The majority of landlords in Ireland are exposed to unnecessary risks - simply because they don't have adequate insurance. Unlike most letting agencies our advice on insurance doesn't just cover the building - we can offer to arrange insurance on your behalf against your tenant defaulting on their rent; or insurance which covers you for 90 days when your property is empty; and your contents - with solutions specially tailored for you, regardless of whether your property is fully furnished or not.

Even the best tenants fall on hard times. The great majority of rental defaults occur due to a change in circumstances e.g. loss of job, relationship breakdown or long term sickness. For less than a quarter of one month’s rent ** you can protect yourself from losing your rental income and have total peace of mind knowing our legal team are working for you. Plus, our prestige rent guarantee policy covers the entire property regardless of the number of tenants.

Call us today on 01 442 9177 and get the cover you need or email info@weblettings.ie

Fact: 85% of private Irish landlords have mortgages supporting their investment. The interest still has to be paid, even when the rent isn't...

Our policy covers:

• Rental payments guaranteed for up to a maximum of 12 months
• 50% of the rent paid, for up to 3 months after vacant possession has been obtained, whilst you find a new        tenant
• Specialist in-house legal and claims team to ensure your claim is paid promptly
• Legal cover for eviction costs included

For our prestige rent guarantee and legal expenses cover, all tenants must be satisfactorily referenced prior to the commencement of cover

Please call your managing agent, who will be happy to arrange these for you

What am i covered for?

The policy will pay the monthly rent (sum insured specified) in the event your tenants stop paying. As with all insurance policies, there is an excess - the first month of default is not covered.
The monthly rent will be paid until such time as the tenants are evicted or for 12 months, whichever occurs first.
Legal advice and expenses up to €50,000 for any dispute which falls outside the remit of the PRTB or where your legal advisor and ours agree that a PRTB decision is unjust.

Where this insurance is taken out within 21 days of a new Tenancy the policy benefits will apply from the inception date of this insurance

Where this insurance is taken out in respect of an existing Tenancy the following exclusions will apply:

• Any claim arising within the first 62 days of cover incepting
• Any claim where there is a history of arrears of more than 7 days in the previous 12 months; or
• Any claim where the Insured knew or ought to have known that a default was likely.

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When does cover apply?

The policy will pay the rent covered when:

• your tenant fails to pay; AND
• they are in breach of their tenancy agreement; AND
• the breach of the tenancy agreement has been referred to the Private Residential Tenancies Board (PRTB).
• the first rent default occurs
• at any time after the inception of this policy in the case of the policy being incepted within 21 days of a new tenancy OR
• 62 days after the inception of this policy in the case of an existing tenancy. 

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What type of properties can be covered?

Any self-contained:

• house;
• apartment;
• flat;
• studio apartment; or
• bed-sit

rented out under a single rental agreement, and located in the Republic of Ireland.

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What if I have a house rented out in multiple units?

Each unit must be separately insured and comply with the conditions of this insurance. All units must be insured and identifiable by the relevant tenancy agreement.

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What types of property cannot be covered?

Any:

• owner-occupied accommodation;
• social housing;
• long occupation equity tenancies
• business lettings
• holiday lettings
• “rent a room” or other arrangements whereby the landlord also resides in the dwelling
• tenancy where the tenant is receiving a rent allowance/subsidy from the Dept of Social Welfare

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Must the property be registered by the PRTB?

Yes. Note that it is a condition of this insurance that all PRTB requirements are complied with. If the property is not yet registered you may take out the cover however you must also apply for registration with the PRTB. NB - No cover will apply under this insurance if the property is not registered at the time a claim is incurred.

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What type of tenants can be covered?

Any tenant as long as they are in full-time employment.

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8. Do tenants need references?

You must get a reference from the tenant’s employer confirming they are in full-time employment. A reference from a previous landlord is also required if this is not the tenant’s first letting.

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Do I need a tenancy agreement?

Yes. A tenancy agreement must be signed by the tenant.

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What happens if the tenant stops paying their rent?

Within 14 days of the default you must write (registered letter) to the tenant advising that they are in breach of their tenancy agreement and that if they fail to pay the rent arrears in full within 14 days that they will be served with a notice of termination.

If after this 14 day period the arrears have not been paid the notice of termination must be served (this must be in compliance with the Residential Tenancies Act 2004). You must also contact the PRTB advise them of the breach of the tenancy agreement and initiate proceedings to recover the outstanding rent.

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How do I make a claim?

(See previous question) Once you have issued the notice of termination you must also contact us for a claim form. Along with the claim form you will be asked to send copies of the following to us:

• the tenancy agreement
• references and guarantee letters as appropriate
• the Notice of Termination
• the tenancy PRTB number.

If the next month’s rent is not paid contact us to confirm Tenants are still in occupation, and we will issue payment by credit transfer into your account within 30 days, as long as above is all in order.

We will continue payments monthly (on your notification) until such time as the tenants have vacated the property, up to a maximum of 12 months.
You must keep us up-to-date with any developments and send us copies of all correspondence to and received from the PRTB and tenant.

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The tenants have been evicted, what happens now?

You must let us know immediately the tenants have been evicted.
Once the tenant has been evicted the benefits under this policy will cease.

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What happens if the tenant pays or the PRTB recovers the outstanding rent?

Any amount recovered up to what has been paid out under this policy must be refunded to the insurance provider.

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Are the proceeds of any claim payment taxable?

If you have a tax liability on the rental income which you derive from the letting of your property, the proceeds of any claim payment under your policy are likely to incur a similar liability.

Equally we believe you may be entitled to offset the cost of your insurance premium, as an expense against your rental income, which at a marginal rate of 40% could reduce the net cost of this insurance. Please note this is not definitive, and we can-not accept any liability for taxation advice, which should always be referred to your accountant or other expert adviser.

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