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NLA Rent Protect & Legal Expenses Insurance

NLA Rent Protect

Protect your property portfolio with this great product.

The policy will provide protection in the event that you suffer unexpected issues with the tenant in your property. You will also be guaranteed that if your tenant defaults on rent that you will be covered the monthly rental income under the policy up to £2,500 per monthly rental income to a maximum of £25,000 under the policy giving you security that you will not be out of pocket.

This policy is available for tenants that have passed either Full or Basic NLA Tenant Checks.     » more info
Typical issues covered
  • Tenant ignores notice to quit
  • Tenant defaults on rent
  • Tenant causes damages to property
  • Disputes with repairs and renovations to the property
Legal Expenses
This policy will cover you for up to £100,000 worth of legal fees in the event:
  • That possession of the property needs to be gained
  • Nuisance emanating from the property
  • Repairs and renovation issues relating to the property need to be pursued or defended
  • Damages to the property caused by the tenant - we will look to pursue for the costs of that damage
  • Professional expenses incurred in respect of representation of the insured during an HMRC investigation
Rent Guarantee
  • The policy will pay up to £2,500 per month up to a maximum of £25,000 in the event that the tenant does not pay the rent subject to the tenant being credit referenced. It is paid up to the point that the property becomes vacant.

How much does it cost?

  Member Non Member
6 month policy £55.00 £65.00
12 month policy £75.00 £85.00
All prices are per tenancy and are subject to Insurance Premium Tax at 12%

Special Conditions

In respect of property Legal Disputes and rent recovery claims we will only agree to cover your claim if you have correctly issued and served the appropriate statutory and contractual notices on the tenant:

  • Section 8 Housing Act 1988 - Possession Notice
  • Section 21 Housing Act 1988 - Notice to Quit
An advice line is available should you need assistance with these processes.

Excess

Legal Expenses - £250 for any one claim
Eviction - £Nil
Rent protection - £500 or one month's rent, whichever is the greater

Limits of Cover

Section 1 - Property Owner's Legal Expenses:
Any one claim: £100,000
A total of all claims notified during the period of insurance: £1,000,000

Section 2A - Eviction:
Up to £50,000 of advisers´ costs per claim

Section 2B - Rent Protection:
Monthly rent up to a maximum of £2,500 per month, the maximum rent payable per claim is £25,000

Significant Limitations/Exclusions

  • Any dispute arising within the first 90 days of the period of insurance if the tenancy agreement commenced before the inception date of the policy
  • Civil defence in respect of injury, disease, property damage (except under Section 1A)
  • alleged breach of professional duty or any tortious liability (except under Section 1A)
  • Disputes falling under the remit of the Rent Assessment Committee, Lands’ Tribunal or LVT.
  • Any dispute whilst you are in breach of s213 Housing Act 2004 in relation to a Deposit.
  • Defamation
  • Judicial Review
  • Seepage, pollution or contamination.
(for full list please refer to policy wording - links available to the right of this page)

Cancellation Rights

We hope that You are happy with the cover this Policy provides. You have the right to cancel the Policy at any time. If You send notice in writing within 14 days of receiving the Policy then you will receive a full refund of the premium. This is called the “cooling off period”. If You cancel at any other time, any refund of the premium or a proportion of it will be at our discretion. For full details please refer to the policy documentation.

Before you buy

You must have:
  • copies of two forms of identification, one of which must contain a photograph
  • either a Basic NLA Tenant Check showing no County Court Judgements in the immediate preceding three years and no outstanding County Court Judgements OR a Full NLA Tenant Check with a pass rating
If you choose to order a Basic NLA Tenant Check only then you will also need a written employer’s reference confirming salary level and that the Tenant or Guarantor (if applicable) is in current and permanent employment. Confirmed salary must be at least two and half times the monthly Rent.


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