We’ve been singing and dancing about our rent guarantee scheme and here’s why; it’s just great! Director of Belvoir Nottingham West, Lloyd Rumbold gives a breakdown of FAQs regarding the scheme so that you can have all the answers you need. Got a question that’s not on this list? Get in touch with us! We’re happy to answer any questions you may have.
So what is the Rent Guarantee?
Our rent guarantee is that we will ensure that you receive your rent regardless of your tenant’s ability to pay.
How is it possible that I am guaranteed my rent?
As a business we are insured against this loss and you benefit from that insurance.
What makes Belvoir’s rent guarantee better than that with another agent?
There are a number of factors. As this is our insurance policy we as a business are just as keen as you are to ensure that a tenant pays their rent on time in full, and this why our tenancy application process is renowned for being so robust.
However, some instances of a tenants inability to pay can be totally out of their control and where our rent guarantee differs from our competitors, much like the majority of all other insurance based policies, there is usually an excess to pay and more often than not, this is equal to a month’s rent, prior to the policy providing cover.
We feel that in effect, the tenants missed payment, plus the excess required by the landlord to commence a claim doubles the problem. There is no excess with our rent guarantee and payments are delivered far faster than a normal insurance based policy would pay out.
There are also greater levels of cover included in our rent guarantee as well as court costs and void compensation to mention a few more.
How quickly can I get the rent if my tenant is unable to pay?
The official figure is 10 days but this is more often than not received by the client sooner.
Will the rent guarantee cover me for every single time a tenant doesn’t pay?
Yes, the rent guarantee will cover you for the life of the tenancy.
Is there a limit on the amount of money I am guaranteed to get back if my tenant can’t or won’t pay?
Yes, but the limit is £50,000
Do I have to let Belvoir know within a specific time frame of my tenants not paying in order to get my rent?
No As we do this for you
Do I have to pay for the rent guarantee?
Yes. A one of fee of £214 including insurance premium tax per year.
