How can I protect myself as a landlord?

Landlords have varying levels of risk tolerance, and there are several measures you can take to mitigate financial risks as a landlord. Here are some effective steps to protect yourself from potential losses in rent and property damage:

Tenant Referencing: Many landlords opt to conduct thorough referencing checks on their tenants before allowing them to move in. This involves assessing their income, credit history, and rental track record to make informed decisions.

Rent Guarantee Insurance (RGI): If your tenants pass referencing or have a guarantor, you can consider insuring your tenancy to cover rent payments up to £3,000 per month and £50,000 in total. This insurance can be purchased once your tenants have successfully passed referencing.

Building & Contents Insurance: It's advisable to ensure that both your property and possessions are adequately protected when letting out your property.

Deposit Protection: Most landlords collect a deposit equivalent to one month to six weeks' rent to safeguard against tenant-related issues. Through our deposit management add on we handle the registering the deposit with the government-backed Deposit Protection Service. This ensures compliance with legal requirements and provides access to an independent resolution service in case of disputes.