Step 1. Conduct Referencing
You can add a tenant to your rent guarantee insurance policy if they pass comprehensive referencing.
When referencing an incoming tenant for an existing tenancy, you will have the option to reference them for their rent share and not the full rental amount.
Alternatively, you can re-reference the existing tenants alongside the incoming tenant for the full rental amount and the rent shares will automatically be split between them.
You can order standalone referencing here.
Step 2. Contact the Insurer
Once referencing is complete, you will need to contact the insurer directly for them to make the change. You will need to pay a £20 admin fee and provide the new tenant's details.
You can get in touch to update your policy by using openrent@legalforlandlords.co.uk.