Rent Protection Program
Del Val has partnered with Rent Rescue to offer our clients and other members of our company Rent Protection Insurance.
What is Rent Protection Insurance you ask?
Rent protection insurance offers investors and landlords an easy way to protect themselves against a tenant not paying rent or defaulting on the lease. Once you purchase this insurance and if your tenant stops paying rent you then submit a claim. Once your claim is processed, you can get up to 6 months of rent paid back and up to a $1,000 towards evicting the non-paying tenant.
The cost is about $25 per month per unit. But in some cases, with new tenants we could have the tenant pay some or all of this amount when they sign a lease.
The rent protection insurance is backed by one of the largest insurers in the world so there is no risk of them not being there when you need to put in a claim.
I have summarized the details below and if you are interested, please click on the link to go to Rent Rescue’s website to sign up.
How do I Get Started - click Here Now!
Rent Protection Insurance
Rent Rescue is an insurance policy that reimburses a residential landlord up to 6 months of lost rent due to tenant default and, in the event of an eviction, pays $1,000 of legal expenses. All for an average monthly premium of $25 per unit which can often be passed along to the tenant or taken as a tax deduction (consult your accountant or tax attorney to see if you qualify).
What’s covered?
- Up to 6 months of lost rent when tenant defaults due to abandonment or eviction
- Up to 3 months lost rent when default is due to court order, military deployment or tenant death
- The policy also pays $1,000 of legal expenses to pursue eviction
- Single family homes, townhomes, condos and multifamily dwellings (i.e., long-term rentals) all qualify
What isn’t covered?
- No coverage for property damage or liability
- No coverage for vacation, seasonal or short-term rental units
- No coverage when a tenant temporarily vacates the unit due to uninhabitability
How much does it cost?
- The average monthly premium is $25 per unit. Tailored solutions are available for landlords with over 20 units.
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
- Credit score of 600 or better
- No rent in arrears for 30+ consecutive days during the last 12 months
- Tenant must be able to satisfy financial terms of lease
How are claims submitted and paid?
- Claims can be submitted on-line through the Rent Rescue website.
- Payment on eligible claims will be made soon after receiving all of the necessary claim information
How do I Get Started - click Here Now!
You can find most answers to your questions here: Rent Rescue FAQs