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Letter of Extension of Building Tenancy Agreement by gbe17670

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Letter of Extension of Building Tenancy Agreement document sample

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                  Building   your business




Product Training Guide
Our product
range
Who are Rentguard products for?

                            Landlords




    Home owners                                   Commercial lettings




                  Tenants               Residential Buy-to-
                                          let Properties
Landlord Household Insurance
 • Provides cover for buy-to-let houses, bungalows and flats
 for damage to the buildings and landlords contents

 • Can provide cover for commercial and residential combined
 properties

 • Underwritten by RSA (former Royal & Sun Alliance), Sterling
 Insurance and Equity Redstar

 • Quotes are provided for working professionals, students,
 DSS, asylum seekers and unoccupied properties

 • We also provide cover for some UK holiday homes

 • Rentguard must be notified whenever there is a change in
 tenancy/alterations
Landlord Household Insurance
                               RSA                          Sterling                      Equity Redstar
Minimum                        Details on policy
                               certificate
                                                            Buildings £100
                                                            Contents £50
                                                                                          Buildings £100
                                                                                          Contents £50
excesses (may                                               £1,000 for subsidence
                                                            £1,000 for damage by
                                                                                          Buildings & contents
                                                                                          (unoccupied or asylum
vary depending on                                           theft, malicious damage,      seekers) £250
occupancy)                                                  escape of water to            Subsidence £1,000
                                                            property unoccupied for       Public liability £100
                                                            30+ days

Features and                   • Loss of rent or
                               alternative
                                                            • Loss of rent or
                                                            alternative
                                                                                          • Loss of rent or
                                                                                          alternative
benefits                       accommodation cover
                               • Cover for outbuildings
                                                            accommodation cover
                                                            • Cover for outbuildings
                                                                                          accommodation cover
                                                                                          • Cover for outbuildings
                               • Public liability for       • Public liability for        • Public liability for
                               property owners up to        property owners up to         property owners up to
                               £10m                         £5m                           £5m
                                                            • Employers liability up to   • Employers liability up to
                                                            £10m                          £10m

Exclusions                     • Property must be
                               maintained to good state
                                                            • Property must be
                                                            maintained to good state
                                                                                          • Property must be
                                                                                          maintained to good state
and                            of repair
                               • Theft or malicious
                                                            of repair
                                                            • Theft or malicious
                                                                                          of repair
                                                                                          • Theft or malicious
limitations          (a full   damage by insured, their
                               family, any employee or
                                                            damage by insured, their
                                                            family, any employee or
                                                                                          damage by insured, their
                                                                                          family, any employee or
list can be found in the
policy terms and               tenant is not covered        tenant is not covered         tenant is not covered
conditions)                    • Valuables (gold, silver,   • Valuables (gold, silver,    • Computer or data
                               fur, jewellery) not          fur, jewellery) not           processing equipment,
                               covered                      covered                       operator error, virus or
                               • Computer or data                                         hacking is not covered
                               processing equipment,
                               operator error, virus or
                               hacking is not covered
Commercial Property
Insurance

• Provides cover for most commercial properties including offices,
taxi offices, estate agents, hairdressers, beauticians, restaurants,
dental surgeries, car accessory stores, furniture stores and
garden centres

• Can provide cover for commercial and residential combined
properties

• Underwritten by Sterling Insurance

• Rentguard must be notified whenever there is a change in
tenancy/alterations
    Commercial Property Insurance

                                                                  Sterling Insurance
Minimum excesses                                                  Buildings £250
                                                                  Contract works extension £250
                                                                  Subsidence £1,000

Features and benefits                                             •
                                                                  •
                                                                      Full accidental damage cover
                                                                      Public liability up to £10m
                                                                  •   Employers liability up to £10m
                                                                  •   Loss of rent cover

Exclusions and limitations                     (a full list can
                                                                  • Maintenance, security and reasonable precautions
                                                                  conditions apply
be found in the policy terms and conditions)                      • Special terms apply to empty buildings
                                                                  • Computer or data processing equipment, operator error,
                                                                  virus or hacking is not covered
                                                                  • Losses involving faulty/ defective workmanship
Owner Occupier Insurance

• Provides buildings cover for home owners with or without
contents cover

• Underwritten by RSA (former Royal & Sun Alliance)

• Rentguard must be notified whenever there is a change in
tenancy/alterations
Owner Occupier Insurance

                                                                  RSA
Minimum excesses                  (may vary depending on
                                                                  Details on policy certificate

occupancy)

Features and benefits                                             • Covers loss or damage by storm, flood, escape of water or
                                                                  oil, subsidence, theft, collision by vehicles or animals, falling
                                                                  trees, collapse of aerials or satellite dishes, fire, smoke,
                                                                  explosion, lightening, earthquake, malicious persons and riot
                                                                  • Public liability insurance up to £2m
                                                                  • Alternative accommodation
                                                                  • Accidental damage cover
                                                                  • Cover for gardens and outbuildings available

Exclusions and limitations                     (a full list can
                                                                  • Loss or damage to contents caused by domestic animals
                                                                  • Loss or damage to valuables, money, plants or trees left in
be found in the policy terms and conditions)                      the open at the insured property
                                                                  • Loss or damage after the property has been unoccupied or
                                                                  unfurnished for more than 90 days by malicious persons,
                                                                  escape of water or oil, theft, mirrors, fixed glass and
                                                                  sanitary wear
                                                                  • Theft from an unattended motor vehicle or from an
                                                                  unlocked hotel room
Tenant Contents Insurance

• Provides cover for all residential tenants (including students)
living in flats, bed-sits, shared accommodation and halls of
residence

• Underwritten by RSA (former Royal & Sun Alliance)
   Tenant Contents Insurance

                                                                  RSA
Minimum excesses                  (may vary depending on
                                                                  Details on policy certificate

occupancy)

Features and benefits                                             •
                                                                  •
                                                                      Accidental damage to home entertainment equipment
                                                                      Accidental damage to the landlords contents
                                                                  •   Accidental damage to mirrors and glass
                                                                  •   Accidental loss of metered water and oil up to £250
                                                                  •   Public liability up to £2m
                                                                  •   Alternative accommodation

Exclusions and limitations                     (a full list can
                                                                  • Damage to contents primarily used for and liability arising
                                                                  from business purposes
be found in the policy terms and conditions)                      • Loss or damage to contents caused by domestic animals
                                                                  • Loss or damage to valuables, money, plants or trees left in
                                                                  the open at the insured property
                                                                  • Loss or damage after the property has been unoccupied or
                                                                  unfurnished for more than 90 days by malicious persons,
                                                                  escape of water or oil, theft, mirrors, fixed glass and
                                                                  sanitary wear
                                                                  • Theft from an unattended motor vehicle or from an
                                                                  unlocked hotel room
Legal Expenses & Rent
Guarantee Insurance

• Provides cover for advisors costs incurred in eviction
proceedings when a tenant fails to perform their obligations
set out in the terms of the Tenancy Agreement. This policy
also covers rent arrears owed by the tenant under the
Tenancy Agreement

• Tenant referencing is a requirement of this policy

• Legal expenses insurance only is also available

• The policy is available for 6 and 12 month tenancy terms

• Underwritten by Inter Partner Assistance S.A. a subsidiary
of the AXA Assistance Group
Legal Expenses & Rent Guarantee
Insurance

                                                                  Inter Partner Assistance S.A
Minimum excesses                                                  Equal to the sum of one month rental income


Features and benefits                                             • Advisors costs up to £10,000
                                                                  • Monthly rental up to £2,500 per month
                                                                  • Dilapidations costs when included in the inventory

Exclusions and limitations                     (a full list can
                                                                  • Claims cannot be considered without a signed Tenancy
                                                                  Agreement
be found in the policy terms and conditions)                      • It is the insured's responsibility to provide evidence of a
                                                                  satisfactory Tenant Reference in the event of a claim
                                                                  • Claims must be reported within 45 days of the incident
                                                                  • Claims cannot be made in the first 90 days of the period of
                                                                  insurance
                                                                  • Claims that are less than £250 are excluded
Tenant Referencing

• Tenant referencing is a requirement of the Legal Expenses & Rent Guarantee
Insurance policy
• All types of lets have to be fully referenced either by Rentguard or a referencing
company approved by Rentguard
• HOWEVER full time employed working tenants only need a 4 point check

The 4 point check:
1. Identification from the tenant containing a clear photograph
2. Either a utility bill or a bank statement
3. Credit check clear of CCJ’s, bankruptcies and indicating confirmation of
   residency
4. Confirmation of employment- a written employers’ reference on company
   letter headed paper confirming the tenant’s permanent and current
   employment and that their salary is at least a multiple of 2.5 of the tenant’s
   rent. (The documents should be no more than one month old from the start
   of the tenancy)

•   If a working professional does not meet the above criteria or their salary is
    insufficient then a full reference must be carried out
•   It is the insured's responsibility to provide evidence of a satisfactory Tenant
    reference in the event of a claim
Portfolio and Block Scheme
Insurance
• Rentguard provides Block Schemes for portfolio
requirements covering both commercial and residential
properties including blocks of flats, bed-sits and some guest
houses

• This product is aimed at freeholders, investors, landlords,
property managers, residential block schemes and landlords
associations with multiple properties

• Quotes are provided for multiple tenancies including
working professionals, students, DSS, asylum seekers and
unoccupied properties

• The main benefit of this policy is to have all properties
insured together with minimal administration, renewals all
on the same day and direct contact with a dedicated account
manager
What your customers should
have when taking out a policy


• Risk address

• Building sum insured

• Type of tenants

• Previous claims
How To Buy

  FSA Regulated                                   Non-FSA Regulated
  Gather all the information and details of the   Provide your client with a quick premium
  clients and their properties inputting this     quotation using the online quotation
  into the online quotation system or by          system. You will also be given a policy
  calling Rentguard on 0208 587 1060. You         reference number to come back to your
  will be given a premium and a policy            quote at a later date.
  reference number. Keep a record of this
  number in order to come back and proceed
  with the payment at a later date.
  Purchasing the policy can be done online or     If your client would like to go ahead with
  over the phone.                                 the policy refer them back to Rentguard
                                                  where we will further advise the customer
                                                  and arrange the payment.
  Once an account is set up with us you can       Your clients can pay by credit or debit card,
  pay for all business on a monthly basis.        direct debit or cheque. Direct debits are
                                                  subject to a 10% premium charge and the
                                                  instalments are spread over 9 months.
  You will receive commission for each new        You will receive commission for each new
  and renewed policy at the end of each           and renewed policy at the end of each
  month.                                          month.
Important Points

• When getting a quote for any buildings insurance policy
you will be asked the value of the buildings sum to be
insured. This is not the same as the property value

Buildings Sum Insured = the cost of rebuilding the property to its
       original standard if you had to completely rebuild it.


• The only way to get an accurate value of the rebuild value
is to get a professional survey done

• The maximum payout will be equal to the buildings sum
insured
• When taking out contents insurance it is important to
remember that in the event of a claim the maximum payout
will be equal to the contents sum insured so the full value of
the contents to be insured must be covered
In the event of a claim
 If your client needs to make a claim they should:




  Only emergency work to prevent further loss can be
  carried out straight away. Under no circumstances should
  full repairs be carried out without our prior consent.
Contact Details

Rentguard Customer Services 0208 587 1060
Fax number 0208 587 1061
Email info@rentguard.co.uk


Rentguard head office
Grove House
551 London Road
Isleworth
Middlesex
TW7 4DS

								
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