RentSure is a comprehensive insurance policy designed to safeguard property owners against the risks and financial losses associated with tenants reneging on rental payments or absconding from the premises without fulfilling their lease obligations. With RentSure, you can rest assured knowing that you are protected in the event of non-payment or property damage caused by your tenants.
To qualify for RentSure coverage, your property must meet the following criteria:
RentSure covers both residential and commercial properties, ensuring that property owners from various sectors can benefit from this comprehensive protection.
For residential properties, RentSure covers the following types:
For commercial properties, RentSure covers properties primarily used for business operations or the storage of goods for resale.
RentSure requires tenants to be approved based on specific criteria:
RentSure covers a range of legal events that may occur during the lease agreement:
In the case of residential properties, RentSure provides benefits as follows:
On the second consecutive non-payment by the approved tenant, you, as the approved landlord, may claim the rental amount from the insurer for up to three months. After regaining vacant possession, two months' rental or until the property is re-let (whichever occurs sooner) will be payable. Note that the first default is not insured, and a maximum monthly rental amount of R50,000 applies.
For commercial properties, after regaining vacant possession, three months' rental or until the property is re-let (whichever occurs sooner) will be payable. This benefit is applicable only to commercial properties, and a maximum monthly rental amount of R150,000 applies.
RentSure also covers legal costs associated with the lease agreement:
a. Recovery of non-payment: Approved legal costs incurred by you, the insured, for the recovery of arrear rentals will be paid by the insurer, enabling you to initiate legal action.
b. Eviction: Approved legal costs incurred by you, the insured, for the eviction of an approved tenant will be covered, ensuring you have the necessary resources to initiate legal action.
RentSure requires proof of damages to the identified property that occurred during the approved tenant's occupancy, ensuring you receive compensation for any damages beyond normal wear and tear.
With RentSure, you can confidently protect your investment and minimize financial risks associated with unreliable tenants. Enjoy peace of mind knowing that RentSure has your back in unforeseen circumstances.