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What is the Insurent®
Lease Guaranty Program?
The Insurent®
Lease Guaranty Program was established to be the first and leading 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.
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Who is the Insurer
of the Insurent® Lease Residual Value Policy?
The Insurent® Lease Residual Value Policy is underwritten and issued by CastlePoint Insurance Company, a property and casualty insurance company licensed in New York and other states. CastlePoint Insurance Company is rated A- (excellent) by A.M. Best, and is located at 120 Broadway, 30th Floor, New York, NY 10271-3099.
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What is 128-bit Secure Socket Layer (SSL) and how does it affect me?
Insurent Agency Corporation uses 128-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. The use of SSL requires that you have an SSL-compatible browser. 128-bit Secure Socket Layer (SSL) is supported on the following browsers: (1) Internet Explorer 5.0 and later; and (2) Netscape Communicator 6.1.2 and later. |
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How much is the residual value
fee under the Insurent® Lease Residual Value Policy?
If you are approved, the one-time residual value fee (guaranty fee) will range from 4.75 percent to 11 percent of the annual rent. On average, the fee for U.S. parties will approximate 75% 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. Your specific fee will depend upon the outcome of a review of your credit and financial condition, and your previous rental history. Upon execution of the lease, the lease will be covered under the Insurent® Lease Guaranty Program. |
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Who pays for the Insurent®
Lease Guaranty?
The renter pays for the Insurent®
Lease Guaranty.
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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; creditworthy, employed, non-U.S. residents; self-employed persons; relocating persons; and retired, creditworthy individuals. 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. |
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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.
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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, paid the guaranty fee, and executed the lease agreement. |
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What is the duration
of the Insurent® Lease Guaranty?
The Insurent® Lease Guaranty Policy primarily covers one year leases. Additional lease terms of one year plus a partial month are covered provided that the prorated monthly rent for the partial month is collected with the first month's rent at the inception of the lease. 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. |
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Are there any additional
fees or charges under the Insurent®
Lease Guaranty, other than the residual value
fee?
No. The Insurent®
Lease Guaranty does not require you to
pay any additional fees.
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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.
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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.
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Do all landlords in
the New York metropolitan area accept the Insurent®
Lease Guaranty?
A number of landlords presently accept the Insurent® Lease Guaranty. New landlords and their respective buildings are being added on an ongoing basis.
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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. |
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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.
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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.
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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.
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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.
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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. |
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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 residual value fee (guaranty fee). How you divide the fee payment between
yourselves is at your discretion.
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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.
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Can I pay the Insurent®
Lease Guaranty fee in installments like car insurance
and life insurance?
No. The residual value fee (guaranty fee) is paid in full
at or prior to the execution of the apartment lease. Payment must be made by cashier's check or bank check.
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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.
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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.
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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.
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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.
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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 24 hours except for weekends and holidays. 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.
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