Why Now Is the Right Time to Get Rent Protection Insurance

Why Now Is the Right Time to Get Rent Protection Insurance

In this two-minute read, we look at rent protection insurance in detail to help you decide whether you need it.

The rental market is a tough place to be, especially in the current economic climate.
 
With the cost of living crisis leaving many tenants feeling squeezed, now could be the right time for landlords to invest in rent protection insurance. But is it really worth it, or just another expense?
  
What is it? 
Rent protection is also known as rent guarantee insurance or landlord rent insurance.
 
It protects landlords against loss of rental income if a tenant is unable to pay.
 
Where a tenant continually defaults, the eviction process can take a long time, meaning you’re without rental income until you can resolve the situation. Rent protection insurance covers losses for up to 12 months; it also includes legal expenses which you may incur during the eviction process.
 
As with any insurance policy, there are lots of conditions and restrictions on what and when you can claim, so make sure you know exactly what you’re paying for.
 
How much does it cost? 
This depends on factors such as size and location of the property, type of property, the tenants you’re renting to, rental amount and so on. It’s best to shop around, and most insurance comparison sites will provide multiple quotes.
 
Rent protection insurance is tax deductible.
 
Many letting agents offer rent protection insurance to their landlords as part of their fees, which saves you the time and hassle of looking for an individual policy.
 
Why is it a good idea? 
Many landlords need their monthly rent to cover mortgage payments, so not having cover could prove a big risk in the long run. Some policies also cover short periods of vacant possession.
 
If you have landlord insurance (buildings, contents and so on), you may be able to add rent protection to the policy. Make sure you speak to your provider to see what they offer. And, if you own multiple properties, you may be able to arrange a single policy to cover them all.
 
Are you a landlord in need of a trustworthy and reliable letting agent? To learn more about the property management services we offer here at Millbanks, please get in touch by contacting us on (01953) 453838 or drop us an email to lettings@millbanks.com
 
 


Get in touch with us

Renting a new home can be an exciting fresh start—but it’s important to know what you’re getting into. Whether you’re moving into your first rental or switching properties, understanding what to look for can save you stress, money, and future headaches. Here’s a detailed guide to what every tenant should check before signing on the dotted line.

Thinking of selling your Attleborough home? It’s tempting to set a high asking price—after all, it’s your biggest tax-free asset. But overpricing often backfires. Since 2020, more than 1,400 Attleborough homes were withdrawn unsold—many simply priced too high from the start.

Selling your home can feel like a daunting process, but with some careful preparation, you can give yourself the best possible chance of attracting the right buyer and achieving a smooth, successful sale. From creating the right first impression to dealing with those little jobs you’ve been meaning to do for years, here’s how to get your home market-ready.

Knowing how house prices differ across the UK can really help when you're thinking about moving, investing, or staying put. As an estate agent in Attleborough, I always keep an eye on both local trends and the national picture. This week, I’ve been exploring the average value of a four-bedroom home around the country.