{"id":102669,"date":"2020-03-20T14:50:53","date_gmt":"2020-03-20T13:50:53","guid":{"rendered":"https:\/\/www.shbarcelona.com\/blog\/en\/?p=102669"},"modified":"2020-03-23T16:22:56","modified_gmt":"2020-03-23T15:22:56","slug":"rent-protection-insurance","status":"publish","type":"post","link":"https:\/\/www.shbarcelona.com\/blog\/en\/rent-protection-insurance\/","title":{"rendered":"What is Rent Protection Insurance?"},"content":{"rendered":"<p style=\"text-align: justify;\">Rent protection insurance \u2013 or rent guarantee insurance \u2013 is a type of home and commercial property insurance that has become essential for property owners. Would you like to learn more on this type of insurance and what it actually covers? Today\u2019s article by <a href=\"https:\/\/www.shbarcelona.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>ShBarcelona<\/strong><\/a> will tell you more about it.<\/p>\n<p style=\"text-align: center;\"><em>Related article:\u00a0<a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/renovate-maximize-rental-income-barcelona\/\">Renovate Your Apartment to Maximize Rental Income<\/a><\/em><\/p>\n<h2 style=\"text-align: justify;\">What is rent protection insurance?<\/h2>\n<div id=\"attachment_102675\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-102675\" class=\"size-full wp-image-102675\" src=\"https:\/\/www.shbarcelona.com\/blog\/en\/wp-content\/uploads\/2020\/03\/insurance-539659_640.jpg\" alt=\"paper with works on house\" width=\"640\" height=\"426\" \/><p id=\"caption-attachment-102675\" class=\"wp-caption-text\"><em>Photo by stevepb via Pixabay<\/em><\/p><\/div>\n<p style=\"text-align: justify;\">This type of <a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/advantages-landlord-insurance\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>insurance<\/strong><\/a> provides exactly the kind of <strong>security property owners need<\/strong>\u00a0when it comes to <strong>collecting rent<\/strong>. But insurances, as we all know, cover different things, and the type of insurance in the end depends on the needs of the landlord and his or her tenant. So whether you should opt for an insurance with more, or less, coverage, depends totally on your personal situation.<\/p>\n<p style=\"text-align: justify;\">There are several types of <a href=\"https:\/\/www.shbarcelona.com\/barcelona-rent\" target=\"_blank\" rel=\"noopener noreferrer nofollow\" class=\"broken_link\"><strong>rent<\/strong> <\/a>protection insurance, and these are basically divided into two:<\/p>\n<ul style=\"text-align: justify;\">\n<li>The <strong>basic or standard rental protection insurance<\/strong>, which means the landlord will receive his monthly instalments when the tenant is not paying. You can also make use of the insurance company\u2019s legal assistance to officially require the tenant to pay.<\/li>\n<li><strong>Clauses for the non-payment of rent in your general home insurance<\/strong>. Although you are entitled to practically the same services, such as legal assistance and financial coverage for rent that hasn\u2019t been paid, it is usually less extensive and the amount covered will be less.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">As already mentioned, an insurance for non-paying tenants offers different types of coverage. It is important to be aware of this, in order for you to decide what insurance suits you best:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Legal defence<\/strong> to assist with any <a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/requirements-landlords-renters\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>rental contract<\/strong><\/a> disagreements. This insurance covers the expenses caused by claims, legal advice, trial, etc. Most of these insurances have a minimum amount that must be met before paying out. This is usually 300 euros. This means that if the amount is lower, the insurance company will not proceed with a judicial claim.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><em>Related article:\u00a0<a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/rent-out-flat\/\">Owners: 6 tips to safely rent out your flat<\/a><\/em><\/p>\n<div id=\"attachment_102672\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-102672\" class=\"size-full wp-image-102672\" src=\"https:\/\/www.shbarcelona.com\/blog\/en\/wp-content\/uploads\/2020\/03\/savings-2789112_640.jpg\" alt=\"calculator and coins on documents\" width=\"640\" height=\"426\" \/><p id=\"caption-attachment-102672\" class=\"wp-caption-text\"><em>Photo by stevepb via Pixabay<\/em><\/p><\/div>\n<ul style=\"text-align: justify;\">\n<li>Sometimes other types of defence are included, either against the <strong>Insurance Compensation Consortium<\/strong> (where the insured was covered), or against another private insurance company.<\/li>\n<li>Claims for damages to a <strong>property<\/strong>. With this type of coverage you can claim for damages that have been caused in the home itself and on the property, provided damages are not related to the breach of a contractual relationship.<\/li>\n<li>Claims for the <strong>repair and maintenance<\/strong> of installations and systems. The insurance will cover claims if the landlord has a repair and maintenance contract specifically for having rented out the property.<\/li>\n<li><strong>Legal assistance<\/strong> (by telephone).<\/li>\n<li><strong>Unpaid rent<\/strong>, the most important coverage for this type of insurance. When a tenant stops paying <a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/best-locations-rent-barcelona\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>rent<\/strong><\/a>, the policy covers for the unpaid amounts. Every insurance, however, has a series of limits. It is important to know these boundaries to avoid any unexpected surprises.<\/li>\n<li>Other types of claims and defence in relation with the property\u2019s community or its neighbours.<\/li>\n<li>Acts of vandalism in the property. The insurance company also guarantees coverage for theft from or vandalism inside the property caused by the tenant. If this is the case, it is normal for an insurance company to guarantee only a maximum amount.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">In conclusion, the expenses mentioned below are included in the insurance\u2019s legal defence in case rent is not being paid:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Expenses for experts and lawyers<\/li>\n<li>Bail bonds in criminal trials<\/li>\n<li>Court fees and other procedure related costs<\/li>\n<li><a href=\"https:\/\/www.shbarcelona.com\/blog\/en\/notaries-barcelona\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Notary<\/strong><\/a> expenses<\/li>\n<li>Attorney fees, within limits set by the insurance<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Is there something else you would like to know about rent protection insurance?<\/strong><\/p>\n<div class=\"su-box su-box-style-soft\" id=\"\" style=\"border-color:#6d0000;border-radius:0px\"><div class=\"su-box-title\" 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Would you like to learn more on this type of insurance and what it actually covers? Today\u2019s article by ShBarcelona will tell you more about it. Related article:\u00a0Renovate Your Apartment [&hellip;]<\/p>\n","protected":false},"author":143,"featured_media":102674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4494],"tags":[9483,9551,9550],"_links":{"self":[{"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/posts\/102669"}],"collection":[{"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/users\/143"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/comments?post=102669"}],"version-history":[{"count":7,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/posts\/102669\/revisions"}],"predecessor-version":[{"id":107381,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/posts\/102669\/revisions\/107381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/media\/102674"}],"wp:attachment":[{"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/media?parent=102669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/categories?post=102669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shbarcelona.com\/blog\/en\/wp-json\/wp\/v2\/tags?post=102669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}