For default insurance we recommend Rent Rescue
as here is an overview of the coverage:
- Reimburses up to 6 months of lost rental income due to abandonment or eviction.
- Reimburses up to 3 months lost rental income when default is due to court order, military status or tenant's own death.
- Cost of coverage may be tax deductible.
- Submitting a claim and getting paid is quick and easy.
- Pays $1,000.00 of legal expenses to pursue an eviction.
- The average annual premium is about $300.00 per unit (that's about $25/month).
- Cost of coverage may be passed along to your tenant as a nominal increase to the month rent.
You may qualify for coverage if your tenants meet this criteria:
- No evictions during last 5 years.
- No bankruptcies during last 5 years.
- Can satisfy financial terms of lease.
- Rent hasn't been in arrears for 30+ consecutive days during last 12 months.
(Terms and information subject to change)