Rent guarantee insurance is triggered by an eviction for non-payment of rent over two consecutive months. This policy covers unpaid rent until you have vacant possession and legal expenses, which might include eviction notices, repair and renovation disputes, defence of an official investigation, and disputes about terms of tenancy.
To qualify for rent guarantee insurance you must have evidence that your tenants have been referenced, and an exclusion period applies before you can make a claim. You’ll need a separate policy for each tenancy agreement, and you can’t take out rent guarantee insurance after your tenant has defaulted.