FAQ |
1. What does the Rental Payment Assurance cover?
3. I have a home for rent. When should I contact you?
4. How much does the Rental Payment Assurance cost?
5. What documents do I need for you to evaluate my tenant?
6. Can I increase my deposit and monthly rent to cover the costs?
7. What is the expiration of the Rental Payment Assurance?
8. I just signed a lease with a new tenant. Can I add the Rental Payment Assurance?
9. I only rent to well qualified tenants. Why should I purchase the Rental Payment Assurance?
10. Why would I want to rent to a risky, less desirable tenant?
11. How do I pay my monthly installments?
12. I've evicted my tenant. How do I file a claim?
13. I've filed a claim. When can I expect my first payment?
14. Can I receive my payments thru direct deposit?
16. How long does it take to process the application?
17. Is a Rental Payment Assurance available to all renters?
18. I have a multi-unit home. Can I get a Rental Payment Assurance?
19. Do you guarantee leases in every state?
What does the Rental Payment Assurance cover?
The Rental Payment Assurance pays the monthly rent in the event a landlord evicts a tenant for non payment of rent or if the tenant skips prior to the expiration of the Lease Agreement.
As a landlord, there are many benefits of having a Rental Payment Assurance. A few are listed below:
With CoSign My Lease you have a guarantee of payments and more security.
There's no need to wait for a well qualified tenant and you will rent the home faster.
You can pass the cost of the guarantee to the tenants.
I have a home for rent. When should I contact you?
Contact us as soon as you receive an application from a prospective tenant and you have completed the screening process. Get an Instant Quote.
How much does the Rental Payment Assurance cost?
The cost of the Rental Payment Assurance will vary with different tenants. Typical premiums will range from $150-$450. Monthly installments will range from $20-$55 for the duration of the agreement.
What documents do I need for you to evaluate my tenant?
You don't need to send us anything. Please get an Instant Quote from the site. Once you decide to accept the tenant you can download the forms and forward them to us.
Can I increase my deposit and monthly rent to cover the costs?
Yes. Most landlords will pass most or all of the cost of the Rental Payment Assurance to the tenant. Tenants with less than perfect applications welcome the additional fees because it's less than paying an additional full security deposit.
What is the expiration of the Rental Payment Assurance?
A Rental Payment Assurance is for the duration of the lease agreement, not to exceed 12 months. You can offer a new Rental Payment Assurance every 12 months.
I just signed a lease with a new tenant. Can I add the Rental Payment Assurance?
You can add the Rental Payment Assurance as long as the commencement date is no more than 30 days after the start date of the Lease Agreement.
I only rent to well qualified tenants. Why should I purchase the Rental Payment Assurance?
Even well qualified tenants have circumstances that prohibit them from fulfilling their lease obligation. With a Rental Payment Assurance you have the assurance of receiving your monthly rental payments if you have to evict the tenant for nonpayment or if your tenant skips prior to the expiration of the Lease Agreement.
Why would I want to rent to a risky, less desirable tenant?
CoSign My Lease is assuming the risk. You can now open the possibilities to more renters with a less than perfect application and get your home rented faster.
How do I pay my monthly installments?
The monthly installments are automatically deducted from your bank account. We use the banking industry's most secure payment processors. There is no need for you to provide us with any of your payment information and we will never ask you for it. Or, you can send us the monthly installments.
I've evicted my tenant. How do I file a claim?
Contact us immediately. Fax or email us a copy of the Notice to Vacate issued by the local court, Justice of the Peace, or Constable and we will start the claim process.
I've filed a claim. When can I expect my first payment?
You can expect your first payment no later than 30 days from the Loss Date.
Can I receive my payments thru direct deposit?
Yes. We can deposit the payments directly into your bank account.
Get an Instant Quote. Make sure you have done the following:
Received the credit report or tenant screening report from a solutions provider,
Checked the credit report for foreclosures or apartment collections/judgments,
Verified the income to include the source of income, and
Verified the rental or mortgage history for evictions or late payments.
How long does it take to process the application?
Application processing is immediate. You can leave the website with a Rental Payment Assurance and coverage.
Is a Rental Payment Assurance available to all renters?
No. Some renters with excessive circumstances will not qualify for a Rental Payment Assurance. We do not guarantee leases where the rental payment exceeds $2200 per month. In addition, we do not guarantee leases less than 6 months or more than 24 months.
I have a multi-unit home. Can I get a Rental Payment Assurance?
Yes. It does not matter how many units you have, you can still get a Rental Payment Assurance.
Do you guarantee leases in every state?
Yes. We are able to guarantee leases in every state.