Rental payment default insurance
Protect your income as an owner with the safest guarantee on the market.
The most requested insurance to protect owners against rental payment defaults and damages to the rented property.
The Rental payment default Insurance is an ideal solution for owners who want to protect themselves against the delinquency of their tenants. This insurance guarantees the collection of rent payments in case of default, covers the legal expenses associated with eviction, and repairs possible damages to the property. In addition, it offers a number of additional services that facilitate the management of rent, such as coverage for unpaid utilities and assistance for cleaning or changing locks after the eviction.
Among the most important coverages, it includes:
Non-payment of rent: Monthly compensation if the tenant stops paying.
Legal advice and expenses: Covers the costs of the eviction legal process.
Damage from vandalism: Repair of damage caused by the tenant.
Non-payment of utilities: Compensation for unpaid water, electricity, or gas bills.
Cleaning and locksmith services: Assistance after the tenant's eviction.
Highlights
The main risks covered by the insurance are:
Advance of unpaid rents.
Damage from vandalism acts.
Legal expenses for evictions, including lawyers and solicitors.
Coverages
Non-payment of rent
It covers unpaid rent during the agreed period (6, 12, 18, or 24 months). With or without franchise.
Non-payment of supplies
It includes invoices for basic services (water, electricity, gas).*
Legal advice and legal expenses
Includes eviction costs and legal representation.
Additional services
Cleaning and lock change after the tenant's departure.
Damage to the property
It covers damages caused by vandalism.
Coverages subject to the occurrence of a claim due to non-payment of rent
Frequently asked questions
What does Rental payment default insurance involve?
This insurance protects the owner against non-payment by tenants and the legal costs related to eviction. Depending on the contracted plan, the insurer will cover unpaid rents for a period of 6, 12, 18, or 24 months.
What is a franchise?
The franchise is the part of the default that the owner assumes. For example, if the policy has a franchise of 1 month, the insurance will cover the months of default starting from the second month. If there is no franchise, the owner will receive compensation from the first unpaid month.
What is a feasibility study?
The feasibility study is a financial analysis that assesses the tenant's ability to meet their payment obligations. This includes reviewing their income and job stability.
What types of contracts are insured?
New contracts as well as active contracts that have not yet been insured can be insured, as well as seasonal rental contracts.
How is the insurance taken out?
To contract the insurance, first a feasibility study of the tenant must be conducted. Once approved, the issuance of the policy can proceed after signing the rental contract.