F.A.Q.

FORBROKERS

  • What is TheGuarantors Lease Guaranty?
  • Is this for subprime tenants?
  • Who is typically covered by TheGuarantors Lease Guaranty?
  • Who pays for this insurance coverage?
  • How much does a policy cost?
  • How do we compute these fees?
  • How long does coverage run for?
  • How long does it take TheGuarantors to process an application?
  • My client wants to sublet their condo or co-op. Could this unit get covered by the Lease Guaranty?
  • What are the typical minimum requirements that TheGuarantors Agency would accept?
  • How do brokers sign up for the broker portal?

BASICS

What is TheGuarantors Lease Guaranty?

Our rental lease guaranty opens doors to renters and eliminates the risk of default for landlords. Unlike other rental income insurance, the policy is paid by the prospective renter and covers tenant default during the whole length of the lease.

Is this for subprime tenants?

No. Prospective tenants with FICO Scores below 630 are not eligible.

Who is typically covered by TheGuarantors Lease Guaranty?

Prospective renters who do not meet the landlord’s financial requirements and do not qualify to rent the unit. We remove the risk from applicants whose income is non-traditional, foreign, out-of-state, or difficult to evaluate. We also cover corporate leases and other exceptional circumstances, which we evaluate on a case by case basis.

Who pays for this insurance coverage?

Prospective renters do. TheGuarantors Agency offers landlords and property managers institutional strength income guarantee at no additional cost. This is a unique insurance product in that the tenant pays the premium but the landlord is the beneficiary.

How much does a policy cost?

Renters pay for the policy. For US-residents, a policy typically costs around 5-7% of the annual rent. For non-US residents, the cost is typically around 7-10% of the annual rent. Cost is per lease, not per tenant.

How do we compute these fees?

We compute the fees based on the client’s application and creditworthiness. In general, the more eligible (income, credit score, assets, etc.) the client, the lower the fee.

How long does the coverage run for?

We currently cover 12-month leases. If your lease period is not 12 months, let us know. We would love to discuss and work with your arrangement.

How long does it take TheGuarantors to process an application?

A few hours after the prospective tenants provide us with all the required documentation.

My client wants to sublet their condo or co-op. Could this unit get covered by the Lease Guaranty?

Yes, condo owners just need to sign our Lease Rental Bond policy authorizing us.

BROKER PORTAL

What are the typical minimum requirements that TheGuarantors Agency would accept?

The broker portal is a tool to help real estate brokers engage their clients, invite them to get approved, view our buildings database, and drive their clients' rental process forward.

How do brokers sign up for the broker portal?

The sign up form is available under the "Brokers" page. Click here to go to the form . If you have any questions, feel free to email us at contact@theguarantors.com.