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Residential rental property

Lease Co-Guarantee for Landlords

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You can never eliminate all tenant-related risks, but now you can remove most of the financial risk when renting. Pensio’s affordable and groundbreaking rental Lease Co-Guarantee backed by an insured Rental Income Performance Bond gives you the certainty that rent will be paid each month, malicious damage court awards will be paid, and you don’t have to worry about eviction costs.

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The Lease Co-Guarantee Is Ideal for:

  • Single-family residential rental properties
  • Multi-family residential rental properties
  • Student rentals
  • From one to unlimited rental properties

Loss of Rent:

We will pay your rent on behalf of the tenant who has defaulted on their rent for up to 12 months and $60,000 per unit each year.

Malicious Damage:

We will pay you for Malicious Damage Court Orders on behalf of a tenant who has defaulted on their payment up to $10,000 per unit each year.

Eviction Costs:

We will reimburse legal fees, court fees, and service fees for evictions up to $1,500 per unit each year if a tenant has been served a Notice of Eviction.

FAQ

How much is the Lease Co-Guarantee program fee?

Program fees are 4% of the annual gross rent if prepaid annually (if paid monthly, program fees are 4.5%).

How do I register my property?

Review the Lease Co-Guarantee agreement (we guarantee existing and new tenants) You can register an unlimited number of rental properties, but you have to register all rental properties located at the same municipal address. Once you register, you pay the annual program fee (you have an option to pay the program fee monthly).

What happens when a tenant defaults on rent?

When your tenant(s) defaults on rent send us a Pensio Notice of Default and we will pay the defaulted rent amount within 30 days of notice to us. You then must serve a Notice of Eviction within the first 30 days, and if you do, we will continue to pay you defaulted rent until the tenant has vacated or abandoned the property. The maximum loss of rent we will pay for a property for any one tenant is $60,000.

What is the maximum loss of rent you will pay?

The maximum loss of rent we will pay for a property for any one tenant is $60,000.

What happens if a tenant causes malicious damage?

If your legal tenants caused malicious damage to your property and you have successfully secured a judgement from a court ordering the tenant to pay for malicious tenant damages and if the tenant does not pay the order, send us a Notice of Default and we will pay the unpaid malicious damage order within 30 days of notice to us.

How are malicious damages paid?

We do not pay malicious tenant damage orders that are $1,000 or less. The maximum malicious damage order we will pay is $10,000. We do not pay the first $1,000.

How are eviction costs paid?

If you serve a Notice of Eviction to a defaulting tenant within the first 30 days of a default we will reimburse you up to $1,500 in third party legal expenses, service fees, and court fees if you have been successful in your eviction of the tenant within 120 days of the tenants default of rent and/or default of a malicious tenant damage court order.

Who is Pensio?

Learn more about our partnership with Pensio here.

Who can I contact if I want to learn more?

Contact Kishan Alexander at 646-767-1148 or kishanalexander@worldinsurance.com.

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