Guarantor insure was established by property insurance expert Tim Wakelin after his son asked him to act as his student guarantor whilst he was at university. Unable to find any insurance cover to protect him, Tim partnered underwriters and insurers to create an insurance policy that would solve this problem for other parents and guardians who found themselves in the same position. The policy protects student guarantors, who have signed a tenancy contract that legally makes them jointly and severally liable, against being held responsible for the entire tenancy and the conduct of all the tenants, subject to the policy terms.
The policy protects student tenancy guarantors where they have agreed to take on liability for the entire tenancy, sometimes unknowingly and limits the policyholders liability if student tenancy guarantors are joint and severally liable under the terms of the tenancy agreement (subject to policy terms).
Specific cover is available with fixed annual premiums starting at £95.00 plus insurance premium tax (correct mar22), plus cover is available up to £50k for unpaid rent and or damage. The cover limits policyholders liability to their ‘share’ in the event of a claim or legal action taken against them (subject to policy terms).
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Every year thousands of parents, grandparents and guardians sign contracts to provide a financial guarantee for a student who is renting a house whilst they study at university. Most assume that they will just be guaranteeing their share of the rent but if the agreement states that the tenants and guarantors are joint and severally liable the financial guarantee will be for the entire tenancy and all of the tenants.
Guarantor insure provides specialist insurance cover created specifically for student tenancy guarantors who are joint and severally liable. The guarantor insure policy limits the liability of the policyholder if they are asked to pay for rent or damage caused by other tenants. The policy also provides legal cover to protect the policyholders legal rights.
Tim commented: “University is an expensive time. Whilst I was happy to guarantee my son, I was nervous to act as his guarantor because the tenancy agreement had a joint and several liability clause in it making me responsible for the conduct of all the tenants and liable for the full amount of the rent and any damage caused if the tenancy turned sour. I’m delighted that we have been able to create this policy with our insurers to protect other parents grandparents and guardians that find themselves in this very uncomfortable situation. I do believe we’ve given parents grandparents and guardians one less thing to worry about!”
For further details and for quick cover, visit the Guarantor Insure website.
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