Sacramento Business Daily

I am considering renting out my property,are they any insurance policy i can get that guarantees income?

Would just like peace of mind that if i cant get a tenant or if he/she misses a payment i will still get the income.

Public Comments

1. You will not find any "vacancy insurance."
2. Yes, there is rental income insurance, but it is normally expensive and you cost more than you loose when the apt. is empty.
3. Nope. You need to count on at least one month a year with no rent. But, you can not insure people who the insurance company has no control over. Check their credit histories, people that screw their creditors will screw you too. Also, talk to at least the last two landlords, as many do nto formally evict losers.
4. It will be hard and expensive to insure against vacancy - however most reputable letting agents will offer independent payment guarantee, whereby when they have agreed a 12 month lease for arguments sake, they will guarantee to pay you on say the 16th of every month - if they have a problem collecting the rent from the tenant they will still honour your payment/s and it is then their problem to pursue the tenant. Finally - the letting market is currently very bouyant, certainly from where I'm standing - I own over 150 rental properties and not 1 has been empty for more than 2 weeks in the last 4 years - as long as you are priced competitively you will rent it.
5. Common situation you met like many other people,be patient,and check the resource here http://www.insuranceidea.info/free-insurance.htm i found useful.