Argentinian ICMIF member San Cristóbal Seguros has launched a new type of insurance cover for tenants and property owners. The new Guaranteed Rental product offers guaranteed rental income for landlords and property owners on behalf of the people who want to rent a property but who do not have the guarantees normally required by real estate agencies and/or the property owner.
"We are expanding our product portfolio and seeking to provide specific solutions for the real estate sector. This policy is easy to take out for the tenant, and for the owner it represents extra peace of mind," explains Germán Godoy, Product Manager, San Cristóbal Seguros.
In addition to providing the guarantee deposit required by the owner or the real estate agency, this new product covers unpaid rent and fines for delays in payment of rent. It also covers common expenses such as real estate taxes and fees, and fixing or reconnecting services such as electricity, gas and water services if necessary.
In this way, the new guaranteed rental insurance cover benefits all parties involved: the real estate agency, the owner and the tenant.
To be able to provide this cover, San Cristóbal carries out a rigorous analysis of the insurability profile of each tenant and their guarantor which removes the need for a number of people acting as additional guarantors.
Based on the specific income of the future tenant and provided they have one guarantor, a guarantee policy as regulated by the Superintendence of Insurance of the Nation is provided to the real estate agency for the rental to then go ahead.