Rest easy knowing your rental income is protected. Here’s some more information to get you started with more peace of mind.
A Lease Guarantee consists of Rent Coverage and optional Deposit Coverage. Rent Coverage allows you to approve applicants you may be unsure about while mitigating your risk of losses due to renter default. Deposit Coverage, a security deposit alternative, is optional and can be included in a policy.
You can select how many months of rent you want coverage for – 3, 6, or 12 months. That means, depending on the length of coverage you select when you invite a renter, we’ll cover rent for a certain number of months.
Renters pay the policy premiums. First, invite your applicants to apply. After they have completed the application, if they are approved, they proceed to payment. There are no fees to the property owner for coverage. You may elect to pay for the policy on behalf of the renter if you choose to do so.
On average, a policy costs one month's rent. However, pricing varies based on a few factors: monthly rent, the applicant’s financial profile, and the coverage you require. The renter will receive a quote after completing our free application. If approved, the renter pays an upfront, non-refundable premium.
If the property owner wants to continue their lease guarantee beyond the first term, then the policy must be renewed with every new lease (usually annually).
It’s simple and free: create an account with us, add your property, and start inviting renter applicants. Once they are approved by us, you can proceed with lease signing and your rent is guaranteed.
TheGuarantors allows me to approve more renters without increasing my property owners' risk. I am able to reduce move-in expenses for the renter while protecting the rental property 6-12x more than what a typical security deposit would cover.
You can position the Lease Guarantee as a requirement for lease approval for applicants who don't fully qualify on their own. For example: "If your screening results don’t meet our approval criteria, you’ll need a Lease Guarantee from TheGuarantors to move forward with your application."
It’s helpful to introduce TheGuarantors as early as possible in the process, so renters aren't surprised later in the process. Early transparency improves their understanding of the product and can meaningfully lift conversion, helping you fill the unit faster with the protection a Lease Guarantee provides.
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.
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.
Under many circumstances, a renter who doesn’t meet your qualification standards will be turned away. Our coverage makes it easier for a renter to be approved, while at the same time protecting your rental income. So you can rent to them with greater peace of mind, and they get the home they want.
We're happy to answer any questions you might have. Email us at landlord@theguarantors.com.
