Rental insurance can be the safe-conduct that every owner of a property that invests in real estate can have. This is a guarantee that covers expenses, administration and possible damage to the property in case the tenant fails to comply with the previously agreed lease.
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Among the functions that this type of policy fulfills, is the evaluation of tenant expensesan analysis of the contract, infringement for non-payment and advice on legal expenses if a legal process is initiated between the parties to the commercial agreement.
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«The value of the insurance policy of the insured with which it is contracted. Generally, the policy usually has a cost of 50% of a lease and must be paid only once a year from now. explains Mapfre, an international insurance company, on its website.
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“However, some insurers They choose to charge between 2 and 6% of the rental value monthly to the policyholder. It does not matter if the policy is paid in cash or is financed, it will be valid for one year, although it can be renewed each time the same is done with the lease,” he adds.
That is to say, if the value of the rental fee is one million pesos, the rental insurance costs approximately $500,000 and depending on whether the disbursement is monthly as explained above.
As it is, some companies We offer up to 36 months of rent when failing to comply with the obligations of who stays. However, some differences can also be offered in the type of policy such as public services and home assistance for damage to pipes, sheets, glass, tiles, among other supplies and depending on the entity that covers these expenses.
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How to take rental insurance?
According to information from the Metro Cuadrado portal, from the EL TIEMPO Publishing House, “It is enough for the owner to request the policy and from then on, the insurer or surety company will advise him. Whoever wishes to rent the property must comply with the documentation and stipulated conditions with the insurer or surety company.
The documents that are normally requested are: two guarantors, especially one that has real estate, labor certificate, certificate of Freedom and Tradition, photocopies of bank statements and citizenship cardsto. When processing these papers, the study of your case would take a maximum of 24 hours.
If accepted, you must immediately pay the requested amount and sign the contract provided by the company. If you carry out these steps, your property will be protected until the contract is fulfilled.
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