Have you ever wondered as a property investor and landlord what would happen if your tenant defaulted, or abandoned their lease? It is uncommon, but it does happen. Every landlord bears some degree of risk and exposure to this area. But, there is a way to protect your rental income if something should occur. Aaron DiCaprio, CEO of Rent Rescue, joins Bob on this episode to talk about this scenario. Rent Rescue provides rental income insurance to landlords to void the headaches that come with defaulting tenants. Be sure to listen in to hear what he has to share! For more information about Rent Rescue, click on this link to the Rent Rescue website. This episode is always available for listening, sharing, or download at Property Management Brainstorm.
Outline of This Episode
Rent Rescue: rental income insurance
Rental income insurance provides peace of mind to help reduce the headaches of tenant defaults. Rent Rescue was born because founder Aaron DiCaprio and his wife had personally been burned by tenants in their own rental properties. The coverage provided helps avoid the unthinkable - being unable to collect rent on your rental property. Rent Rescue provides insurance to cover the abandonment of a lease, the death of a tenant, a court order breaking a lease, skips, non-pays, and up to $1k in legal expenses. Having rental income insurance helps mitigate the loss caused by a default, which is especially important for landlords who are dependent on this rental income. Be sure to listen to this episode as Aaron shares more on his company Rent Rescue.
The process to submit a claim
Rent Rescue is meant to be an easily accessible product, with its application and claims process all online. Once a landlord realizes he is not going to be paid, he can go ahead and submit a claim on Rent Rescue’s website. Payment is usually within 30 days. Rent Rescue has either a 3 or 6 month reimbursement, which is paid out monthly dependent on whether a landlord can find a new tenant. Each month, the adjuster will ask questions to start the payment process.
Who can purchase a rental income insurance policy through Rent Rescue
Rental income insurance through Rent Rescue is available to a plethora of parties: landlords of small portfolios and large portfolios alike as well as property managers or property management groups. Rent Rescue helps property managers differentiate themselves from others in the field. It provides a value-added service that helps create a top tier management service.
Advantages property managers bring to the table
Aaron and Bob talk about the advantages of having a property manager handling your real estate investment properties.