2023-09-23 13:00:02
That the tenant stops paying the rent is the worst thing that can happen to the owner of a rental apartment, unless he has a non-payment insurance. In this case, the landlord would be protected against the monthly payments that he has contracted in the policy. But, What is the price of rent non-payment insurance?
Rental non-payment insurance price
He cost of rent non-payment insurance It usually ranges between 3% and 5% of the annual rental price, although it depends on the insurer. For example, if a house is rented for 1,000 euros, the landlord would have to pay between 300 and 600 euros for twelve months. In the case of idealista rental insurance, the approximate price would be 539.32 euros per year.
Rental Nonpayment Insurance Price Factors
Generally, the greater the protection, the higher the price, although there are companies that offer really attractive products that do not meet this maxim. He price of rent non-payment insurance It depends on the coverage, the contracting time, the insurer and the specific case.
Therefore, before hiring one, in addition to looking at the price, you must take into account what they offer. Some non-payment insurance, such as idealista, includes in the price, in addition to non-payment of rent, protection against accidents and damage to the home, legal assistance, locksmith fees in the event of eviction, etc.
Check the requirements and coverage of idealista’s rental non-payment insurance.
What do you look for in rent non-payment insurance?
Insurers, when evaluating non-payment of rent insurance, focus on the tenant’s profile. They look at your financial and credit history, default files, rental history and the relationship between your income and the price of the rent, among other issues. They may also consider additional collateral, such as guarantors, and require other documentation, such as employment contracts and proof of income.
How long does it take to get rent non-payment insurance?
In the case of idealista by ARAG non-payment insurance, contracting is immediate and can be done online. You just have to add your data and those of the tenants. The insurer evaluates the viability of the candidates and, subsequently, you receive an email to complete the non-payment insurance payment with your bank number.
What type of insurance covers the risk of non-payment?
He type of insurance that covers the risk of non-payment It is called “non-payment of rent insurance” or “rent protection insurance.” It is specifically designed to protect landlords against the possibility of their tenants failing to meet their rent payment obligations. These insurances can cover both unpaid rent and possible legal expenses associated with the eviction or claim against the delinquent tenant.
Non-payment of rent insurance coverage
Non-payment of rent insurance is adaptable and usually gives the option to choose the number of months you want to cover. Most insurers offer protection between 6 and 12 months, although some may establish longer periods, even years.
When do unpaid rents begin to be collected?
In the case of idealista insurance, payment of unpaid rent will be advanced once legal actions have been initiated and are within a period of three months after the first non-payment of rent.
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