One of the biggest headaches a landlord has to deal with is eviction. Unfortunately, it’s one of those challenges that seems nearly inevitable as a landlord, especially with the more units you own. Dealing with difficult tenants who may have to eventually be evicted can be a costly and lengthy legal process. When this happens, property owners are typically forced to deal with the financial losses and try to screen more thoroughly the next time around.
What else can a property owner do?
There is an alternative route to take and that is AON Rent Protect, an insurance company that will cover the lost revenue in the event of various tenant-nonpayment of rent such as abandonment, eviction, death, and financial hardship.
Disclaimer: Now, before I continue, it’s important that I note that I have no personal experience with this company nor do I have any financial/personal interest in promoting this company/service. All content contained herein was gathered from their website and from discussions with their representatives. This post is merely for informational purposes and I encourage you to consult with the company directly along with legal and financial advisors before subscribing to such a service.
Now that the disclaimer is out of the way, it can be a very useful service depending on your circumstance. If you’ve had the misfortune of dealing with evictions, you know that it can be a significant drain on money and resources. If you’ve never explored the idea of rent protection, you may find that it is a powerful resource for strengthening your real estate investment.
How does it work?
AON Rent Protect boasts a fairly straightforward format for its insurance services. Here are some of the highlights:
- In event of eviction, they will reimburse 6 months of rental income with a one month deductible.
- Filing claims do not increase insurance premiums
- Legal fees up to $1,000 can be recouped in the event of tenant eviction
- Cost per unit for insurance starts at $250/year.
- In multi-unit properties, you have the ability to insure just a select number of units. Total rental coverage of all units is not required.
- Click here for an example of how the service works.
Find out more:
You should note that there are various conditions to their policies. Read more on their site to see if this service is right for you at www.aonrentprotect.com or call them at 1-888-722-2172.
