Landlords who find a security deposit and one month’s rent aren’t enough to cover the cost of a tenant leaving before their lease is up can now be covered under a new concept in renter’s insurance.
Reichen Kuhl joined Jason Hartman as a guest on a recent episode of the Creating Wealth Show to talk about LeaseLock, a program that guarantees rent payments to landlords when qualifying tenants don’t fulfill their lease agreement.
“The landlords have decided, along with us, that the old way of adding extra security deposits you just have a big pile of money sitting there that will protect you for a month or two, or asking for a resident to go get a cosigner isn’t the answer,” Kuhl said. “And the real answer is make the resident go get insurance on the lease so that if there is a default the landlord is always indemnified and only in that case will they rent to that renter preventing risk.”
Kuhl explained that the insurance will pay for broken lease agreements as well as eviction fees should a landlord need to remove a tenant.
The landlord will do an initial screening and those who they are interested in renting to will be passed on to LeaseLock. The company will then perform a thorough background check.
“Because of the technology we have to look into bank statements, past rental history and also employment and payment history from that employer, we’ll make a decision usually within 24- hours,” Kuhl said. He added that sometimes it’s possible to tell if a tenant will pay rent timely simply by studying their meal habits. While examining bank statements, how often a prospective tenant eats out and how much is spent is often an indicator of their commitment to pay.
There are smaller companies that offer the same type of insurance in a localized area, however, Kuhl said his company offers its service nationwide.
To learn more about tenant insurance, visit the Creating Wealth Show with Jason Hartman and tune into episode #818.
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About Jason Hartman
Jason Hartman is the founder of The American Monetary Association, The Hartman Media Company, Platinum Properties Investor Network and The Jason Hartman Foundation, a resource for young adults to develop financial literacy.
In a successful investing career spanning over two decades, Hartman has been a successful entrepreneur, speaker, author and media personality. His Complete Solution for Real Estate Investors has helped thousands of people achieve their dream of financial freedom with income property investments.
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• An innovator in teaching personal financial literacy and empowerment
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