Minimize Your Exposure…and Headaches:
When a tenant defaults on his or her rent, it can take months as a property owner or landlord to regain your property and get another tenant into the space. Meanwhile, you’re continuing to make mortgage payments and incur additional expenses on the property while losing rental income. Enter Rent Rescue.
Rent Rescue understands that you rely on consistent rent payments from your tenants to maintain your investment and keep your cash flowing. That’s why we offer our exclusive Rent Default insurance: It’s designed to reimburse landlords for loss of rental income due to tenant default.
How Rent Default Insurance Works
Rent Default coverage is landlord protection insurance protecting you from financial drain due to unpaid rent.
Our policy include:
- Up to 6 months reimbursement of lost rent when tenant default is due to nonpays including skips or eviction
- Up to 3 months reimbursement of lost rent when default is due to court order, military deployment or the death of a sole tenant
- Payment of $1,000 of legal expenses (attorney fees, court costs) to pursue eviction
- Deductible: one month’s rent
- Policy term: the term of your lease with the tenant but no longer than 12 months
Coverage is available at an average annual premium of $300 per unit (that’s $25/month!), which can often be passed along to the tenant as a nominal increase to the monthly rent, or taken as a tax deduction (consult your accountant or tax attorney to see if you qualify).
Eligible properties include:
- Single-family homes, townhomes, condos and multi-family dwellings (i.e., long-term rentals)
- Tailored solutions are available for landlords with over 20 units
- Available nationally except in Kentucky and Alaska
Not Eligible for Coverage:
- No coverage for property damage or liability: traditional property and casualty insurance plans provide coverage for loss of rent resulting from physical damage exposures such as fire or hurricane, but they do not address the risk of tenant default
- No coverage for vacation, seasonal or short-term rental units
- No coverage when a tenant temporarily vacates the unit because it’s uninhabitable
How Does A Landlord Qualify for Coverage?
To qualify, a landlord’s tenant must meet the following criteria:
- No bankruptcies or evictions during the last 5 years
- No rent currently in arrears or that has been in arrears for 30+ consecutive days during the last 12 months
- Tenant must be able to satisfy financial terms of lease
For more additional information about our Rent Default insurance product, visit our FAQs page.
With Rent Rescue, Submitting a Claim and Getting Paid is Quick and Easy.
Rent Rescue streamlines the entire claims process for you. This is all you have to do should you have a claim:
- Submit your claim on-line here to North American Risk Services, Inc. (“NARS”), which manages our Rent Default insurance claims.
- You will receive payment for an eligible claim soon after receiving all of the necessary loss information.
Rent Rescue is underwritten by a large, reputable global insurance group rated “A” by A.M. Best and “A+” by Standard & Poor’s.