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January 15, 2023
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Rental insurance: this is how they work and the prices they have

Rental insurance: this is how they work and the prices they have

While some people seek to purchase a extra income renting your propertyOthers wish they had never done it.

The conflictsthe debts and property damage are some of the reasons people decide to rent their property through real estate, platforms, and acquire rental insurance, getting rid of headaches.

(See: The alternatives you have so that your rent does not go up so much).

Opting for rental insurance can be a good option so that tenants do not have problems with their tenants and get rid of the additional expenses that may appear.

According to the website of segurosbolivar.coma policy for rent aims to “pay the landlord the monthly rental fee, in the event that their tenants stop doing so”.

But that’s not all: insurance has specific characteristics depending on the insurer that offers it and the type of plan purchased.

(See: Rents in Colombia: this will be the increase for 2023).

What does rental insurance cover?

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In the case of Bolivar Insurance, The policy covers different aspects depending on the option that choose the person of the two modalities offered the companythese are:

1. Basic protection: This first option includes three main aspects:

– Rental fee: monthly and timely payment rental fee when tenants fail to comply with their obligations.

– Administration fees: monthly payment of the administration fee when the tenants omit this responsibility.

– VAT tax.: this benefit applies to premises or real estate under the figure of a lease with a commercial destination, they will have coverage for this concept, as a additional value to the monthly rental fee.

(See: Rents in Colombia: what is true and false about the increase for 2023).

2. Comprehensive protection: This second option presented by the insurance carrier The basic protection counts, however, it has other additional benefits which are:

– Residential public services: payment of the public services household that are pending when the tenants vacate the property, such as: telephone, aqueduct and sewerage, light and gas.

– Property damage: physical damage caused by the lessee to the premises, items of endowment and accessories that are an integral part of the property.

– Missing initial delivery inventory:
replacement of the implements included in the inventory of your property, in case of loss to the end the contract.

Taking this into account, whatcuhow much can it cost insurance on these?

(See: Products and services that will rise in price in this 2023).

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According to a research article published by the Catholic University of Colombia and titled ‘Rental insurance in Colombia: definition, scope and expectations’, a rental policy costs on average the 50% of a fee lease.

For example, if the value of the rental fee is $1,000,000, the policy for coverage a year costs approximately $500,000.

In the case of horizontal property properties: If you want to insure the value of the group’s administration fee, you just have to add this amount to the worth of the rental fee. 50% of that total will be the new annual renter’s insurance cost.

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