If your renter misses a rent payment, also known as renter default, a few things will happen.
First, if rental income is more than 5 days overdue, a direct debit will be made to your Stripe account to pay the Rental Protection premium and any applicable taxes and fees.
Second, within 30 days following the renter's default, you must make commercially reasonable efforts to collect unpaid rent from the renter or enter into a payment plan with the renter.
Third, you’ll need to make commercially reasonable efforts to repossess the unit if the renter hasn’t paid the missed rent or hasn’t agreed to a payment plan within that first 30-day period.
Following repossession of the unit, you’ll need to notify the insurer by canceling your policy through the Rental Protection policy details screen in Zillow Rental Manager. You’ll also need to make commercially reasonable efforts to collect amounts due for the repair of any physical damage from the renter and to mitigate additional losses, which include re-renting the unit.
Rental Protection is lease insurance for landlords offered through Zillow Insurance Services, LLC (“ZIS”), a licensed insurance producer (AZ license no. 3001395092, CO license no. 721581, and NC license no. 3001614207). ZIS will refer landlords that express an interest in Rental Protection to LeaseLock Insurance Services, Inc. (“LeaseLock”), a licensed third party agent and surplus lines broker, to consider securing for their benefit such coverage, if available. Rental Protection is sold and administered by LeaseLock on behalf of one or more insurance companies. Requested Rental Protection coverage may not be available in the admitted market in your state. Such insurance companies may not be subject to your state’s insurance regulations and protections. Rental Protection may not be protected under your state’s guaranty act with respect to any right of recovery for the obligation of an insolvent insurer. Availability of Rental Protection may be subject to surplus lines exportability in your state.
ZIS may receive a fee or commission in connection with the sale of Rental Protection, but is not appointed to act on behalf of any insurance company. Rental Protection is not available in all states. If you would like information about other insurance coverage options, you should consult another insurance producer.
Zillow, Inc. provides the technology which powers the Zillow Rental Manager platform. Zillow Inc. does not receive compensation for the advertisement or sale of Rental Protection.