Hiring non-payment insurance is an increasingly frequent option for those who seek to make their assets profitable in a safe way. If you are thinking of becoming a landlord, you will most likely analyze every detail of the operation to the millimeter. The main advantage of giving up the use and enjoyment of your property has to do with the remuneration you will receive for it. In the same way, the threat of defaults is something that often takes the sleep of many owners who, either due to ignorance of the sector, overconfidence or bad fortune, end up being involved in an unpleasant situation with their tenants.
The guarantees offered by a unpaid rent insurance they go beyond mere economic issues related to income. Although this may be the chapter that ends up tipping the balance towards your final hiring, having a policy that encourages a secure rental offers another series of not inconsiderable aspects.
You are not sure how a non-payment of rent insurance works? In practice, it is a tool that protects your property more effectively than a bank guarantee and completing aspects that traditional home policies do not reach. Here you have all the keys.
The main aspect of the operation of all non-payment insurance is closely related to the coverage it offers. As we said, the fact of having income guaranteed is one of the main advantages of this type of policy, although it is not the only one. Therefore, it is convenient to analyze each chapter to take out the insurance for non-payment of rent that best suits your needs.
The main guarantees have to do with:
- Non-payment of rent: If your tenants stop paying, your non-payment insurance will take care of the outstanding monthly payments based on the conditions contracted in your policy. Options are 6, 9, or 12 months.
- Locksmith and lock costs for eviction : Sometimes, the scenario can get complicated to the point of having to evict your tenants. In these cases, you will be guaranteed the corresponding expenses for the intervention of the locksmith and change of the lock.
- Vandalism : Another common scenario in cases of difficult rentals is having to deal with damage caused by vandalism. Your non-payment insurance will cover the repairs and claim the damages from those responsible.
- Telephone legal advice: Do you have questions about your rights as an owner or questions related to your home? Also in this chapter a non-payment of rent insurance can help you.
- Legal defense of the consumer : Your interests will be represented by professionals with extensive experience in the sector both in the criminal field and consumer, that is, owner.
In practice, if you have to face any situation related to these and other situations related to your rental contract, you only have to contact your insurance to make use of it. You will find the necessary advice and they will be in charge of implementing all the procedures to solve the situations derived from a complicated rental.
How non-payment insurance works
Every good story has a beginning and an end. In the case of renting a home, the first step is to take out non-payment of rent insurance. As we said, studying each proposal until all your doubts are cleared is essential to find the best alternative. Once you have opted for the most appropriate option, you will have to follow the instructions of your insurer to sign the agreement between the parties. One of the most interesting aspects of the Allianz policy is conducting a prior feasibility study of your tenants. If, after analyzing the potential tenants, it is positive, you will enjoy all the coverage offered by a solvent company.