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Financial Guide to Renting

FAQs

 
 
 

Home > Brokers and Relocation Specialists > FAQs for Brokers and Relocation Specialists

 
What is the Insurent® Lease Guaranty Program?
  Who is the Insurer of the Insurent® Lease Guaranty Program?
  How much is the Guaranty fee for the Insurent® Lease Guaranty?
  Who pays for the Insurent® Lease Guaranty?
  Under what circumstances would my client need the Insurent® Lease Guaranty?
  The website states that the annual income or collective annual income must equal a minimum of 27.5x the monthly rent. Can the Insurent® Lease Guaranty Program still assist my clients if their income is less than 27.5x the monthly rent?
  Can the Insurent® Lease Guaranty Program assist my client if my client is an international or US student?
  What are the requirements for parents being Responsible Parties to Insurent?
  Can the Insurent Program help my clients if they just have significant cash liquid assets or marketable securities?
  Can the Insurent Program help my clients if they have terrible credit?
  Can the Insurent Program help my clients if they have no U.S. based credit history?
  When is the Insurent® Lease Guaranty issued to the Landlord?
  What is the duration of the Insurent® Lease Guaranty?
  Are there any additional charges to my client under the Insurent® Lease Guaranty, other than the Guaranty fee?
  Can my client use the Insurent® Lease Guaranty for any apartment?
  What does my client do if his or her chosen apartment is not located in an Insurent® -certified building?
  Do all landlords in the New York area accept the Insurent® Lease Guaranty?
  Is the Insurent® Lease Guaranty offered for rent-stabilized apartments?
  Can my client get pre-approved for the Insurent® Lease Guaranty before he or she finds an apartment?
  Do my client's rights change if he or she has an Insurent® Lease Guaranty?
  Does the use of the Insurent® Lease Guaranty mean that my client cannot be evicted if he or she stops paying rent or breaches any other provision of the lease?
  What is the maximum liability under the Insurent® Lease Guaranty, in the event that he or she breaches any of their lease obligations?
  What happens if my client has a roommate?
  If my client has a roommate who will also be signing the lease, do they both have to pay fees?
  If one spouse has bad credit and the other spouse has good credit, will they still qualify for the Insurent® Lease Guaranty?
  My clients are two or three roommates applying for the Insurent Guaranty. Do you look at the combined annual income of all of us or do each of them need to meet the minimum 27.5x the monthly rent level.?
  Can my client pay the Insurent® Lease Guaranty fee in installments like car insurance and life insurance?
  My client is self-employed and earnings vary significantly from year to year. Can my client qualify for the Insurent® Lease Guaranty?
  My client receives a bonus in addition to his base salary. Will the prospective bonus be included in the consideration of the application by Insurent® ?
  Can a Non-U.S. resident with no prior credit history in the United States, who is moving to the United States from another country, qualify for an Insurent® Lease Guaranty?
  Can a relocation specialist apply on behalf of a client?
  What are Insurent's® hours of operation?
  How long does it take to process the application for the Insurent® Lease Guaranty?
  If my client pays the Guaranty fee and does not receive the apartment, do I receive a refund?

What is the Insurent® Lease Guaranty Program?
The Insurent® Lease Guaranty Program is the first and only provider of institutional guarantees on residential leases. The Insurent® Lease Guaranty Program fulfills the need for a guarantor/co-signer when a landlord requires that a tenant have a guarantor or requires significant additional security or prepaid rent by the tenant in order to obtain an apartment.

   


Who is the Insurer of the Insurent® Lease Guaranty Program?
The Insurent® Lease Rental Bond Policy and The Insurent® Lease Residual Value Policy are underwritten and issued by Argonaut Insurance Company, a property and casualty insurance company licensed in New York and other states. Argonaut Insurance Company is rated A (Excellent) by A.M. Best, and is located at 225 West Washington, 6th Floor, Chicago, IL 60606.November 2007 .

   


 

How much is the Guaranty fee for the Insurent® Lease Guaranty?
On average, the Guaranty fee for U.S. parties will approximate 80% - 90% of a month's rent. Average Guaranty fees for non U.S. parties without U.S. based credit history will approximate 110% of a month’s rent Your client’s specific fee will depend upon the outcome of a review of your client’s credit and financial condition. Applicants pay the Guaranty fee prior to the execution of the lease agreement. Upon payment of the guaranty fee and execution of the lease, the lease will be covered under the Insurent® Lease Guaranty Program.

   


 

Who pays for the Insurent® Lease Guaranty?
The renter pays for the Insurent® Lease Guaranty. On average, the fee for U.S. parties will approximate 80% - 90% of a month's rent. Average fees for non U.S. parties without U.S. based credit history will approximate 110% of a month’s rent. The renter pays a one-time fee prior to the execution of the rental lease agreement with the landlord. Upon payment of the lease guaranty fee and execution of the lease, coverage is initiated for the landlord.

   


 

Under what circumstances would my client need the Insurent® Lease Guaranty?
The Insurent® Lease Guaranty Program, where available, may help your client when he or she does not meet the financial criteria required by landlords. Prospective renters who may fall into this category include graduating college students and professional school students entering the workforce; creditworthy employed non-U.S. residents; self-employed persons;non-employed U.S. and non U.S. persons with significant cash liquid assets, retired creditworthy individuals, U.S. students with Responsible Parties, and international students with Responsible Parties. The Insurent® Lease Guaranty typically may be used in any instance where a landlord would require the renter to have a third-party guaranty on a lease (e.g., a co-signer or guarantor). A lease guaranty may also be helpful when a landlord requires additional security or prepayment of rent as an alternative to, or in addition to, a co-signer or guarantor.

   


 

The website states that the annual income or collective annual income must equal a minimum of 27.5x the monthly rent. Can the Insurent® Lease Guaranty Program still assist my clients if their income is less than 27.5x the monthly rent?
Yes. The Insurent Program can still assist your clients if they have a Responsible Party. A Responsible Party would be a person (normally a father, mother or relative) here or overseas (if you are relocating from outside the U.S.) who meets either of the following tests: (i) such person(s) has a minimum annual income (in their home country) of a minimum of 50x the monthly rent you are seeking or (ii) such person has cash liquid assets or marketable securities (in their home country) equal to a minimum of 80x the monthly rent that your client is are seeking. In the event that you client is relocating from outside the U.S., the Responsible Party would be in your home country and the tests above relate to their income or cash liquid assets in their home country. In the event that your clients fall in that circumstance, please email us at renter-app@insurent.com so we can guide you and them through the application process.

   


 

Can the Insurent® Lease Guaranty Program assist my client if my client is an international or US student?
Yes. We qualify a foreign student or U.S. student based on their father (or mother or some relative overseas or here) being a Responsible Party solely on our Agreement. Their father (or some relative overseas or here) would not be a signatory on the apartment lease. The father (or mother or some relative overseas or here) will just need to have a minimum annual income of 50x the monthly rent in their home country or a minimum of cash assets/marketable securities held by them in their home country of 80x the monthly rent. We can also combine parents to meet the above tests. In the event that you fall in that circumstance, please email us at renter-app@insurent.com so we can guide you through the application process.

   


 

What are the requirements for parents being Responsible Parties to Insurent?
We qualify a foreign student or U.S. student based on their father (or mother or some relative overseas or here) being a Responsible Party solely on our Agreement. Their father (or some relative overseas or here) would not be a signatory on the apartment lease. The father (or mother or some relative overseas or here) will just need to have a minimum annual income of 50x the monthly rent in their home country or a minimum of cash assets/marketable securities held by them in their home country of 80x the monthly rent. We can also combine parents to meet the above tests.

   


 

Can the Insurent Program help my clients if they just have significant cash liquid assets or marketable securities?
Yes. The Insurent Program issues guarantees for non employed U.S. and non U.S. persons with significant cash liquid assets or marketable securities (here or abroad). In such event, such liquid assets would need to be a minimum of 50x the monthly rent that you are seeking. In the event that your clients fall in that circumstance, please email us at renter-app@insurent.com so we can guide them and you through the application process.

   


 

Can the Insurent Program help my clients if they have terrible credit?
Unfortunately not. The renter(s) must have decent to good credit to be issued an Insurent Guaranty for their lease.

   


 

Can the Insurent Program help my clients if they have no U.S. based credit history?
Yes. The Insurent Program issues guarantees for non U.S. persons with no U.S. based credit history. The Insurent Program can also issue guarantees for U.S. persons with no U.S. based credit history.

   


 

When is the Insurent® Lease Guaranty issued to the Landlord?
Sole Applicants: The Insurent® Lease Guaranty will be issued to the landlord when your client has executed the Tenant Participation Agreement. The landlord will not countersign the lease until the Insurent® Lease Guaranty has been issued to the landlord

If your client has not yet found an apartment, he or she can apply for a policy in advance and receive an Insurent® Qualification Certificate. He or she can show this Insurent® Qualification Certificate to landlords. Following receipt of your client’s application and required documentation, Insurent® will verify your client’s application information and references. Then, following your client’s payment of the rental bond fee, and execution of the lease, the Insurent® Lease Guaranty will be issued to the landlord.

Co-Applicants: If you clients will be sharing a lease, they may apply for an Insurent® Lease Guaranty. If all the co-tenants qualify, Insurent® will issue one Insurent® Qualification Certificate, verify each tenant's application information and references before issuing a lease guaranty to the landlord.

   


 

What is the duration of the Insurent® Lease Guaranty?
The Insurent® Lease Guaranty Program primarily covers one year leases and one year leases plus a partial month. Additionally, lease terms of up to fifteen months are covered where no monthly rent of up to three months will be charged, provided that the free rent period occurs at the end of the lease term.

   


 

Are there any additional charges to my client under the Insurent® Lease Guaranty, other than the Guaranty fee?
No. The Insurent® Lease Guaranty does not require your client to pay any additional fees.

   


 

Can my client use the Insurent® Lease Guaranty for any apartment?
The Insurent® Lease Guaranty will only apply to apartments located in Insurent®-certified buildings. You can search the Insurent® database of certified buildings. Insurent® is continuously expanding its base of certified buildings. In the event that a building you are interested in is not currently in our database, please notify Insurent® by email to landlord-info@insurent.com, and we will contact the building owner to determine when (and if) the building can be certified.

   


 

What does my client do if his or her chosen apartment is not located in an Insurent®-certified building?
If your client wants to rent an apartment in a building that has not yet been certified by Insurent®, the estimated time for certification of a building is 24-48 hours provided the owner/landlord want to sign up their building. The Insurent® Lease Guaranty is presently available for market-rate and rent-stabilized apartments only, and it cannot be utilized for rent-controlled apartments.

   


 

Do all landlords in the New York area accept the Insurent® Lease Guaranty?
A number of landlords throughout NYC presently accept the Insurent® Lease Guaranty. New landlords and their respective buildings are being added to our database on an ongoing basis.

   


 

Is the Insurent® Lease Guaranty offered for rent-stabilized apartments?
The Insurent® Lease Guaranty Program is available for market-rate and rent-stabilized apartments, and cannot be utilized for rent controlled apartments.

   


 

Can my client get pre-approved for the Insurent® Lease Guaranty before he or she finds an apartment?
Yes. He or she can apply for the Insurent® Lease Guaranty, and if he or she qualifies, he or she will receive an Insurent® Qualification Certificate. He or she can show the Insurent® Qualification Certificate to brokers and landlords to help speed the lease-approval process.

There is no additional charge for an Insurent® Qualification Certificate.

Once your client finds an apartment,and is fully qualified by Insurent. Insurent® will issue the guaranty for the specific lease.

   


 

Do my client's rights change if he or she has an Insurent® Lease Guaranty?
No. Your client's rights and obligations remain the same, including your client's obligation to pay rent as required by his or her lease. In fact, he or she will be subject to legal action for the full recovery of any payments that the insurer makes to the landlord on his or her behalf.

   


 

Does the use of the Insurent® Lease Guaranty Program mean that my client cannot be evicted if he or she stops paying rent or breaches any other provision of the lease?
In the event that your client stops paying rent or breaches any other provision of the lease, the landlord will still take legal action that includes the commencement of an eviction proceeding against him or her. In the event that the Insurer is required to make any payments to the landlord on your client’s behalf, your client will be subject to legal action for the full recovery of any such payments and his or her credit report will be negatively affected.

   


 

What is my maximum liability under the Insurent® Lease Guaranty, in the event that he or she breaches any of their lease obligations?
Your client will be liable for any amounts paid on their behalf plus any legal fees incurred to collect those amounts.

   


 

What happens if my client has a roommate?
If two or more roommates will sign a lease (i.e., act as signatories), and if one of the signatories intends to apply for an Insurent® Lease Guaranty, then all signatories must apply for a lease guaranty.

Once Insurent® receives all applications that are required from signatories, each application goes through the evaluation and approval process. Insurent® requires separate applications from signatories because all signatories are bound to the rights and obligations under the lease.

A roommate who is not a signatory does not need to submit an application to Insurent®.

   


 

If my client has a roommate who will also be signing the lease, do they both have to pay fees?
Yes, they will both be individually responsible for payment of the Insurent Guaranty fee. How they divide the fee payment per Lease Guaranty between themselves is at their discretion.

   


 

If one spouse has bad credit and the other spouse has good credit, can they still qualify for the Insurent® Lease Guaranty?
If your client’s spouse is signing the lease, he or she must also complete an application. Similar to when they would apply for an apartment lease, if they file a co-application, both applications will be reviewed. In any circumstance under which there is more than one signatory on a lease, credit problems for any of the applicants could affect the approval decision. In such cases, it is still possible to qualify with only the person having good credit being the signatory on the lease and the other person being solely an occupant. We may decide to put the occupant as a signatory on the Insurent Tenant Participation Agreement wherein both of you will be joint and severally liable.

   


 

My clients are two or three roommates applying for the Insurent Guaranty. Do you look at the combined annual income of all of us or do each of them need to meet the minimum 27.5x the monthly rent level.?
We look at the combined annual income.

   


 

Can my client pay the Insurent® Lease Guaranty fee in installments like car insurance and life insurance?
No, the Guaranty fee is paid in full prior to the execution of the apartment lease.

   


 

My client is self-employed and earnings vary significantly from year to year. Can my client qualify for the Insurent® Lease Guaranty?
Yes. Self-employed persons are eligible to qualify for the Insurent® Lease Guaranty Program. The application review process is the same regardless of the applicant's employment status.

   


 

My client receives a bonus in addition to his base salary. Will the prospective bonus be included in the consideration of the application by Insurent®?
Total income, including guaranteed and expected bonuses, is reviewed. Bonuses may be given different weights, depending on your client's historical receipt of such bonuses, and the certainty of receiving such bonus.

   


 

Can a Non-U.S. resident with no prior credit history in the United States, who is moving to the United States from another country, qualify for an Insurent® Lease Guaranty?
Yes. Non-U.S. residents are eligible to qualify for an Insurent® Lease Guaranty. The application review process is the same regardless of the applicant’s residency status. We also qualify international students with Responsible Parties. A Responsible Party would be a person in your home country (normally a father, mother or relative) who meets either of the following tests: (i) has a minimum annual income of approximately 50x the monthly rent you are seeking or (ii) has cash liquid assets or marketable securities equal to a minimum of approximately 90x the monthly rent that you are seeking. In the event that you are an international student or fall below the minimum 27.5x the monthly rent, please email us at renter-app@insurent.com so we can guide you through the application process.

   


 

Can a relocation specialist apply on behalf of a client?
Only the individual who will be the signatory to a lease, can apply for the Insurent® Lease Guaranty. This is because the information required of the applicant is confidential, as is the interaction between Insurent® and the applicant.

   


 

What are Insurent®'s hours of operation?
Insurent®'s hours of operation are Monday-Friday from 9:30 a.m. to 6:00 p.m. (EST), excluding holidays. Although our office is closed on the weekend and holidays, we still process applications in the evening and on weekends, and issue Qualification Certificates at those times.

   


 

How long does it take to process the application for the Insurent® Lease Guaranty?
Applicants whose online applications are approved will have an Insurent® Qualification Certificate processed and issued to them typically within one hour except for weekends and holidays. The full process from online application to issuance of the Guaranty with typically take 24 hours. Applicants who submit applications by mail, email or fax and are approved will have an Insurent® Qualification Certificate issued to them within two business days. We suggest always doing an online application.

   
   

If my client pays the Guaranty fee and does not receive the apartment, does my client receive a refund?
Yes. Your client receives a full refund in one business day.