Renters pay our policy premiums. There are no fees to the landlord for coverage. If approved for a Lease Guarantee policy, the renter pays an upfront, one-time, non-refundable fee.
The landlord may elect to pay for the policy on behalf of the renter.
A Lease Guarantee functions as an insurance policy provided by TheGuarantors, with landlords as beneficiaries, that you purchase to qualify to rent a home you may not otherwise qualify for. TheGuarantors offers two types of coverage: Rent Coverage, an alternative to a traditional guarantor, and Deposit Coverage, an alternative to a traditional security deposit. The landlord determines if your Lease Guarantee policy includes only Rent Coverage or includes Rent Coverage and Deposit Coverage.
With Rent Coverage, if you fail to pay your monthly rent, the policy will reimburse the landlord, and you will be liable to TheGuarantors for those payments.
With Deposit Coverage, which is a security deposit alternative, if you cause damage or default on your lease, the policy will reimburse the landlord, and you will be liable to TheGuarantors for the amount of the reimbursement.
When you purchase a Lease Guarantee from TheGuarantors, you pay TheGuarantors a non-refundable premium for coverage that ensures you can secure the apartment you want. This premium is not a deposit and is not returned at the end of your tenancy.
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.