When a tenant defaults on his or her rent, it can take months as a property owner or landlord to regain property and get another tenant into the space. Meanwhile, they continue to make mortgage payments and incur additional expenses on the property while losing rental income. That’s why our in-house brokerage, Riverside Brokerage Services, partnered with Rent Rescue to provide Rent Default insurance.
Rent Rescue is an insurance policy that reimburses a residential landlord up to 6 months of lost rent due to tenant default, and in the event of an eviction, pays $1,000 of legal expenses. All for an average annual premium of $300 per unit which can often be passed along to the tenant or taken as a tax deduction.
- Up to 6 months of lost rent when default is due to abandonment or eviction
- Up to 3 months lost rent when default is due to court order, military deployment or tenant death
- The policy also pays $1,000 of legal expenses to purse eviction
- Single family homes, townhouses, condos and multifamily dwellings
How Does a Landlord Qualify for Coverage?
- No bankruptcies or evictions during the last 5 years
- No rent currently in arrears or in arrears for 30+ consecutive days during the last 12 months
- Tenant must be able to satisfy financial terms of lease
How are Claims Submitted and Paid?
- Claims can be submitted online through Rent Rescue website
- Payment on eligible claims will be made soon after receiving all of the necessary claim information
Applying is quick and easy. Contact Riverside Brokerage Services at (717) 963-8566 or firstname.lastname@example.org to get started today!