A significant segment of apartment renters in the New York metropolitan and other major residential rental markets in the country do not meet the financial and/or credit criteria required by landlords. This group may include creditworthy college and professional school graduates entering the workforce; Non-U.S. residents executives relocating from abroad; self-employed persons; U.S. executives relocating; persons no longer in the workforce; and other persons who cannot demonstrate an annual income or credit history sufficient to meet the financial eligibility standards that are typically required.

In many instances, individuals are unable to rent apartments they would like without a co-signer/guarantor, additional security or prepaid rent.

When a guarantor or co-signer is required, it is often difficult for a renter to find a third party that is acceptable to the landlord. For example, the prospective co-signer or guarantor may live out of state, or may not have the financial resources or credit to meet the landlord’s requirements.

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. 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 a 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.

Benefits of the Insurent® Lease Guaranty Program

For Prospective Renters

  • Permits a prospective renter to lease an apartment without having to find a suitable guarantor or co-signer, or potentially pay substantial amounts of additional security and/or prepaid rent.
  • Can streamline the rental process by satisfying the landlord’s financial requirements quickly and easily.
  • Allows a prospective renter to receive a Qualification Certificate prior to choosing a specific apartment, which may assist the renter in their apartment search.
  • Possession of an Insurent® Qualification Certificate can make a prospective renter a more desirable rental candidate to the landlord.
  • Provides co-signers or guarantors (typically parents) with an alternative to the time-consuming and intrusive process associated with being guarantors.

For Brokers and Relocation Specialists

  • Enables brokers and relocation specialists to close more leases by facilitating the rental process through the qualification of renters under the Insurent® Lease Guaranty Program.
  • Allows brokers to spend more of their time showing a greater selection of apartments to a larger pool of qualified renters, rather than helping clients find a willing and qualified guarantor or co-signer.
  • Permits brokers to close leases where creditworthy prospective renters do not have financially qualified co-signers at 75-100 times the monthly rent or the ability to pay significant amounts of additional security or prepaid rent.
  • Enables relocation specialists to accelerate and streamline the rental process for relocating individuals, especially those who are not U.S. citizens and who are relocating from abroad.
  • Permits corporations to more efficiently secure rental leases for their executives and employees, thereby limiting the need for corporations to act as guarantors or pay significant amounts of additional security and/or prepayment of rent on employees’ behalf.

For Landlords and Condo/Co-Op Owners

  • Eliminates the risk of rent loss due to renter default – at no cost to the landlord or condo/co-op owner – on those leases guaranteed under the Insurent® Lease Guaranty Program.
  • Increases your occupancies due to larger pool of creditworthy applicants.
  • Streamlines and facilitates the entire rental process between the renter and the landlord.
  • Guarantees the full rent obligation under the lease.
  • Permits an additional and secure option when the prospective renter doesn’t meet your minimum financial requirements, and needs to put up additional security, prepaid rent, or have a qualified co-signer at 75-100 times the monthly rent.
  • Allows the use of an institutional highly rated insurance company in lieu of an individual guarantor or co-signer.
    Permits an additional option for rent stabilized units (including 421A/J51 apartments) in New York City versus the sole existing option of an individual co-signer when credit enhancement is required of the renter.
    Provides a more reliable and efficient option whenever the landlord requires a prospective tenant to have a co-signer or to provide additional security or prepaid rent.