As a part of our Managed service, Knights MK can arrange a rent protection policy, which will be in our name so we can administer the policy on your behalf.

As a part of this service we will:

  • Arrange to set up a rent protection insurance policy, which will protect your rental income
  • Carry out any required midterm adjustments to the policy
  • Support the insurer with the serving of section notices should we need to evict the tenant
  • Complete all administration required in the event of a claim

It can be organised at any time before the commencement of the tenancy which gives you the peace of mind of knowing that, whatever happens, your rent is protected (subject to policy terms and conditions) and legal expenses are covered should you ever be in the unfortunate situation of your Tenant going into arrears.

The legal expenses element of the policy we purchase will not only provide support in the event of rent arrears but also for eviction where required following any Tenancy breach.

What does the Rent Protection Insurance policy cover?

  • Full rent guarantee for the total monthly rent, as listed in the Tenancy Agreement for up to 5 months with a maximum monthly limit of £2,500
  • Legal costs to obtain possession of the property if the tenant fails to pay the rent
  • Total claims limit for legal expenses of £100,000
  • Covers breaches of the tenancy agreement by the tenant, including non-payment of rent and expired section 21 notices
  • Court attendance included as part of the service
  • Policy is fully transferrable to ensure continuous cover even when the tenants change (subject to satisfactory references)
  • Nil excess with rent paid from the point of the first arrears
  • Mediation of claims with Tenant, fulfilled by PRS

Knights MK have a dedicated arrears team that will start chasing arrears within the first five days of a rent payment due date. As a tenant falls behind on their rent, we will log the claim with the insurers accordingly to start the process to secure possession of the property. We will provide the insurer with all relevant supporting documents for the claims process including references for the tenant and rental statements.

Rent will be paid monthly in arrears, in line with payments made from the Rent Protection Insurance policy, until vacant possession is gained, or the limits of the policy are reached. Payments will be made subject to any deductions agreed in the Agency Agreement, such as our management charge.

If you are interested in learning more about this option, please feel free to give us a call on 01908 041157 and we’ll go through the finer details with you.

Alternatively, you can send us an email below