What is Rent Coverage and what are my payment responsibilities?

Rent Coverage is an insurance policy provided by TheGuarantors, with landlords as beneficiaries, that you purchase to qualify for leasing an apartment. This coverage reimburses landlords for missed rent or apartment damage, but it does not cover your monthly rent payments; you remain responsible for these. If you default and TheGuarantors pays on your behalf, you must repay those amounts to TheGuarantors. Your non-refundable payment to TheGuarantors is a premium for this coverage, ensuring you can secure the apartment you want. This fee is not a security deposit but can be used alongside one or with our Deposit Coverage product.