Lease Guarantee Insurance
What is lease guarantee insurance?
If you want to rent a room, an apartment or any other type of accommodations, but you find landlords are reluctant to trust you, you need rental guarantee insurance. You may be in this position if you are a newly arrived resident and do not have a financial history in the province. No matter your situation, a lease guarantee can help you find the home of your dreams.
Simply put, a lease guarantee represents a certain amount, which is determined by your landlord. This is the amount your landlord will receive in the event of damage or default from you. Your annual fee represents a small percentage of this amount. This way, there’s no need to tie up a large amount of money for a security deposit, and your landlord is protected against possible problems.
What are the advantages of lease guarantee insurance?
For tenants
With rental guarantee insurance, you no longer need to worry when looking for housing or accommodations. Not only will you increase your chances of signing a lease, you will also be able to choose the accommodations you really want. Moreover, since the annual fees are kept to a minimum, you’ll find yourself having more money in your pockets for your other projects.
For landlords
For landlords, lease guarantee insurance means protection against damage or default, which encourages them to grant you a lease with the conditions that you want. In addition, unlike security deposits, which are not allowed in Quebec and Ontario, lease guarantees are legal in all Canadian provinces. Everyone wins with a lease guarantee!