The Insurent® Lease Guaranty Program was created to assist landlords, condo/co-op owners, renters and brokers in closing residential leases. Its role as the “institutional mommy and daddy” allows thousands of leases to quickly and easily close to the benefit of all parties that otherwise would not close without Insurent.
Insurent Lease Guaranty has quickly engrained itself as part of the New York City rental process since their start only two years ago. Currently over 120,000 apartments in NYC accept Insurent Lease Guaranty enabling hundreds of landlords to eliminate rent loss, increase occupancy and close leases quickly all at no cost to the landlord. With the success Insurent has had in New York City they are now expanding into New Jersey.
“The transition into New Jersey has been a natural one. Many of our NYC landlords have property in New Jersey and have been asking us when those buildings can officially adopt the Insurent Lease Guaranty program,” says Charles Schoenau, Managing Director of Insurent. “Kibel Companies has signed up the Carriage House in Fort Lee to use the Insurent lease Guaranty Program with its approximately 300 units. We expect many landlords to follow suit in the upcoming months.”
In this time of economic distress, the Insurent Program is a great tool to reduce vacancies without the landlord having to reduce their credit requirements or take on additional risk. There is no obligation of any kind nor any exclusivity for a landlord to use it in their buildings, even after accepting the Insurent Program, and no change to their procedures. Landlords/owners solely accept the Insurent Program; renters pay for the Insurent Guaranty.
Insurent is the first institutional guarantor that will back creditworthy college and professional school graduates entering the workforce; Non-U.S. residents; self-employed or retired persons; and other persons who cannot demonstrate the very difficult annual income requirement, or credit history sufficient to meet the financial eligibility standards that are typically required. The issuer of the Insurent Lease Guaranty is Argonaut Insurance Company, a U.S. Insurer rated A (Excellent) by A.M. Best with $1 billion of surplus capital.
The Insurent® Lease Guaranty Program was created to serve renters, landlords, condo/co-op owners, and brokers and relocation specialists by offering the first institutional guarantor of residential leases.
Insurent Lease Guaranty has been featured in the New York Times, The Real Deal, The New York Real Estate Journal and Real Estate Weekly.
The Insurent® Lease Guaranty Program is underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company rated A (Excellent) by A.M. Best. Instead of looking for an individual guarantor or co-signer, or having to pay a significantly larger security deposit or prepaid rent, a renter may utilize the Insurent® Lease Guaranty to satisfy the landlord’s financial and credit requirements.
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