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Renters pay our policy premiums. There are no fees to the landlord for coverage.
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Frequently asked questions
Our Rent Coverage functions as a traditional insurance policy, but the landlord is the beneficiary. The renter buys the policy to qualify to rent an apartment they may not otherwise qualify for, and the policy insures the landlord for the term of the renter's lease. If you fail to pay your monthly rent, the policy will reimburse the landlord, and you will still be liable to TheGuarantors for those payments. Rent coverage can be used in parallel with a cash security deposit or our Deposit Coverage product.
The cost generally varies from 30% to slightly more than one month's rent, depending on a number of factors, including the length of coverage you select.
Generally, you have to provide proof that the renter vacated the property with an email communication or proof of an eviction. Claims can also be filed at the end of a lease if the renter hasn’t yet vacated. Claims are typically paid within 3-5 days of receipt of the required information. 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.