Rent Coverage opens doors to renters who may not otherwise qualify, improving owners’ and operators’ lease conversion all while mitigating their risk of default, minimizing bad debt, and improving their NOI. It serves as an insurance policy: if a renter defaults on their lease, the Rent Coverage covers owners and operators for the missed rent. This way, operators can lease with confidence and renters access the apartment of their dreams.
Frequently Asked Questions
Rent Coverage
Renters who do not meet the owner/operator’s financial requirements to qualify for a lease. These can be students, foreign nationals, self-employed, or anyone that has an atypical or hard to evaluate credit profile. operators tend to be fairly cookie-cutter in their approach to qualifying renters. We're not. We also cover corporate leases and other exceptional circumstances, which we evaluate on a case by case basis.
Renters do. The price is determined after underwriting in accordance with rates filed and approved by the regulators. Our Rent Coverage is an insurance policy that covers someone (the operator) other than the person who buys it (the renter).
That is up to the operator and our approved filings. Our Rent Coverage covers up to 36 months' worth of rent, but if the operator only wants 6 months of rent protection, we can do that too. Typically, the less rent protection the operator needs, the less the cost to the renter.
Generally, it will cost between 24% to 130% of one month's rent, but this can change depending on how much coverage the operators require and the state you are in. The cost is per lease, not per renter, so roommates can share the cost.
The policy covers the term of the lease, up to 36 months, depending on our approved filings in your state.
Yes.
Renter Application Process
As soon as we get the necessary information from the renter and operator. For most applications, we provide a response on the same day.
The broker portal is how we support brokers as they help their clients get qualified. Brokers can engage their clients, track progress, view participating property managers and close deals.
The sign up form is available under the Brokers page. If you have any questions, email us at contact@theguarantors.com.
Other Solutions
Yes, we can add our Deposit Coverage to any policy for an additional fee, payable by the renter.
We also offer Renters Insurance.
Unfortunately, property enrollment is currently not supported on broker accounts. If you are working with a landlord who would like to use our services, please direct them to enroll their property here.