Faced with the crisis we are going through this last year, non-payment of rent is the order of the day. This event is one of the biggest risks that the landlord must run when deciding to rent a home . As it becomes a frequent situation, the rent with non-payment insurance is more and more present. An option to have a secure rental that does not ask for much in return, and in turn, offers you great advantages.
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What is rent with non-payment insurance and how does it work ?
The objective of renting with non-payment insurance is to ensure your rental fee, allowing you to make your property profitable in the safest way possible. When considering renting a home, you should analyze all possible situations so that you do not have problems in the future.
A tenant starts living in your home, but are you sure they will be able to pay you the rent every month? The crisis, economic bad times and other issues tend to play in favor of non - payment of rent by tenants , and this is something that we know that worries you.
The guarantees and advantages offered by a rental with non-payment insurance are very wide and varied. These advantages go beyond economic issues. An insurance of this magnitude comes to better protect your home than a bank guarantee , and also covers other aspects that home insurance does not offer.
To enjoy all these advantages, you will only have to be the holder of a non-payment of rent insurance and pay the fees agreed in the policy. Only in this way, you will have absolute peace of mind and security in any home rental.
Coverages and guarantees
One of the first advantages of this type of rental insurance is the guarantee that you will collect the rent of the property every month as the owner. But, as we have said before, it is not the only one. For this reason, you should analyze and compare the different insurance for non-payment of rent that you have in your hands, and choose the one that best suits you.
As for the guarantees that you can find in this type of insurance, we tell you that these that we show you below are the most common:
Non-payment of the lease fee. If your tenant does not pay the rent and does not pay the rent, the non-payment of rent insurance will take care of the case of non-payment depending on the policy contracted (from 6 months to 12 months).
Vandalism. This refers to damage to the home due to vandalism. Insurance covers repairs and taking action with those responsible.
Legal defense. Thanks to hiring this policy, you will have experts in the sector at your fingertips to help you find solutions.
Legal advice. Professionals in the sector will be at your fingertips for any questions or queries you may have about renting with non-payment insurance .
Lock expenses. Sometimes, not many, the situation gets complicated and worse as the days go by. And the time comes that, tired of the situation, you proceed to evict your tenants. In this case, all lock and locksmith expenses are borne by the non-payment of rent insurance.
Requirements for hiring non-payment of rent insurance
To contract these rental insurance, a single requirement is usually established. The insurer will be the one who gives the approval of the tenants at the time of signing the lease. This will be done through a study of the economic solvency insurer itself. That is why many tenants are left out of the rent by not passing this feasibility study, since there was the possibility of not having been able to meet the rent payments.
Once the tenant or tenants have been selected, the insurer will have a duty to take responsibility for unpaid rent. Of course, for this, both the tenant and the rental contract must meet certain requirements:
The tenant of the rental must not be on a delinquent list.
The tenant's employment contract must be for more than one year.
The annual rental fee has to be less than 45% of the tenant's annual income.
The rent with non-payment insurance . the right decision
We agree that with the hiring of a non-payment of rent insurance you will feel more relieved month after month, since you will not encounter last minute unforeseen events. The best choice will be the policy that has the guarantees and coverage that covers your needs, and also has the necessary experience to be able to protect you against this situation of non-payment.