In today’s current climate especially, it is wise for landlords to consider the scenario of their tenants falling into financial difficulties that could prevent them from making their monthly rent payments. A Rent Guarantee Insurance policy is a way for landlords to remain in control of such situations. Cover like Mashroom’s Rent Guarantee Insurance gives landlords the added protection they need, ensuring the payments they expect to receive are accounted for and that they do not suffer a loss of income.
There are three things you need to have in place before you can be deemed eligible for a Rent Guarantee Insurance policy with Mashroom.
- Tenant’s references
- Assured Shorthold Tenancy
- The tenant’s security deposit is placed in an official tenancy deposit scheme.
The Assured Shorthold Tenancy contract should clearly state the date when the tenancy began, the date when the rent is due, the time frame of the lease, and a rent review clause. Once you have all of this, the process of gaining a Rent Guarantee Insurance Policy with us is fuss-free and can be done online via our website.
Another policy we offer at Mashroom is Contents Insurance. Contents Insurance is a policy all tenants need in order to make sure the belongings within their properties are secure and safe. This is different from Home Emergency Insurance and Rent Guarantee Insurance policies, which are taken out solely by the landlord can relate to the property itself and the income it generates, respectively. The Contents Insurance policy simply focuses on the contents within the property not the property as a whole and can only be taken out by the tenant.
At Mashroom, our Contents Insurance policies are quoted for on a monthly rolling plan with no hidden fees. The Contents Insurance policy covers items such as furniture, clothes, and household electrical goods, such as your freezer, hair straighteners, microwaves, and kettles. As many of us are now working from home more regularly, it is important to note this also includes your home office as it includes computers, laptops, mobile phones, printers, and general office equipment.
The Contents Insurance policy at Mashroom starts from the date the policy becomes active, where monthly payments will thereon be issued. If you are someone who travels a lot, a Contents Insurance policy could turn accidental damage to your belongings from a costly disaster to a minor inconvenience. Mashroom offers an out-of-home add-on in this scenario, which is suitable for travelling. With this add-on, the belongings you are travelling with, excluding photography equipment, musical equipment, and jewellery, will be protected against theft and accidental damage if you travel anywhere within Europe, plus worldwide travel for a period of 60 days. For the cyclists and bike owners amongst us, Mashroom’s Content Insurance policy covers bicycles, including unintended loss or damage anywhere in Europe; however, this does not include scooters or motorbikes.
Landlord Insurance is what you need to cover any damages to the building. For example, if your property is damaged due to a fire, water damage, or vandalism, having a Landlord Insurance policy such as Home Emergency Insurance will ensure any repair costs will be covered. Crucially, it includes third-party liability, which means it protects the landlord if the tenant damages or destroys the foundation of the property.
Being liable for something means you are held responsible for it. When it comes to being a landlord, you are responsible for the maintenance of the building, dealing with issues such as damp, ensuring the property has a working fire alarm installed and gas fixtures are installed professionally to make sure the tenant living there is living in a safe property. That being said, accidents do happen. Landlord Liability is an additional cover usually found as part of landlord insurance designed to protect landlords from injury and damage-related claims within their property. For example, if a tenant or visitor to the site slips or falls on-site due to inadequate flooring and they decide to sue for compensation, having a Landlord Liability Insurance means as a landlord, the policy will ensure you can make any compensation or legal fees required.
It falls under the banner of Public Liability Insurance which protects you from claims made by third parties including tradesperson. It covers losses and damages to material properties as well as illnesses or diseases including death and takes into account medical costs and any loss of income incurred by the claimant.
Making sure your policy includes Accidental Damage Insurance means you can rest in the knowledge you have the support you need when it comes to additional repairs you may have following the original emergency. This includes replacing or repairing items that have been damaged or destroyed as a result of an accident taking place within the home.
By accidental damage, we mean one-off events such as something heavy falls resulting in it damaging your table or sink. If your property is in a residential area surrounded by a lovely bubbly neighborhood, your Accidental Damage Insurance policy includes any damages caused by issues such as a window breaking due to someone playing football outside the property. It does not however cover things such as a computer breakdown or damage caused by pets or damage caused by cowboy builders. While Contents Insurance can include travel, Accidental Damage Insurance only includes items that are in the home and garden.
Most accidental damage insurance policies also do not include things such as paying workers such as boiler repairmen, plumbers, and other construction workers. You can add Accidental Damage Insurance to your Contents Insurance or your Landlord Insurance but bare in mind when searching for the right accidental cover for a look into the details as some do not cater for properties housing tenants or allow for claims to be made against accidents involving house guests and if the house is vacant for a month or more. Having something like this in place can make your policy stronger and ensure you have peace of mind when it comes to protecting your property, however, unlike the Home Emergency Insurance policy, we offer at Mashroom, it does not cover any pest or vermin damage.