RentAssured Frequently Asked Questions

In general terms what are the significant features and benefits of this policy?

This policy protects the landlord’s rental income when a tenant ceases to make payments and/or refuses to exit the property. The policy covers the rent on a specific property and the landlord is free to change tenants during the insured period subject to carrying out the rentAssured Tenant Check on any new tenant. In addition, the policy offers legal assistance (up to a set monetary value) to the landlord to take a case against the tenant through the RTB process through to eviction. The policy also makes a payment to the landlord in the event that a tenant causes malicious damage on exit from the property up to a set value.

Who is providing this insurance policy?

This insurance policy is administered by InsurePlus Ltd t/a rentAssured on behalf of LAMP Insurance Company Limited. The RentAssured insurance policy is underwritten by LAMP Insurance Company Limited, whose registered office is Suite 934, Europort Gibraltar, company registration number 93562. LAMP Insurance Company Limited is licensed by the Financial Services Commission of Gibraltar under the Financial Services (Insurance Companies) Act to carry on insurance business. LAMP Insurance Company Limited is a subsidiary of LAMP Group Limited, Chester House, Harlands Road, Haywards Heath, West Sussex, RH16 1LR, company registration number 4842581. Information about the LAMP Group of companies can be found at www.lampinsurance.com

What type of insurance policy is this?

This is a rent and legal protection policy which covers residential properties in the Republic of Ireland that are let under a written tenancy agreement as defined in the Residential Tenancies Act 2004 as amended. Please see restrictions on type of tenant set out below.

Does the tenancy need to be registered with the Residential Tenancies Board “RTB”?

Yes, a tenancy protected under this policy must be registered with the RTB in accordance with the said Board’s requirements.

Is my premium tax deductible?

This policy is similar to other deductible insurance policies taken out on your buy to let property. Seek advice from your accountant.

How much will be paid under the rental loss protection aspect of the policy and when?

rentAssured will not pay you the first month rent outstanding as this is covered by your security deposit taken from the tenant at inception of the lease to cover such eventualities. rentAssured will commence payments 60 days after the first missed rental payment from the tenant and continue to pay to you the insured monthly rent for up to the lower of 11 months rental payments or €48,000. Payments will cease 30 days after the tenant departs the property. This ensures the landlord has time to prepare and let the property for a new tenancy. Payments will be pro-rated for departures during the rental month.

In summary rentAssured will make sufficient payments to ensure that your rental income loss is restricted to your security deposit amount but subject to a maximum payment of 11 monthly payments or €48,000 whichever is lower. The annual rent on your insured tenancy must be at least €6,000.

How much will be paid under the legal protection aspects of the policy?

rentAssured, through its partners, will approve expenditure of up to €5,000 (plus VAT) including legal fees to assist the landlord obtain free possession of their property where necessary, including but not limited to the removal of the tenant from the property.

Once a claim is initiated you will be placed in contact with our debt recovery specialist who will guide you through the RTB and court processes.

What rental losses are not covered?

  • Where the property is not suitable for habitation due to flooding, fire, etc. Landlords should check their
  • property insurance policies for such cover;
  • Tenants who do not qualify under this policy;
  • Payments made by landlords to rehouse tenants due to any reason;
  • Tenants not in full time employment or not self employed;
  • We do not cover commercial premises;
  • We do not cover tenancies where the landlord or a family member is resident in the insured property.

What tenants are covered?

The policy is restricted to tenancies where the tenant pays rent directly and the tenant is solely responsible for the payment of the rent insured. A tenancy insured under this policy must adhere to the conditions set out below in main conditions covered. If a landlord allows a sublet or assignment of the tenancy to another person during the insured period then a new tenancy is created. See below.

Can my property manager take out insurance on my behalf?

Yes, rentAssured.ie has the facility for your property manager to purchase tenant insurance on your property and make the payment similar to any other services they provide to you. If they are the letting agents they should carry out this function on your behalf in order to secure the best tenants and give you the best protection. The property manager will need to adhere to the Tenant Check procedures and ensure the potential tenant completes the application form or meets the criteria set out below if they are an existing tenant. The property manager can also make the necessary declarations where you want to cover a tenant already renting from you. Just ask your property manager to add this service.

If your property manager does not insure your tenancy with us, you can do so directly with rentAssured.ie, provided you follow the Tenant Check procedures for new tenants or complete the declaration for tenants already renting from you. Remember your property manager is not responsible for rent arrears and you could be left out of pocket if a tenant ceases rental payments.

What must I do to ensure cover is valid for a new tenant?

  1. Do not allow a new tenant into occupation until the first month’s rent and security deposit has been received and cleared by your bank.
  2. The new tenant must complete the Application for Tenancy Form in full and copies of documents required have been seen and copied.
  3. The Tenant Check must be completed on the rentAssured.ie website and the tenant must be approved by the website. Once the new tenant has completed the application you can use this to complete the online Tenant Check.

What must I do to ensure cover is valid for an existing tenant?

When you are purchasing the insurance on the website for an existing tenant, you will be asked to confirm some things about the tenant’s behaviour with respect to payments plus that you carried out some checks at the time of letting the property to this tenant.

How many tenants can I insure in one property?

The maximum amount of tenants that can be insured and be joint and several under the tenancy agreement is 2. One party must be named as the lead party for the purposes of the Tenant Check.

What if the tenants want to be joint and several on the lease?

To insure the tenancy you require one of the tenants to be the lead tenant for the purposes of the Tenant Check. If necessary you can ask both tenants to individually complete a Tenant Application Form each and a Tenant Check can be carried out on both parties. You receive 2 free Tenant Check credits for each property insured per annum. You can always purchase more on the website.

What are the main conditions?

The tenancy must be or have been created under the Residential Tenancies Act 2004 as amended. This will include but will not be limited to the following:

  1. There must be a written tenancy agreement in place which adheres to the law.
  2. A security deposit equivalent to one month’s rent must have been collected from the tenant.
  3. For new tenancies, Tenant Checks must be completed – you are given 2 free Tenant Check credits free with each policy purchased. You can always purchase more on the website.
  4. For existing tenancies, you do not need to carry out a Tenant Check but you must confirm to us certain things at the time of purchasing the insurance. This declaration covers some basics that you would have completed for a new tenant in the past and you should keep a record of these things in the event of a claim.

What is a Tenant Check?

RentAssured offers the landlord a tool to better assess their potential new tenants. Tenant Check establishes if the tenant has had any prior public credit issues or any findings against them from the RTB. Tenant Check is carried out by Stubbs Gazette searching all publicly available data on your potential tenants. With rentAssured you will also ask your potential tenant to complete our Tenant Application Form which will allow you to properly identify your tenant.

How much is a Tenant Check?

Tenant Check is offered free when you purchase our rent protection policy. Each policy gives you 2 Tenant Checks. It is 2 in case your first choice tenant fails or a tenant leaves during the 12 month insured period and you re-let the property. If you find 2 is insufficient, you can simply purchase additional Tenant Checks for a nominal sum on the rentAssured.ie website. You must have a policy in place with us to buy these additional checks.

How easy is the Tenant check process?

The process is very straightforward:

  1. Tenant Application Form: Have the potential tenant complete a “Tenant Application Form” – this form will be sent to you with your policy document.
  2. Identification: Take a copy/photo of the Tenants ID (valid passport or driver license). Make sure you take the copy/photo of the page with their photo and date of birth . Ensure they resemble the photo in the ID presented.
  3. Utility bill: Take a copy/photo of the tenant’s last utility bill ensuring the name on the bill cross checks to the ID presented and that the address cross checks to the address completed on the Tenant Application Form.
  4. Payslip: Take a copy/photo of their payslip (dated within the last 2 months) ensuring that their PPS number appears; you will need this number when registering the tenancy with the RTB. If the tenant is self employed ensure you receive alternative proof of income and keep a copy or keep the original presented. This is likely to take the form of an Accountants letter.

Now go to rentAssured.ie, complete the Tenant Check and submit. Once you receive approval back you are all done. This may take 24 hours.

Please keep a record of the Tenant Application Form and copies or photos per 2-4 above to support any future claim.

What happens if my tenant fails the Tenant Check?

The policy cannot be offered where the tenant has not passed the tenant check. You will therefore need to source an alternative tenant in order to obtain insurance. This is no different to a situation in the past where your gut feeling told you all was not well. Now go through the same procedure with your second choice tenant or tenants. While it is a bit of an administration chore, it might turn out for the best in the long term.

If you have used up your 2 Tenant Checks, then simply purchase more on the website at a nominal cost. While all this may take a little longer and will never eliminate the possibility of a bad tenant, it will reduce the risk significantly.

What happens if the tenant moves out during the tenancy with inadequate notice?

The landlord should immediately re-let the property and retain their security deposit to cover any loss in rent while the property is in the process of being re-let. If the tenant has caused malicious damage on exit then this policy will pay up to one month’s rent to you towards your costs of repair.

Can I allow the tenant to assign the tenancy or sub-let during the tenancy?

Your policy continues to operate for the insured period, usually 12 months. If you allow assignment of the tenancy or the tenant to sublet the property then a new tenancy is created and you must go through the tenant checking process for the new tenant. As part of your policy you are given 2 free Tenant Check credits. Have the new tenant complete the application form and carry out a Tenant Check on rentAssured.ie. If you have used up your Tenant Check credits it is possible to purchase more on the website. Once the Tenant Check is complete you can rest assured you continue to be covered if this tenant should default.

How do I claim?

In your account on the rentAssured.ie website you will find a section ‘Making a Claim’. As soon as you become aware of a potential claim you should consult this section. It is vital that you follow all the directions set out here giving all the proper notice periods. This section also lets you know how to make a claim in the event the tenant continues not to pay after you have followed the notifications set out here.

What happens after I make a claim for missing rental payments

We will take over the management of the legal process commencing with the RTB process. You will be paid the monthly insured amount commencing 60 days after the first missed payment date. This amount will be paid directly to the bank account provided by you in your claim form.

The maximum we will pay in respect of a single claim for loss of rent is the lower of €48,000 or 11 times the insured monthly rent for any one claim on any one policy.

We will not be covered?

Claims that you are aware of or should reasonably have been aware of when the insurance commenced. Claims that are not reported in time as specified above or where you have not followed the processes outlined on our website rentAssured.ie under the tab “Making a Claim”. Rent, or the sums equivalent to, which start after the end of the Period of Insurance. Any dispute with multiple Tenants on a single property where their liability is not joint and several. Any interest payable by the Tenant for the late payment.

There are a few more, please read the Policy Document for a list of all exclusions.

How long does my policy last?

This insurance policy runs for 12 months from the date of commencement. Prior to the expiry of the policy you will be notified of our renewal terms.

What are the cancellation rights at inception and renewal?

If, having examined your policy, you decide not to proceed, you will have 14 days to cancel. If this policy is cancelled by you at any time after this 14 day period then no refund will be given. To cancel the policy you must contact us by email at claims@rentassured.ie.

On receipt of your notice within the 14 days cancellation period, we will refund any premiums already paid, except when you have already made a claim on the policy.

How do I make a complaint about this insurance policy?

Please refer to your policy documents to make a complaint in the first instance.

For complaints that cannot be resolved through the policy’s complaints procedure, you may be refer the matter to

The Financial Services Ombudsman
Third Floor
Lincoln House
Lincoln Place
Dublin 2
PH: 1890 88 20 90
Website: www.financialombudsman.ie
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