As a landlord, mortgage payments, taxes, maintenance and other expenses continue regardless of whether or not your tenants pay the rent. For that very reason, landlords turn to rent default insurance to ensure that they still get paid in case their tenant stop paying rent, break their lease or get evicted.
Not only does rent default insurance from a top provider, like Steady, guarantee that you’ll be made whole on rent payments, but it also allows you to have peace of mind knowing that tenant nonpayment is no longer a concern!
Here’s a close look at why every landlord should have rent default insurance:
Rent Default Insurance Protects Your Rental Income from the Unexpected
Tenants can default on their rent payments for all sorts of reasons - job loss, romantic breakups, illness, and even death in the family. Some circumstances are just completely out of yours (and your tenant’s) control.
When a tenant defaults on their rent, you’re out that usual income that you need to take care of other expenses. And who knows how long it will last! If you’re forced to evict your tenant, it could take as
little as 2 weeks or drag out several months. In addition to the lengthy process, evictions can require time-consuming court visits, expensive attorney fees, etc. All the while, your property is not generating income. This is why it’s imperative that you have rent default insurance in place so that when the unexpected happens, your rental income is protected.
With
Steady’s rent default insurance, you can make sure your lost rent is covered for up to 6 months, with absolutely no
deductible. Your property is intended to generate income, not be a liability!
Rent Default Insurance Ensures a Steady Cash Flow
In addition to securing your rental income, rent default insurance can help to maintain a steady cash flow. What landlord doesn’t want that? The math is simple - when all of your properties are occupied, you will most likely experience a positive cash flow; however, that positive cash flow is challenged when tenants default on rent payment. And with a
recession looming, we are already seeing
rent rates declining and vacancies increasing in rental markets throughout the country.
It’s no secret that recessions are often accompanied by job loss, which affects a tenant’s ability to pay their rent. Once again, having rent default insurance in place with
Steady guarantees that if your tenant cannot pay their rent due to unforeseen circumstances, you still recover rent payments owed to you - which helps to ensure a steady cash flow.
Secure Your Business with Steady’s Rent Default Insurance
Steady is the premier provider of rent default insurance, making sure you recover those lost rent payments. Whether you own a single property or multiple,
Steady offers the ability to select a customized plan designed to meet your individual needs, with coverage from 1.5 months up to 6 months of lost rent per year.
Unlike other rent default insurance providers, Steady does not require a
deductible. Rather than paying a fixed amount out of pocket before getting paid, with Steady all you have to do is simply file a claim and collect your lost rent. Your peace of mind is just a few clicks away thanks to Steady.
How Steady Has Helped Their Landlord Customers
Steady has helped landlords all over the country to protect their rental income with their rent default insurance policies. Here’s what some of them have to say about Steady:
"I'm so happy this type of coverage is now available, especially after my previous tenant skipped out on me – now I've got peace of mind knowing that I can insure my tenant's nonpayments thanks to Steady" - Alex S.
"We have increased confidence in aggressively growing our rental portfolio thanks to this insurance. We've been able to put additional funds to work knowing that the cashflow necessary to meet our debt service obligations is backed by a Fortune 100 company" - Arda & Craig B.
"Steady enables me to ramp up my rental portfolio knowing that they have got my back when a tenant defaults. So far the sign up process has been very easy and straightforward" - Roshan T.