What you'll learn in this article:
- What happens to my Rental Protection policy at the end of my lease term?
- Can I cancel Rental Protection at any time?
- How do I renew coverage if I renew my renter’s lease or the lease goes month-to-month?
- How is my Rental Protection coverage affected if another renter is added to the lease after it’s signed?
- What happens if I re-rent the unit at a lower amount?
- If my renter moves out early, what is a reasonable timeline to relist my unit for rent?
What happens to my Rental Protection policy at the end of my lease term?
The policy and coverage period expire at the end of the lease term. You must file a claim within 120 days after the coverage period ends, which may happen before the end of the lease term. See more about the end of the coverage period
There is no guarantee that the insurer will renew coverage after the end of the lease term. If the insurer does offer to renew coverage, it might be subject to different terms and pricing.
Can I cancel Rental Protection at any time?
Yes, you can cancel coverage at any time. If you cancel Rental Protection, the coverage period will continue until the end of the month for any month in which the premium has been paid. Any premium paid during the coverage period is fully earned and non-refundable. Premium may be refundable if it is paid for any month after cancellation.
After the coverage period ends, you must file a claim within 120 days.
How do I renew coverage if I renew my renter’s lease or the lease goes month-to-month?
You can request a new policy that, if issued, will cover the new term. The insurer may decline to offer renewal insurance coverage, or may change terms and conditions (including renter qualifications) or monthly premium amounts. There is no guarantee that the insurer will agree to renew coverage at the end of the lease term if there are holdover or month-to-month renters, or if the lease is extended or renewed.
How is my Rental Protection coverage affected if another renter is added to the lease after it’s signed?
A new renter may be added to the lease after it’s signed if the new renter meets the landlord’s minimum screening criteria and the renter(s) who signed the original lease remain as primary occupant(s) of the unit. However, coverage will end if the unit is sub-leased or assigned to a new renter, or if the terms of the lease materially change as a result of a new renter being added. Examples of material changes include, but are not limited to, changes to lease term, rent amount or security deposit. See more about the end of the coverage period.
If the renter(s) who signed the original lease are not remaining, you may cancel your current coverage and submit a new request for Rental Protection coverage for a new fixed term lease with all new renters.
What happens if I re-rent the unit at a lower amount?
Coverage for unpaid rent under the initial lease does not apply after the unit has been re-let or re-rented.
If my renter moves out early, what is a reasonable timeline to relist my unit for rent?
After your renter vacates the unit and you repossess it, you’re required to make a commercially reasonable effort to rent it. The policy requires you to undertake these efforts in good faith, with reasonable diligence, and in a manner consistent with your usual and customary practices.
General Disclaimer
Coverage is subject to policy terms, limitations, conditions, and exclusions. Descriptions of coverage are for informational purposes only and do not alter any insurance policy or guarantee any specific price, quote or coverage. For a complete understanding of the coverage available, please review the terms, conditions, definitions, and exclusions of your Rental Protection insurance policy.