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Financial Guide to Renting Tenant Participation Agreement Co-Signers and Guarantors

FAQs

 
 

Home > Prospective Renters > FAQs for Prospective Renters

 
What is the Insurent® Lease Guaranty Program?
  Who is the Insurer of the Insurent® Lease Guaranty Program?
  What is 256-bit Secure Socket Layer (SSL) and how does it affect me?
  How much is the guaranty fee under the Insurent® Lease Guaranty?
  Who pays for the Insurent® Lease Guaranty?
  Under what circumstances would I need the Insurent® Lease Guaranty?
  Can the Insurent® Lease Guaranty Program assist me if I am an international or US student?
  What are the requirements for parents being Responsible Parties to Insurent?
  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 me if my income is less than 27.5x the monthly rent?
  Can the Insurent Program help me if I just have significant cash liquid assets or marketable securities?
  Can the Insurent Program help me if I have terrible credit?
  Can the Insurent Program help me if I have no U.S. based credit history?
  What is the benefit of the Insurent® Lease Guaranty Program to me?
  When is the Insurent® Lease Guaranty issued to the Landlord?
  What is the duration of the Insurent® Lease Guaranty?
  Are there any additional fees or charges under the Insurent® Lease Guaranty, other than the guaranty fee?
  Can I use the Insurent® Lease Guaranty for any apartment?
  What do I do if the apartment I choose is not in an Insurent® -certified building?
  Do all landlords in the New York metropolitan area accept the Insurent® Lease Guaranty?
  Can I get pre-approved for the Insurent® Lease Guaranty before I find an apartment?
  Is the Insurent® Lease Guaranty offered for rent-stabilized apartments?
  Do my rights under my lease with a landlord change if I have an Insurent® Lease Guaranty?
  Does the use of the Insurent® Lease Guaranty mean that I cannot be evicted if I stop paying my rent or breach any other provision of the lease?
  What is my maximum liability under the Insurent® Lease Guaranty, in the event that I breach any of my rent obligations?
  What happens if I have a co-tenant or roommate?
  If I have a roommate who will also be signing the lease, do we both have to apply for a lease guaranty, and pay fees?
  If my spouse or roommate has bad credit, but mine is good, will we still qualify for the Insurent® Lease Guaranty?
  I will be applying with my roommate(s) for the Insurent Guaranty. Do you look at the combined annual income of all of us or do we each need to meet the minimum 27.5x the monthly rent level.?
  Can I pay the Insurent® Lease Guaranty fee in installments like car insurance and life insurance?
  I am a non-U.S. resident with no U.S. credit history. Can I still qualify for an Insurent® Lease Guaranty?
  I am a college or professional school graduate with a job acceptance letter. However, I don’t start my job for sixty days. Can I still qualify for an Insurent® Lease Guaranty?
  I am self-employed and my earnings vary significantly from year to year. Can I qualify for the Insurent® Lease Guaranty?
  I expect to receive a bonus in addition to my base salary. Will the prospective bonus be included in the consideration of my application by Insurent® ?
  What are the hours of operation?
  How long does it take to process the application for the Insurent® Lease Guaranty?
  If I pay the guaranty fee and do 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 Residual Value Policy?
The Insurent® Lease Residual Value Policy is 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.

   


 

What is 256-bit Secure Socket Layer (SSL) and how does it affect me?
Insurent Agency Corporation uses 256-bit Secure Socket Layer (SSL), the industry standard for secure Internet communication, to encode your personal information being sent over the Internet. When you enter personal information at Insurent.com, it gets scrambled before it is sent to us. Then, when we receive the information, it is unscrambled. SSL protects your information, making it virtually impossible for someone else to see it while it is being sent over the Internet.

   


 

How much is the Guaranty (residual value) fee under the Insurent® Lease Residual Value Policy?
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 specific fee will depend upon the outcome of a review of your credit and financial condition.  Upon execution of the lease, the lease will be guaranteed under the Insurent® Lease Guaranty Program.The guaranty fee is per lease, not per person.

   


 

Who pays for the Insurent® Lease Guaranty?
The renter pays for the Insurent® Lease Guaranty.

   


 

Under what circumstances would I need the Insurent® Lease Guaranty?
The Insurent® Lease Guaranty Program, where available, may help you when you do not meet the specific 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; relocating 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.

   


 

Can the Insurent® Lease Guaranty Program assist me if I am 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 or a renter whose annual income is less than 27.5x the monthly rent 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.

   


 

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 me if my income is less than 27.5x the monthly rent?
Yes. The Insurent Program can still assist you if you 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 you are seeking. In the event that you are 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 you fall in that circumstance, please email us at renter-app@insurent.com so we can guide you through the application process.

   
 

Can the Insurent Program help me if I 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 you fall in that circumstance, please email us at renter-app@insurent.com so we can guide you through the application process.

   
 

Can the Insurent Program help me if I 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 me if I 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.

   
 

What is the benefit of the Insurent® Lease Guaranty Program to me?
The Insurent Program, where available, will help you to rent your chosen apartment without having to find a co-signer or guarantor acceptable to the landlord and will eliminate the need for significant additional security or prepaid rent to the landlord. Insurent® can speed the approval process and shorten the time needed to obtain an apartment.

   


 

When is the Insurent® Lease Guaranty issued to the Landlord?
The Insurent® Lease Guaranty is issued to the landlord when you have executed the Tenant Participation Agreement and paid the guaranty fee. The landlord will not countersign the lease until the Insurent® Lease Guaranty has been issued to the landlord.

   


 

What is the duration of the Insurent® Lease Guaranty?
The Insurent® Lease Guaranty Policy primarily covers one year leases, or 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 fees or charges under the Insurent® Lease Guaranty, other than the guaranty fee?
No. The Insurent® Lease Guaranty does not require you to pay any additional fees.

   


 

Can I 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 do I do if the apartment I choose is not in an Insurent®-certified building?
If you want to rent an apartment in a building that has not yet been certified by Insurent®, the estimated time for evaluation of a building for certification is 7 to 10 business days. 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 metropolitan 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 on an ongoing basis.

   


 

Can I get pre-approved for the Insurent® Lease Guaranty before I find an apartment?
Sole Applicants: Yes, you can apply for the Insurent® Lease Guaranty and, if you qualify, you will receive an Insurent® Qualification Certificate. You can show the Insurent® Qualification Certificate to brokers and landlords to expedite the lease approval process. There is no additional fee. Once you find your apartment, Insurent® will verify your application data and references before issuing a lease guaranty to the landlord.

Co-applicants: You can apply for the Insurent® Lease Guaranty. If all co-tenants qualify, you will receive an Insurent® Qualification Certificate to speed the lease approval process. Insurent® will verify all the co-tenant’s application data and references before issuing a lease guaranty to the landlord.

   


 

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 not for rent-controlled apartments.

   


 

Do my rights under my lease with a landlord change if I have an Insurent® Lease Guaranty?
No. Your rights and obligations remain exactly the same, including your obligation to pay rent as required by your lease. In fact, you will be subject to legal action for the full recovery of any payments that the insurer makes to the landlord on your behalf.

   


 

Does the use of the Insurent® Lease Guaranty mean that I cannot be evicted if I stop paying my rent or breach any other provision of the lease?
In the event that you stop paying your rent or breach any other provision of the lease, the landlord will still take legal action that includes the commencement of an eviction proceeding against you. In the event that the insurer is required to make any payments to the landlord on your behalf, you will be subject to legal action for the full recovery of any such payments and your credit report will be negatively affected.

   


 

What is my maximum liability under the Insurent® Lease Guaranty, in the event that I breach any of my lease obligations?
You will be liable for any amounts paid on your behalf plus any legal fees incurred to collect those amounts from you.

   


 

What happens if I have a co-tenant or 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 I have a roommate who will also be signing the lease, do we both have to apply for a lease guaranty, and pay fees?
Yes, you will both be individually responsible for payment of the Insurent® Guaranty fee. How you divide the fee payment for the Lease Guaranty between yourselves is at your discretion.

   


 

If my spouse or roommate has bad credit, but mine is good, will we still qualify for the Insurent® Lease Guaranty?
If your spouse or roommate is signing the lease, he or she must also complete an Insurent® application. Similar to when you apply for an apartment lease, if you file such a co-application, both of your 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.

   


 

I will be applying with my roommate(s) for the Insurent Guaranty. Do you look at the combined annual income of all of us or do we each need to meet the minimum 27.5x the monthly rent level.?
We look at the combined annual income.

   


 

Can I 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. Payment must be made by cashier's check or bank check or money order. Cash is also acceptable in selected circumstances.

   


 

I am a non-U.S. resident with no U.S. credit history. Can I still qualify for an Insurent® Lease Guaranty?
Yes. Non-U.S. citizens 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.

   


 

I am a college or professional school graduate with a job acceptance letter. However, I don’t start my job for sixty days. Can I still qualify for an Insurent® Lease Guaranty?
Yes. The job acceptance letter is sufficient verification of your annual income for you to be eligible to qualify for an Insurent® Lease Guaranty.

   


 

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

   


 

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

   


 

What are Insurent®'s hours of operation?
Insurent®'s hours of operation are Monday-Friday from 9:00 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 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. Applicant 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 I pay the guaranty fee and do not receive the apartment , do I receive a refund ?
Yes. You receive a full refund in one business day.