All you need to know about unpaid rent guarantee insurance

Insurance for unpaid rent, often referred to as “unpaid rent insurance”, protects landlords against financial loss due to non-payment of rent or other charges by the tenant, damage to property, legal fees and even l eviction of the owner.

Why take out unpaid rent insurance?

The tenant of a residence or an apartment whose owner is looking for a solid and efficient instrument to manage the rental of his property can consider the rental guarantee:

  • your assets are protected by insurance against missing rents;
  • rental income is guaranteed;
  • financial partners like to be reassured;
  • he is relieved of any responsibility in the management of a possible legal action thanks to the insurance for missing rents;
  • the full cost of the insurance can be deducted from the rental income.

Some insurance companies offer a full range of protection for landlords, including coverage for loss of income, property damage, eviction costs, and more. In the event of legal proceedings, you will be protected by unpaid rent insurance.

When to use this type of insurance?

Non-payment of rent poses a threat to landlords when tenants are unable to honor their payments. Landlords can protect themselves against this type of financial loss by taking out “Late Rent Insurance” insurance. In case of non-payment of rent, she can become the new owner in specific circumstances. The process is simple, if you don’t pay your rentr, you must first observe a period of dispute resolution by mediation. This means that the landlord must now first contact the tenant to notify him of the late payment of rent before initiating the complaint procedure.

Unpaid rent insurance or guarantee protects the landlord and many other benefits. Read this article for more information.

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