LANDLORD'S INSURANCE
The Landlord´s Insurance offered by SEGUROS MUNDIAL has been designed for landlords to mitigate the risks associated with non-compliance of obligations by the tenant. It is also designed to be the best commercial reference for the tenant who decides to take a property for rent.
Seguros Mundial as an specialized insurance company in Rental Insurance is widely recognized in the market for its suitability, complete advice, high level of service and compliance of its coverages seeking the greatest benefit for owners, tenants and agents in the market.
Find out below the coverage and advantages of each of its modalities:
¿What is a landlord' s insurance?: It is a real and effective solution that offers support to the owner and/or lessor of a real estate property against the risks of:
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Non-payment of rent, administration, VAT, and public utilities.
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Payment of attorney's fees to reinstate the property.
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Lack of income derived from non-payment of the property's rent
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Additionally, it includes for housing, coverage for Penalty Clause and Inventory Shortages.
COVERAGES
Failure to pay the lease & administration fees.
Covers non-compliance in the payment of monthly fees as well as their readjustments, duly agreed in the lease contract for up to 36 months once the default has started, renewing the policy each annuity
Non-payment of the administration fee.
Covers the administration fees payable by the lessee, provided that they have been previously agreed upon as additional coverage and have been established on the cover page of the policy, or in a separate annex and/or certificate. The installments must be duly agreed upon in a clear manner in the insured lease contract, establishing a peremptory term for their payment, and provided that the eventual default in the payment of the installments occurs during the term of the policy.
Non-compliance in the payment of public utilities.
This policy covers the unpaid balances owed by the lessee for public utilities pending payment at the time of vacating the leased property, in the amount of twice the monthly rental fee, up to a maximum of $5 million COP. By means of this protection, the amounts owed at the time of vacating the leased property, for reconnection and reinstallation, originated as a consequence of non-payment by the lessee, are also covered.
Home Assistance.
The provision of immediate material assistance to the insured is guaranteed, in the form of economic provision or services, in order to limit and control the damages as a result of a fortuitous event derived from the following coverages, as a whole, in accordance with the terms, conditions and limits set forth in the respective annex: Limit coverage 20 SMLDV :
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Plumbing 20
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Electricity 20
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Locksmith 20
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Windows 20
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Specialized legal assistance by telephone in law 820 of 2003
Limit of events: Protection grants coverage for up to 5 events per annual term of the policy, as a single aggregate limit.
* Only applies to residential properties nationwide.
BENEFITS
Penal Clause protection without additional premium charge.
For the value of one (1) monthly rent, maximum $5,000,000 COP, it covers the payment of the Penalty Clause, generated by the non-payment of the rental fee, subject to the insured value in the cover page of the policy. This coverage shall be indemnified only once during the term of the policy and shall be subject to the delivery and/or restitution of the property object of the lease contract.
Coverage of missing inventory without additional premium charge.
Covers the property´s missing inventories at the time of expiration of the lease contract. These inventoried items shall be understood as the furnishing elements and accessories that make up the property leased, inventoried in writing prepared by THE LANDLORD, at the time of releasing the property to the tenants and subscribing the lease policy.
Note: In order to grant the coverage, the inventory must be available
Co-debtor flexibility.
If the tenant does not have co-signers, he may set up a trust, without the complications of the CDT.
Online forms available.
The most competitive economic conditions.
Premium of 50% of the monthly insured value, including VAT + expedition expenses. No charge for study expenses. No filing of physical documents is required, allowing the procedures to be carried out via email.
Insurer with experience and quality of service.
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Insurance company authorized and supervised by the Financial Superintendence of Colombia, guarantee of support, seriousness and suitability.
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Company rated "AA-" by BRC Investor Services, which indicates that Seguros Mundial's capacity to comply with policies and other contractual obligations is really solid.
Property insurance with national scope.
Coverage for the entire national territory in the Republic of Colombia.
Quality commitment & service experience.
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Response time: The study of the insurance will be up to 1 business day once the information from the lessor for the drafting of the contract is available, scheduling the parties to sign the leasing contract within 8 additional business hours.
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Quality in the expedition: The data verification process prior to issuance allows us to ensure the quality of expedition in the policies.
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Timely Payment of Claims: In general, according to Article 1080 of the Code of Commerce, payment is made within the following month from the date on which the insured has evidenced the occurrence of the claim and the amount of the loss.
COVERAGES
Basic Protection.
It covers the default of rent payments by the lessee during the term of the policy, as well as their readjustments, duly agreed upon in the lease contract
Non-payment of the administration fee.
Covers the administration fees payable by the lessee, provided that they have been previously agreed upon as additional coverage and have been established on the cover page of the policy, or in a separate annex and/or certificate. The installments must be duly agreed upon in a clear manner in the insured lease contract, establishing a peremptory term for their payment, and provided that the eventual default in the payment of the installments occurs during the term of the policy.
Non-compliance in the payment of public utilities.
This policy covers the unpaid balances owed by the lessee for public utilities pending payment at the time of vacating the leased property, in the amount of twice the monthly rental fee, up to a maximum of $5 million COP. By means of this protection, the amounts owed at the time of vacating the leased property, for reconnection and reinstallation, originated as a consequence of non-payment by the lessee, are also covered.
VAT protection
It covers the VAT (Value Added Tax) with respect to the property with commercial destination, through which the insured will be compensated against the breach in the payment of this tax by the lessee during the term of the policy. Up to 36 months once the default has started, renewing the policy each annuity.
BENEFITS
More competitive economic conditions.
Premium of 50% of the monthly insured value, including VAT + expenses of expedition. No charge for study expenses. Does not require filing of documents in physical allowing to do the procedures via email.
Co-debtor flexibility.
If the tenant does not have co-signers, he may set up a trust, without the complications of the CDT.
Online forms available.
Insurer with experience and quality of service.
-
Insurance company authorized and supervised by the Financial Superintendence of Colombia, guarantee of support, seriousness and suitability.
-
Company rated "AA-" by BRC Investor Services, which indicates that Seguros Mundial's capacity to comply with policies and other contractual obligations is really solid.
Property insurance with national scope.
Coverage for the entire national territory in the Republic of Colombia.
Quality commitment & service experience.
-
Response time: The study of the insurance will be up to 1 business day once the information from the lessor for the drafting of the contract is available, scheduling the parties to sign the leasing contract within 8 additional business hours.
-
Quality in the expedition: The data verification process prior to issuance allows us to ensure the quality of expedition in the policies.
-
Timely Payment of Claims: In general, according to Article 1080 of the Code of Commerce, payment is made within the following month from the date on which the insured has evidenced the occurrence of the claim and the amount of the loss.