Tenant Default

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Tenant default insurance is a specific form of protection aimed at replacing the rental income for a set period of time when a tenant does not pay their rent. It is also known as rent guarantee insurance. This should not be confused with loss of rent insurance, which is about replacing lost income when your property is damaged and uninhabitable.

Tenant default cover is usually intended to pay out when a tenant remains in your property but is financially incapable or paying. In order to get the cover in the first place you will normally have to have checks done that demonstrate that the tenant has nothing in their background that would suggest they may become incapable of maintaining the rental payments. These are almost certainly checks that you will want to carry out anyway before taking on a tenant, but you need to be able to provide proof that these tests were satisfactory.

If a tenant does become unable to pay their rent, you will probably wish to begin the process of evicting them, and some tenant default insurances will include for the legal fees involved in processing an eviction.