Frequently Asked Questions

Our vision is to be the “go-to” most trusted brand for insurance products and financial solutions throughout the real estate industry. Our team of experts have pulled together some FAQs to help you navigate the space.

Renters - Basics

From accelerating the leasing process to navigating the claims process, we are here to help.

Who are TheGuarantors?

We're a tech start up that's trying to take the risk out of leasing, so more landlords can rent to more tenants. We're also a licensed insurance agent and broker and we partner with various insurance carriers to provide the coverage you need--more details are available here

What is a lease guarantee?

A lease guarantee is basically an insurance policy in which the landlord is the beneficiary. The renter buys the policy in order to qualify to rent the apartment, and the policy insures the landlord for the term of the renter's lease. This means that landlords can accept renters they might otherwise have to reject, because they are eliminating their risk.

Why do I need a lease guarantee?

Because you are a renter who does not meet the landlord’s requirements to qualify for a lease. This can happen to students, foreign nationals, self-employed individuals, or really anyone with an aytpical or hard to evaluate risk profile. Landlords tend to be fairly cookie-cutter in their approach to qualifying tenants. We're not. We also cover corporate leases and other exceptional circumstances, which we evaluate on a case by case basis.

What is the cost of a lease guarantee?

For a 1 year lease, generally around 50-90% of a months rent. The cost is per lease, not per tenant.

How much does security deposit replacement coverage cost?

Generally around 6-15% of a months rent.

Is there an application fee?

Nope. Applying is totally free.

How long does it take to get approved?

As quickly as we get the required information from the renter.

If I have a lease guarantee, does that mean I can just stop paying rent? What happens if I stop paying rent?

No. Definitely not. We provide lease guarantees because we think you're going to be an awesome tenant, and not as an excuse to be a not-awesome tenant. A Lease guarantee doesn't change your obligations under the lease. You're still obligated to pay rent and do everything else you're supposed to do (and so is your landlord). If you default on your lease and owe your landlord money--either for past rent or for rent going forward, the lease guarantee will make sure that your landlord is covered. However, you will have to reimburse the insurance company for those payments. To repeat, if the Lease Guarantee needs to step in and pay the landlord, you will need to reimburse the insurance company for those payments. It's not a free-rent machine!

What is a credit score?

A credit score in the United States is a number representing the credit-worthiness of a person. It is used by landlords to determine the likelihood that a person will pay his or her rent.

Will you run a hard check on my credit?

We only run soft credit checks. These do not affect your score, and cannot be seen by anyone else but you (e.g. lenders cannot other see our inquiry)

What if I have roommates?

Don't worry, we guarantee the entire lease, not just your portion. This means you only need one lease guarantee per lease, and you can split the cost with your roommates.

If I don't end up moving into my apartment, can I get a refund on my bond?

All policy cancellations are subject to a $300 cancellation fee. In order to be eligible for a refund, you must be in good-standing on your lease, which may require written proof from your landlord. Please keep in mind that your lease may still obligate you to pay rent (or pay some other amount), even if you decide not to move in, so please make sure to familiarize yourself with the details. If you do decide to cancel, please contact us at underwriting@theguarantors.com

Renters - Application Process

From accelerating the leasing process to navigating the claims process, we are here to help.

I'm an international traveler, expat, or foreign student. Can I still be approved?

Yes, definitely.

What documents will you need from me?

Depending on how you fill out the questionnaire, we may need different documents from you. However, most people only need to provide a government ID such as a passport or driver's license.

Does every building accept TheGuarantors Lease Guarantee?

Every building? No. But lots and lots do and we're adding more every day. Not to worry though--if you apply for a building that's not currently in our database, we'll reach out to get your landlord on-boarded quickly. We can also help you find a building that's already enrolled.

What are the steps and timeline for the process?

1. You and your roommates go to our website and submit your questionnaire(s) and upload your government ID(s).

2. If approved, we will reach out and inform you via email. This can take up to 24 hours from the time you apply.

3. We will contact the building to confirm the lease details.

4. We send you an invoice and terms--you sign and pay, we send the Lease Guarantee to your landlord, and then you're on your way.

How can I pay the premium?

The premium is a one time, upfront fee, that needs to be paid before we issue the Lease Guarantee (and you sign your lease). We accept debit and credit cards, wires from international banks, and ACH transfers from US banks.

Are you renting an apartment?

I'm a renter