oobainsure, the insurance arm of bond originator ooba, has announced the launch of Rent Protector, a new product that will offer tangible financial benefits to tenants, landlords and agents.
This is according to oobainsure’s national sales manager, Alex Bartels, who says oobainsure’s ability to insure landlords against missed rental payments means they don’t have to demand a deposit to cover against potential losses.
Bartels says Rent Protector offers cover for up to three months’ rental should a tenant abscond or remain in unlawful occupation, and up to R50,000 in legal fees associated with eviction, with Rent Protector managing the process on your behalf.
No deposit required
“This ‘Zero Deposit’ option for tenants who do not always have the ability to pay one or two months’ rent upfront to secure a lease results in reduced financial risk for all parties involved,” says Bartels, noting that extra cover includes unpaid utility accounts and damages that occur during tenancy. The product is fully compliant with the Consumer Protection Act and is available to all tenants who pass the vetting process and sign a minimum of a 12 month lease.
Bartels says agents will also benefit from Rent Protector because of ooba’s extensive and comprehensive vetting system for all prospective tenants.
“Agents will no longer be required to manage trust accounts or handle the onerous eviction process. These are all handled by Rent Protector at no cost to the agent. In addition, the agent’s rental commission is guaranteed during a claim for up to three months,” she says.
Agents and landlords simply need to register online and upload their rental property details on the ooba website to apply for Rent Protector.
It will, through a comprehensive vetting process and grading of a potential tenant, allow landlords and agents to make an informed decision about the most suited occupant. The Rent Protector policy offers full cover from day one of the lease, says Bartels.