Rent Guarantee Insurance for Landlords | CPS Homes

Rent Guarantee Insurance

What is Rent Guarantee Insurance?

Rent Guarantee is a form of insurance which protects landlords against loss of rent. In particular, it provides a safety net in the event that a tenant absconds a property with no intention of paying any further rent. Providers of such policies will typically ask that tenants are professionally credit-checked prior to handing over keys - thereby qualifying them as eligible for the insurance - which is something we carry out as standard in any case.

We're offering Rent Guarantee Insurance included within our Full Management Service for a cost of a 50% letting fee* and 12% management fee** for the first year of instruction.

* Payable each time new tenants are found for your property.

** Payable on the rent collected each month.

All costs are subject to VAT.

If you're keen to protect yourself and to guarantee your pockets are lined, please fill in our form below and we'll be in touch shortly. Alternatively, feel free to call us on 02920 668585.

A first-time landlord's story

Kitchen and Dining Area

Why I decided Rent Guarantee Insurance was for the best?

I bought my first buy-to-let property in 2010 - a three-bedroom house in Cathays - and for the first couple of years I was lucky enough to have "friends-of-friends" living there, so it was easy for me to take care of the day-to-day duties of being a landlord. Eighteen months ago I moved abroad due to work and it coincided with my tenants telling me they were planning on moving out, so I decided I needed a letting agent to look after things for me. Being overseas, it made sense to hand everything over to a company capable of finding me new tenants and managing everything else afterwards.

I originally moved to Cardiff because of university and in my second year as a student I lived in a house managed by CPS Homes. I shared with a couple of friends - neither of whom were very good at paying their rent on time - so CPS were always on our case wondering why they'd only received one payment! We had a fairly new house but whenever we had a problem there would be a contractor out within a day or two to resolve it, so CPS left a lasting, positive impression on me for both of those things. A decade on, I knew who I wanted to hand everything over to.

The move abroad came about at short notice, so everything had to be tied up quite quickly when I met one of CPS' advisors at my house. They offered to include Rent Guarantee Insurance within my property management charge, which means I'm covered if a tenant ever falls into arrears. It doesn't cost me very much extra and having had first-hand experience of troublesome payers, it made sense to go for it. I've never had to use it and - touch wood - I never will, but I know it's there if I ever need it and I'll never be out of pocket because of a bad tenant.

I was recently in a position to buy a second investment property, so knowing that CPS regularly market houses with potential and keep an eye on the market in general, I asked if they could keep me in mind should they become aware of anything. They sourced a property from another estate agent and e-mailed me the particulars, along with some advice on what a property of this type could typically achieve income-wise and what it would cost me. We viewed the house together and, afterwards, Rhys - who's my main contact at CPS - took me to see a property they'd recently finished to the sort of standard I'm aiming for, which really helped picture the end result. I made an offer to the agent directly and Rhys has organised somebody to draw the proposed property development.

The sale is about to complete and I'm happy to have a relationship in place with Rhys and CPS whereby I'm confident in the advice they give me. Fingers crossed everything goes to plan. So far, so good!

Let us help

If you're keen to protect yourself and to guarantee your pockets are lined, please fill in our form below and we'll be in touch shortly. Alternatively, feel free to call us on 02920 668585.

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