Leases must have a 6-24 month term to be eligible for Rental Protection.
In addition, for a lease to qualify for Rental Protection, the lessee(s) must have income of at least two times the monthly rent amount. You may sum the monthly incomes of all renters who sign the lease to meet this criteria.
For example, if rent is $1,500 a month, the total income of all lease signers must be $3,000 per month before taxes (or $36,000 of pre-tax income per year).
If you require more than a 2:1 income-to-rent ratio for your screening process, your lease qualifies for Rental Protection.
To prove income, you must collect income documents through Zillow Rental Manager. How much financial history you gather is at your discretion. You may decide to collect any or all of these documents:
- 2 most recent months of pay stubs
- 3 most recent months of bank statements
- The most recent W-2 or tax return
After you confirm the lessee(s) meet Rental Protection income requirements, you mark the lease eligible as part of your Rental Protection application. This step is important because your claim could be denied if a lease you marked as eligible doesn’t meet income requirements. Neither Zillow Insurance Services nor LeaseLock Insurance Services reviews income documents or verifies renter income eligibility as part of the application process.
Coverage is subject to policy terms, limitations, conditions, and exclusions. Descriptions of coverage are for informational purposes only and do not alter any insurance policy or guarantee any specific price, quote or coverage. For a complete understanding of the coverage available, please review the terms, conditions, definitions, and exclusions of your Rental Protection insurance policy.