We are a fintech company that offers insurance products that give stronger protection for landlords and greater access to renters. Additionally, we are a licensed insurance agent and broker, and partner with a network of 10 A-rated insurance carriers to provide the coverage you need. Learn more about our insurance partners and licensing here.
Frequently Asked Questions
About TheGuarantors
No, not every building—but many do, and we're adding more every day. Not to worry, though! If you apply for a building that's not currently in our database, we'll reach out to your landlord and aim to get them onboarded quickly. We can alternatively help you find a building that's already enrolled.
Rent Coverage
Rent Coverage is an insurance policy provided by TheGuarantors, with landlords as beneficiaries, that you purchase to qualify for leasing an apartment. This coverage reimburses landlords for missed rent or apartment damage, but it does not cover your monthly rent payments; you remain responsible for these. If you default and TheGuarantors pays on your behalf, you must repay those amounts to TheGuarantors. Your non-refundable payment to TheGuarantors is a premium for this coverage, ensuring you can secure the apartment you want. This fee is not a security deposit but can be used alongside one or with our Deposit Coverage product.
If you are a renter who does not meet the landlord’s requirements to qualify for a lease, Rent Coverage gives you an opportunity to rent the home of your dreams. Whether you’re self-employed, a recent graduate, actively seeking work, an international resident, someone with credit challenges, or don’t meet a landlord’s income eligibility requirement, you may qualify with TheGuarantors. We also cover corporate leases and other exceptional circumstances, which we evaluate on a case by case basis.
The cost varies based on multiple factors, but typically ranges from 40% of one month's rent to just above one full month's rent. The cost is per lease, not per renter.
No, you cannot stop paying rent. Rent Coverage does not change your obligations under the lease. You are still obligated to pay rent and follow standard renting requirements (and so is your landlord). If you default on your lease and owe your landlord money—either for past rent or for rent going forward—Rent Coverage will protect your landlord for a certain period of time. However, you will have to reimburse the insurance company for those payments. The same rule applies for Deposit Coverage. If you damage your apartment and we pay a claim to your landlord, you will have to reimburse the insurance company for Rent Coverage paid on your behalf.
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. Separately, we offer Renters Insurance, which helps protect personal property from unexpected circumstances such as theft, and will pay for lost or damaged possessions. It can also help protect a renter from liability if someone is injured on their property.
Click here to learn more about our Renters Insurance product.
Deposit Coverage
Instead of leaving a cash security deposit with your landlord, you pay a non-refundable fee to purchase our Deposit Coverage product. The cost is less than the traditional cash deposit otherwise required by your landlord.
The cost is determined by multiple factors, but generally ranges between 25% and 50% of a full month's rent.
Yes, it matters. Deposit Coverage does not change your obligations under your lease. You are still obligated to follow standard renting requirements (and so is your landlord). If you damage your apartment and we pay a claim to your landlord, you will have to reimburse the insurance company for Deposit Coverage paid on your behalf.
The Application Process
1. You (and your roommates) visit our website, submit your questionnaire(s), and upload your government ID(s). 2. If certain criteria is met, we will email you with an approval decision.. This can take up to 24 hours from the time you apply. 3. We will contact the building to confirm the lease details. 4. We send you an invoice and terms. You sign and pay, we send the insurance policy to your landlord, and then you’re on your way.
Yes.
No, applying is completely free.
As soon as we get the necessary information from the renter and landlord. For most applications, we provide a response on the same day the application is received.
Depending on how you fill out the questionnaire, we may need certain documents from you. However, most people only need to provide a government ID, like a passport or driver's license
We only run soft credit checks, which do not affect your credit score and cannot be seen by anyone else but you (for example, lenders cannot see our inquiry).
A credit score in the United States is a number representing the financial credibility of an individual. It is used by operators to determine the likelihood that a person will pay their rent.
We guarantee the entire lease, not just your portion. This means you only need one Rent Coverage per lease, and you can split the cost with your roommates.
Move-out and Cancellations
We can issue a refund (minus a $100 cancellation fee) if all the following conditions are met:
1. You do not sign a lease with the building or your lease is canceled before your move-in date; and 2. The landlord confirms with us in writing you do not need a policy.