Do the landlords’ rights under a lease change if the tenant has an Insurent® Lease Guaranty?
The landlord retains all of the rights which are part of the apartment lease. Moreover, all of the tenant’s obligations and responsibilities under the apartment lease remain the same.
Does the use of the Insurent® Lease Guaranty mean that I cannot evict the tenant if he or she stops paying rent or breaches other provisions of their lease?
No. The Insurent® Lease Guaranty does not prevent a landlord or condo/co-op owner from commencing an eviction proceeding. Pursuant to the Lease Residual Value Policy, the landlord/owner must commence an eviction proceeding within 65 days of non-payment by the tenant. Utilization of Insurent®’s Lease Guaranty will not relieve a tenant of any obligations including the payment of rent. In addition, a tenant is liable to the insurance company for any claims paid to the landlord, and will be subject to legal action for the full recovery of any such payments. Please view the Tenant Participation Agreement for specific details.
Is there an obligation for me to accept an Insurent Qualified Renter?
No. The decision to accept the renter is always the landlord’s decision.
What happens in the case of a renewal lease?
The Insurent® Lease Guaranty does not automatically apply to lease renewals or extensions. If the tenant needs a lease guaranty for a lease renewal, he or she will reapply for the second year. If the tenant is approved, he or she will pay a new guaranty fee at 15% discount.
detail the Claims Process.
detail the Claims Process.
Upon recovering legal possession of the apartment, the Insurer will bring the Landlord or condo/coop unit owner current within 5 business days of the claim submission for all past rent owed after receiving a Court order, judgment of possession (including abandonment) or settlement agreement in an Eviction Proceeding, or an agreement between the Landlord and the Tenant approved by the Insurer, however many months that represents under the one year lease. The Settlement agreement in an eviction proceeding, the Agreement between landlord and tenant approved by the Insurer, and Abandonment without a court order do not require a judgment. In the event that there are additional months remaining on the lease term, the Insurer will pay on a monthly basis on the 10th day of every month until the apartment is relet. If the apartment was relet for less than the monthly rent specified in the original lease, the Insurer will pay the differential to the landlord on the 10th day of every month until the termination of the original lease term.