If your renter misses a rent payment, also known as renter default, there are a few things you should be aware of.
If the payment due date is before the 15th of the month and your renter is late paying rent, your premium will be debited from your Stripe account on the 15th of every month.
Even if your premium is successfully debited on the 15th, to preserve a claim for missed rent, there are certain steps you’ll have to take. First, you must make commercially reasonable efforts to collect unpaid rent from the renter or enter into a payment plan with the renter within 30 days following the renter default.
If the renter hasn’t paid the missed rent or hasn’t agreed to a payment plan within that first 30-day period, you’ll also need to make commercially reasonable efforts to repossess the unit.
Check your policy for complete details on what to do if your renter defaults.
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.