Renters pay our policy premiums. There are no fees to the landlord for coverage.
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Frequently asked questions
Rent Coverage is an insurance policy provided by TheGuarantors, with landlords as beneficiaries, that you purchase to qualify for leasing an apartment. This coverage reimburses landlords for missed rent or apartment damage, but it does not cover your monthly rent payments; you remain responsible for these. If you default and TheGuarantors pays on your behalf, you must repay those amounts to TheGuarantors. Your non-refundable payment to TheGuarantors is a premium for this coverage, ensuring you can secure the apartment you want. This fee is not a security deposit but can be used alongside one or with our Deposit Coverage product.
Pricing is personalized based on a few key factors, including the monthly rent, the renter applicant’s financial profile, and the coverage you require. The renter will receive a quote after completing our free online application. If approved, the renter pays an upfront, non-refundable premium. The cost is per lease, not per renter, so roommates can share the cost.
You can file a claim with us online. Detailed procedures for filing a claim are provided in the Lease Rental Bonds General Terms and Conditions.
No, your renters will provide documentation. After you invite your prospective tenant to apply for coverage, they will be prompted to complete an application online, where they will upload their documents and provide permission to run a soft credit check. For most renters, we only need a copy of government-issued ID.