Rent Guarantee Insurance
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?
To be eligible for Rent Guarantee Insurance, all tenants must be referenced through OpenRent against our ID, credit and affordability criteria. Affordability can be met by a tenant alone, by the tenants' combined income, or by a guarantor covering a tenant's share. A tenant who fails our credit criteria, or who has no credit history, may still be covered where a qualifying guarantor is in place.
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.
You can purchase the insurance here: