At Canarisk, we offer you the best rent non-payment insurance, so you can lease your homes and premises with the utmost peace of mind. Discover all the advantages offered by rent non-payment insurance.
What is rent non-payment insurance?
Rent default insurance is designed to protect landlords from losing unpaid rent. The insurer guarantees payment of outstanding rent and will handle all necessary legal procedures, including claims and eviction, if required.
When will the insurer pay me the rent owed by the tenant?
If the debt is communicated within a maximum period of three months, the insurer will pay an advance of the rent owed by the tenant, just at the time of initiating the claim. If it is communicated later, it will be necessary to wait for the resolution of the claim.
Is only the rental income debt covered?
No. The non-payment of rent insurance covers, in addition to the monthly payments owed, all those fees that the tenant had to assume and did not pay: supplies, community fees, etc.
What happens if my tenant destroys the house?
Rent default insurance policies can optionally include coverage for vandalism, both to the building and its contents, up to the contracted limit. This coverage is the same as that offered by home insurance policies.
Can rent non-payment insurance be taken out for a lease that has just been signed?
The non-payment of rent insurance can be contracted for new lease contracts that are concluded, or for contracts that are already in force. In the case of new contracts or less than a year old, the insurer will carry out a study of the tenant's solvency, for which it will require documentation that proves the tenant's income (payroll, tax returns, etc.).
Is the tenant's solvency insurance always necessary to take out rent non-payment insurance?
It is not always necessary. When the rental contract is more than one year old, the insurer will accept the issuance of the insurance by means of a declaration signed by the owner of the home, stating that during the term of the rental contract there have been no unpaid rents.
How much does landlord insurance cost in the Canary Islands?
At our insurance brokerage in Tenerife and Las Palmas , we can offer our clients landlord or rent default insurance with the best coverage and the best price. The cost of your landlord insurance depends primarily on the rental income. The insurance premium is approximately 5% of the annual rent.
