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What is guarantor insurance like Insurent?


What is guarantor insurance?

Underwriting insurance is a third-party company that ensures that if the tenant cannot pay their share of the rent, the company will be responsible for reimbursement.

For many new tenants, you will need a joint signature on your first lease. Most rentals and owners will have minimum credit scores or income levels to apply for a unit. This is to verify that the tenant can meet his rental obligations.

Your signing partner is responsible for the liabilities if you are unable to pay the rent, in this case. For most people, your signing partner may be a relative or good friend with a solid credit and work history.

If you can't find a co-signer for a lease, you may want to consider companies that primarily act as guarantors for a fee, such as Insurent.

What is a Insurent?

Insurent is based in New York City, but the company is now accepted in 9 states in the United States. The insurance company markets itself as a rental guarantee service.

The company is intended for renters, homeowners and brokers. On their website, they state, "Renters are getting the apartment they love, landlords are slashing vacancies and cutting rent losses, brokers are making more deals."

For example, if you are looking to rent an apartment in New York City but other factors are not on your side, Insurent can help you get approved. Factors could be finding a place in a time shortage, having a low credit scare, or being unemployed due to COVID-19. Insurance is an exceptional option if you expect to encounter problems with landlord requirements when renting a unit.

Do all landlords accept Insurent?

Not all property owners or buildings accept insurance. This could be the downside of using a company like Insurent. If you decide to use Insurent, I'll try to be flexible in terms of location and some of the metrics you're looking for on the drive.

In the application, the process is quite fast: the insurer claims to approve your application in 30 minutes and issue a guarantor in 24 hours.

Disclaimer: Live With Plum is not affiliated with and we are not represented by Insurent. We highly recommend reading more reviews and doing additional research on insurance and guarantor insurance in general. Our goal is to destroy the purpose of serving as a believer.