance here: