Landlords can be insured against missed rental payments

Posted On Thursday, 10 December 2015 19:02 Published by
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oobainsure, the insurance arm of bond originator ooba, announced the launch of Rent Protector, a new product that will offer tangible financial benefits to tenants, landlords and agents. 

According to ooba, it will become the new standard for how rentals are processed and set up.

“oobainsure’s ability to insure landlords against missed rental payments means they don’t have to demand a deposit to cover against potential losses,” says Alex Bartels, National Sales Manager for oobainsure. “This Zero Deposit option for tenants who do not always have the ability to pay one or two months’ rent upfront to secure a lease results in reduced financial risk for all parties involved.”

Rent Protector offers cover for up to three months’ rental should a tenant abscond or remain in unlawful occupation and up to R50 000 in legal fees associated with eviction, with Rent Protector managing the process on your behalf.  Extra cover includes unpaid utility accounts and damages that occur during tenancy. The product is fully compliant with the Consumer Protection Act and is available to all tenants who pass the vetting process and sign a minimum of a 12 month lease.

Bartels says that agents will also benefit from Rent Protector because of ooba’s extensive and comprehensive vetting system for all prospective tenants.

“Agents will no longer be required to manage trust accounts or handle the onerous eviction process. These are all handled by Rent Protector at no cost to the agent. In addition, the agent’s rental commission is guaranteed during a claim for up to three months,” she explains. 

Rent Protector will, through a comprehensive vetting process and grading of a potential tenant, allow landlords and agents to make an informed decision about the most suited occupant. The Rent Protector policy offers full cover from day one of the lease.

Last modified on Friday, 11 December 2015 09:29

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