Renter SafetyNet is an insurance policy that pays you rent in the case of one of your tenants becoming unemployed or disabled. The tenant does not need to miss a rent payment before filing a claim.
It Pays What’s Called A “Lump Sum Benefit” — a single cash amount paid directly to you. The specific amount paid will depend on the actual rent of the unit.
Within a policy year, SafetyNet™ will pay out up to one lump sum benefit for disability and one lump sum benefit for job loss per year per Renter and no more than 6 lump sum benefits over a Renter’s lifetime.
You Pay A Premium (Payment) Each Month For This Coverage.
Job* Loss due to layoff, business closing, job elimination, or other employer-initiated separation not specifically excluded
*The job which is lost by the Renter or which the Renter is unable to perform due to disability must be a job which the Renter was actively at work for at least 20 hours a week for someone other than himself or herself when the job loss or disability occurred.
Disability due to illness or injury that prevents you from working at your job for more than 30 days
A Job Loss The Renter Was Told About before the coverage was purchased or if the Renter were to quit, retire or was fired
A Disability That Starts Within The First 6 Months Of Coverage if caused by a condition that the Renter was treated for within the 6 months before the coverage was purchased
Normal Routine Downtime for seasonal and other jobs (like construction)
Disability Due To Normal Pregnancy, alcohol or drug use, or elective surgery
Job Loss Or Disability That Occurs in the first 30 days of coverage
Job Loss Or Disability Due To Acts Of War or nuclear or natural disasters
No, not as long as you continue to make payments.
Renter SafetyNet™ Is Issued For A One-Year Term And Is Non-Renewable. After one year, we will contact you to discuss the re-purchase options you may have at that time.
You May Choose to end your policy at any time.
The Policy Will End If the required payment (premium) is not paid.
Simple, affordable, no-nonsense insurance: you receive a cash payout
to cover rent, if a tenant unexpectedly loses a job or can't work.
Pricing as Low As
Per Unit/Per Month*
*$5 per Month pricing based on An average unit rent of $500 per month with no vacancies. Premium amounts depend on rental prices and vacancies.
OakRidge Apartments has 100 units with 90 currently rented. OakRidge pays a monthly insurance premium based on 90% occupancy.
Unexpectedly two of OakRidge's tenants lose their jobs due to no fault of their own. Both tenants immediately tell the property manager. Luckily, OakRidge has Renter's SafetyNet so both tenants' rent is covered for the period stated in the policy!
The claim process is simple. When your Tenant notifies you of job loss or disability, You submit a claim to us. We then follow up directly with the Tenant for further documentation. Once the claim is approved a payment is sent directly to You. Approved claims are mailed within two business days.
"Most Americans are living paycheck to paycheck and 44% said they do not have enough cash on hand to pay a $400 emergency expense." Don't put your income at risk when your tenant loses theirs.
SOURCE: Board of Governors of the Federal Reserve System, Report on the Economic Well-Being of U.S. Households in 2015, 2016
“The 2017 national Housing Wage is $21.21 per hour for a two-bedroom rental home, or more than 2.9 times higher than the federal minimum wage of $7.25 per hour.”
Source: National Housing Coalition, Report on The High Costs of Housing, 2017