{"id":11341,"date":"2024-09-06T12:54:16","date_gmt":"2024-09-06T12:54:16","guid":{"rendered":"https:\/\/www.consultants-immobilier.com\/?page_id=11341"},"modified":"2024-09-06T12:57:27","modified_gmt":"2024-09-06T12:57:27","slug":"rental-guarantee","status":"publish","type":"page","link":"https:\/\/www.consultants-immobilier.com\/en\/investment-guides\/rental-investment\/rental-guarantee\/","title":{"rendered":"Rental Guarantee"},"content":{"rendered":"

[vc_row full_width=”stretch_row_content” content_placement=”top” css=”.vc_custom_1670852810251{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}” el_class=”back_div”][vc_column css=”.vc_custom_1657728499249{padding-right: 15px !important;padding-left: 15px !important;}”][vc_raw_html]JTNDZGl2JTIwY2xhc3MlM0QlMjJteV9iYWNrX2J1dHRvbiUyMiUzRSUwQSUwOSUwOSUwOSUwOSUwOSUwOSUzQ2ElMjBocmVmJTNEJTIyaHR0cHMlM0ElMkYlMkZ3d3cuY29uc3VsdGFudHMtaW1tb2JpbGllci5jb20lMkZlbiUyRnByb3BlcnR5LWd1aWRlcyUyRiUyMiUzRSUzQyUyMEJhY2slMjB0byUyMHByb3BlcnR5JTIwZ3VpZGVzJTNDJTJGYSUzRSUwQSUwOSUwOSUwOSUwOSUwOSUzQyUyRmRpdiUzRQ==[\/vc_raw_html][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1725627443004{background-image: url(https:\/\/www.consultants-immobilier.com\/wp-content\/uploads\/2024\/09\/garantie_loyer.jpg?id=11343) !important;background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}” el_class=”override_left”][vc_column css=”.vc_custom_1657728499249{padding-right: 15px !important;padding-left: 15px !important;}”][\/vc_column][\/vc_row][vc_row el_class=”override_pos”][vc_column][vc_row_inner css=”.vc_custom_1662026446228{background-color: #e4e4e4 !important;}”][vc_column_inner][vc_custom_heading text=”Rental Guarantee” font_container=”tag:h1|font_size:37|text_align:center|color:%23040e31″ use_theme_fonts=”yes” css=”.vc_custom_1725626979910{padding-right: 20px !important;padding-bottom: 30px !important;padding-left: 20px !important;}” el_class=”relative_pos”][\/vc_column_inner][\/vc_row_inner][vc_row_inner el_class=”firstblock” css=”.vc_custom_1668613473269{background-color: #ffffff !important;}”][vc_column_inner][vc_column_text]According to a property valuation<\/a>, only 2 to 3% of French people have rent payment delays. However, despite these encouraging figures, unpaid rents still scare landlords, who demand ever more reliable tenant profiles as seen in some real estate listings in Paris<\/a>.<\/p>\n

That\u2019s why some property owners decide to take out rent guarantee insurance<\/b>. Currently, at least 20% of landlords have already subscribed to this coverage. But is it really worthwhile and sufficiently protective? Let\u2019s review the details in this article.<\/p>\n

What is rent guarantee insurance?<\/b><\/h2>\n

Rent guarantee insurance (GLI) allows a property owner to be compensated when their tenant does not pay the rent. This coverage is usually included or optional in home insurance<\/b> contracts for non-occupying owners (bailleur non occupant).<\/p>\n

Subscribing to this coverage is not mandatory but strongly recommended.<\/p>\n

Why take out rent guarantee insurance?<\/b><\/h2>\n

Taking out this type of insurance will give you the assurance that even in case of payment difficulties, you will be covered for a period allowing you to find a solution.<\/p>\n

Moreover, it is important to note that GLI also covers other rental costs, such as:<\/p>\n

    \n
  • property damage,<\/li>\n
  • legal costs in case of disputes with your tenant (eviction procedures, lawyer and bailiff fees, etc.),<\/li>\n
  • coverage<\/b> for a tenant\u2019s early departure<\/b> (death or departure before the end of the lease).<\/li>\n<\/ul>\n

    What are the criteria for good rent guarantee insurance?<\/b><\/h2>\n

    Today, many insurers offer this type of insurance. Therefore, it is essential to take the time to choose your coverage carefully to benefit from advantageous compensation in case of a dispute with your tenant.<\/p>\n

    A coverage level suited to your needs<\/b><\/h3>\n

    GLI generally offers basic coverage by compensating you for unpaid rents and rental damage. However, additional services can be added to this initial protection, such as tenant background checks and reimbursement of legal fees.<\/p>\n

    A sufficiently high compensation ceiling<\/b><\/h3>\n

    Especially concerning coverage<\/b> for rental damage, make sure your contract specifies a sufficiently high coverage limit relative to the furnishings you have provided to your tenants.<\/p>\n

    A rent ceiling that matches your property<\/b> <\/b><\/h3>\n

    Each company is free to set the ceilings they wish. However, be cautious when choosing an insurance policy that compensates you up to the amount of your rent. Usually, the maximum rent amount is between \u20ac2,000 and \u20ac2,500 per month.<\/p>\n

    An adequate coverage duration<\/b><\/h3>\n

    Procedures between a tenant and a landlord in cases of unpaid rent can be lengthy. That\u2019s why it is advisable to take out a GLI that covers you for at least 3 years (36 months).<\/p>\n

    A reasonable deductible level<\/b><\/h3>\n

    In case of legal fees, to minimize your out-of-pocket costs, opt for insurance with a low deductible level.<\/p>\n

    A short waiting period<\/b><\/h3>\n

    Pay close attention to this point. Indeed, the waiting period corresponds to the time during which your coverage will not be active. This period varies by company. To avoid any unpleasant surprises, it is best to take out GLI at the time of signing your lease. Generally, it is still possible to take out rent guarantee insurance<\/b> later. However, if the signing of your contract occurs after the declaration of unpaid rents, they will not be covered.<\/p>\n

    What is the cost of rent guarantee insurance?<\/b><\/h2>\n

    The price of rent guarantee insurance<\/b> mainly depends on two criteria:<\/p>\n

      \n
    • the amount of rent<\/b> including rental charges,<\/li>\n
    • the extent of the coverage subscribed.<\/li>\n<\/ul>\n

      Generally, the cost of GLI ranges from 2.5% to 5% of the annual rent of the insured property.<\/p>\n

      How to claim compensation in case of unpaid rent?<\/b><\/h2>\n

      In the event of unpaid rent, the property owner who has taken out GLI must follow these steps to receive compensation:<\/p>\n

        \n
      1. Send a reminder letter to the tenant.<\/li>\n
      2. If there is no response within 15 days, send a formal notice<\/b>.<\/li>\n
      3. Call a bailiff to confirm non-payment and issue a demand for rent payment<\/b> to your tenant.<\/li>\n
      4. Contact your insurance company and report the claim.<\/li>\n<\/ol>\n

        As a general rule, insurance only starts compensating the owner from the third month of unpaid rent. However, the reimbursement is retroactive. You will therefore be compensated for all unpaid rents.<\/p>\n

        What are the alternatives to rent guarantee insurance?<\/b><\/h2>\n

        Rent guarantee insurance<\/b> is not the only solution to protect against non-payment of rent<\/b> by your tenant. Here are some other possible options:<\/p>\n

          \n
        • Choose solvent tenants: select your future tenants carefully. A good tip is that their income should be at least 3 times the amount of rent<\/b>.<\/li>\n
        • Use a guarantor<\/b>: this system, often used with students or young professionals, is a contract where another person with sufficient resources guarantees the payment of rent<\/b> in case of default.<\/li>\n
        • The visale scheme: this scheme, implemented since 2016, is a free guarantee allowing property owners to benefit from rent guarantee insurance if they rent to a precarious or modest employee or a young person between 18 and 30 years old.<\/li>\n<\/ul>\n

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          Taking Out Rent Guarantee Insurance: What Are the Criteria for Good Coverage? What Additional Costs Does a GLI Cover<\/p>\n","protected":false},"author":6,"featured_media":11343,"parent":10816,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-11341","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nRental Guarantee<\/title>\n<meta name=\"description\" content=\"Taking Out Rent Guarantee Insurance: What Are the Criteria for Good Coverage? 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