How to rent my flat safely

How to rent my flat safely? Taking out a policy may involve an expense, but the peace of mind that comes with it is priceless.

How to rent my flat safely? 6 out of 10 landlords take out a payment guarantee and 70% renew it. Taking out a policy may involve an expense, but the peace of mind it brings is priceless.

I'm afraid to rent my house", "I'd love to rent my house but I don't dare", "I'd love to rent my house but I don't dare".are phrases that resonate in the collective mind of landlords who give up their landlords. rent your home for fear of the infamous consequences: not receiving the monthly rent from the tenant; having to repair any damage you may find in the property at the end of the rental contract; or the tenant leaving the property earlier than signed. How can I rent my flat safely? It is logical to feel defenceless, but there are resources to avoid these scenarios: rental insurance.

We must differentiate the needs of the parties involved (lessor and lessee) separately.

Landlord's peace of mind

This confidence is offered by the rent collection insurance, which consists of the guarantee of being able to collect the monthly payments in the event of non-payment by the tenant. This provides total peace of mind when renting your property because you can also include legal advice (to defend your rights, if you need it) and also include coverage for damage due to vandalism, locksmith's expenses, etc.

So how do I rent my flat safely? The saying goes that "prevention is better than cure", and that is why At Monapart we are very aware of the importance of choosing the right tenant.The owner must be in constant contact with the landlord to inform him at all times of the candidates, carry out a solvency and viability study of the candidates to find out if they are really in a position to pay the monthly rental payments.

But despite our work and dedication to ensure that this does not happen, it can happen that a tenant betrays our trust and stops paying instalments. This is why more and more landlords are opting to take out renter's insurance policies, but...

What does renter's insurance really cover?

The payment of unpaid rent up to a maximum of 12 months (even unpaid bills can be advanced), but for this to happen, the non-payment must be reported at the time it occurs so that the insurance company can file the eviction claim. After that, there are 3 months to complete the claim, because after 45 days of non-payment, if no claim has been made, the right to advance the unpaid instalments is lost and it would be necessary to wait for the final eviction judgement.

Legal defence can be contracted for any disputes arising from the rental, should they arise.

Coverage is also provided for property damage, malicious damage and theft.

What is the cost of renter's insurance?

The cost is between 3% and 5% of annual rent.
For example: on an income of €700/month, this is €8,400 per year, so 3% = €252.

A fact that supports this: 6 out of 10 homeowners take out a payment guarantee and 70% renews it (source: OESA: Observatorio Español del Seguro de Alquiler (Spanish Rental Insurance Observatory)).

In view of this, isn't it not so incompatible to rent your home and live in peace? Little by little you can see the benefits of renting your flat safely.

The tenant's peace of mind

Similarly, when we move into what is to be our home but is owned by someone else, we also need to feel secureTo have the guarantee that, if something goes wrong, our needs will be covered. A civil liability insurance policy will cover the tenant for any damage or harm that may occur, it will protect the initial deposit provided and that the cover contracted will cover any damage caused by third parties.

Why take out liability insurance if you already have home insurance?

How do I rent my flat safely? This is the million dollar question for many tenants. With home insurance we would only have the famous building covered (everything related to the home itself as a structure: installations, pipes, roof, walls... it covers the damage that may occur in the building) and the contents (that is, all personal belongings, furniture, household appliances, including the owner's garage or storage room, if any).

I am sure that it would also be very useful for the tenant to take out insurance to cover the contents of their personal belongings that may be of great value, such as their computer, watch, mobile phones, books, camera, etc. In short, to guarantee their belongings, adapting the insurance to the capital of the contents we wish to protect.

But in addition to personal contents, liability insurance with other coverages (damage) is necessary to be fully covered.

6 out of 10 landlords take out a payment guarantee and 70% renew it according to OESA (Observatorio Español del Seguro de Alquiler).

What is liability insurance?

Liability insurance serves to protect you if you cause damage to third parties, if they make a claim and you have to bear the costs of the claim. By taking out these policies, the cost of damages caused to third parties is passed on to the insurance company, damages that are often very serious and therefore the costs of compensating them are very high and financially unaffordable for the tenant. That is why it is vital, on occasions, to have taken out civil liability insurance to cover possible compensation and avoid causing serious financial problems.

What should an insurance or liability policy cover?

The payment of compensation for bodily, material or patrimonial damage caused to third parties that could be the fault of the insured person or of the persons for whom he is responsible, derived from his actions, as well as the claims that could be made against the insured person and his family (those persons and animals that live in the family home and are economically dependent on the insured person) for personal and material damage caused to third parties. It also covers the expenses of defence and civil and criminal bonds derived from the claims.

Although at first the payment of the premium for this type of insurance may suppose an extra cost and perhaps we do not see it as important, everything changes when we are involved in an accident that affects third parties. At that moment, and depending on the seriousness of the accident, we can be greatly affected, even endangering our assets. Having the necessary insurance will relieve us of this problem.

Taking out a policy may involve an expense, but the peace of mind it brings is priceless. It is the best way to rent your flat safely.