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.

Residential - Brokers

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

What is TheGuarantors Lease Guarantee?

Our rental lease guarantee opens doors to renters, by eliminating the risk of default for landlords. The lease guarantee is basically an insurance policy: if a tenant defaults on their lease, the lease guarantee covers landlords for the missed rent. Landlords lease with confidence and tenants get the apartments of their dreams.

Who usually needs TheGuarantors Lease Guarantee?

Renters who do not meet the landlord’s financial requirements to qualify for a lease. These can be students, foreign nationals, self-employed, or really anyone that has an atypical or hard to evaluate credit 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.

Who pays for the Lease Guarantee

Renters do. The price is determined after underwriting in accordance with rates filed and approved by the regulators. A Lease Guarantee is a little unusual because it's an insurance policy that covers someone (the landlord) other than the person who buys it (the renter).

How much does it cost?

It depends a bit, but for US-residents, typically around 4.75-7.5% of the annual rent, and for for non-US residents, typically around 7-10% of the annual rent. The cost is per lease, and not per tenant (so roommates can split the cost). Another thing to keep in mind is that sometimes landlords don't need the full lease to be guaranteed--if the landlord accepts, for example, 9 months' rent guaranteed, that will bring down the price of the policy.

How do we determine the price?

The price is based on underwriting and in accordance with rates filed and approved by the regulators. In general, better credit leads to lower prices, but there are perks for students and first-time renters.

How long does the coverage run for?

The policy covers the term of the lease--up to 24 months.

How long does it take TheGuarantors to process an application?

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

My client wants to sublet their condo or co-op. Could this unit get covered by the Lease Guarantee?

Yes!

What is the broker portal?

The broker portal is how we empower brokers to help their clients get qualified--engage their clients, track progress, view participating landlords, and close deals.

How do brokers sign up for the broker portal?

The sign up form is available under the "Brokers" page. If you have any questions, feel free to email us at contact@theguarantors.com.

How much rent is covered? Does it have to be the full value of the lease?

It's up to the landlord. We're not a one-size-fits-all solution. Our Dynamic Lease Guarantee covers up to 24 months' worth of rent (for a two-year lease), but if the landlord only wants 6 months of rent protection, we'll do that too. The less rent protection the landlord needs, the less cost to the tenant.

What about Security Deposit? Can I take care of that too?

Yes! We can add damage protection--the security deposit--to any policy. Just let us know.

What about Renter's Insurance?

Yes. We've got that too. Just ask.

Residential - Landlords

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

What is TheGuarantors Lease Guarantee?

Our rental lease guarantee opens doors to renters, by eliminating the risk of default for landlords. The lease guarantee is basically an insurance policy: if a tenant defaults on their lease, the lease guarantee covers landlords for the missed rent. Landlords lease with confidence and tenants get the apartments of their dreams.

Who usually needs TheGuarantors Lease Guarantee?

Renters who do not meet the landlord’s financial requirements to qualify for a lease. These can be students, foreign nationals, self-employed, or really anyone that has an atypical or hard to evaluate credit 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.

Who pays for the Lease Guarantee?

Renters do. The price is determined after underwriting in accordance with rates filed and approved by the regulators. A Lease Guarantee is a little unsusal because it's an insurance policy that covers someone (the landlord) other than the person who buys it (the renter).

What does a landlord need to do to use our service?

Not much--it's very easy. Just drop us a line at bizdev@theguarantors.com and we'll get you signed up in minutes. There's no cost or commitment. To repeat, there is no cost or commitment. We can provide more hands-on training if you'd like, but that's up to you. From our perspective, it's a partnership and we're here for you every step of the way (but not in the way).

How much does it cost?

It depends a bit, but for US-residents, typically around 4.75-7.5% of the annual rent, and for for non-US residents, typically around 7-10% of the annual rent. The cost is per lease, and not per tenant (so roommates can split the cost). Another thing to keep in mind is that sometimes landlords don't need the full lease to be guaranteed--if the landlord accepts, for example, 9 months' rent guaranteed, that will bring down the price of the policy.

What are the main benefits of TheGuarantors Lease Guarantee?

More renters, less risk. Renters get qualified and landlords fill vacancies. Everyone wins.

How long does the coverage run for?

The policy covers the term of the lease--up to 24 months.

How long does it take TheGuarantors to process an application?

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

My client wants to sublet their condo or co-op. Could this unit get covered by the Lease Guarantee?

Yes!

Do I need to change my processes and procedures?

Not at all. You might want to, once we've made it easier to qualify tenants, but you certainly don't need to.

How do I make a claim? How quickly will I get paid?

It's really easy--when a default happens, just shoot us a note at claims@theguarantors.com and we'll take it from there. Or you can use the Landlord Portal. In all cases, claims are paid within 3 days.

How do I know that claims will be paid? TheGuarantors is just a startup!

Our policies are backed by a deep bench of blue chip insurance carriers--The Hanover Insurance Company, Arch, UCS, and Chubb. Check out our licensing for more details.

What's covered by the Lease Guarantee?

The policy covers missed rent--that means rent in arrears and rent going-forward, until you find a new tenant (but not penalties or late fees). We also cover damages, legal fees, and that sort of thing with our Security Deposit Replacement.

In case of default, does TheGuarantors cover the costs of eviction, legal fees or late fees?

In these cases, we allow you to cover legal fees using the security deposit less damages. Furthermore, we will cover you for up to 2 months of holdover rent. Please contact us at contact@theguarantors.com for more information.

What is the landlord portal?

The landlord portal is how we empower landlords and leasing staff to help their clients get qualified--engage their clients, track progress, view participating buildings, and close deals.

How do landlords sign up for the landlord portal?

The sign up form is available under the "Residential" page. Click here to go to the form. If you have any questions, feel free to email us at contact@theguarantors.com.

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