Protect Your Residential Investment Property Against Tenant Default.
Coverage to protect you when tenants fail to pay.
Tenant default is an all too common occurrence for property owners, often creating legal issues and financial hardship. Rent Rescue can help.
When a tenant defaults on his or her rent, it can take months as a property owner or landlord to regain your property and get another tenant into the space. Meanwhile, you’re continuing to make mortgage payments and incur additional expenses on the property while losing rental income.
Rent Rescue understands that you rely on consistent rent payments from your residents to maintain your investment and keep your cash flowing. This product is designed to reimburse landlords for loss of rental income due to tenant default.
Rent Rescue Features
- Up to 6 months reimbursement of lost rent when tenant default is due to no pays, including skips or eviction
- Up to 3 months reimbursement of lost rent when default is due to court order, military deployment or the death of a sole tenant
- Payment of $1,000 of legal expenses (attorney fees, court costs) to pursue eviction
- Deductible: one month’s rent
- Policy term: the term of your lease with the tenant but no longer than 12 months
- Coverage is available at an average annual premium of $300 per unit (that’s $25/month!), which can often be passed along to the tenant as a nominal increase to the monthly rent, or taken as a tax deduction (consult your accountant or tax attorney to see if you qualify).
Rent Rescue is brought to you by Riverside Brokerage Services & underwritten by a large, reputable global insurance group rated “A” by A.M. Best and “A+” by Standard & Poor’s.
Riverside Brokerage Services is a wholly owned in-house brokerage set up to provide Millers Mutual’s agency partners access to additional products and programs. Millers Mutual Partner Agents should work with Riverside for quoting and managing Rent Rescue with customers.