Putting a property for rent always entails a series of risks that the owners must assume, although there is the possibility of using certain mechanisms and tools to minimize them to a great extent. Beyond the logical and understandable deterioration that properties suffer with use and the passage of time, the greatest fears of most landlords refer to damage caused, intentionally or accidentally, by tenants.
Currently there are certain legal mechanisms that are very useful when it comes to insuring a property against possible damage caused by tenants, such as collecting a deposit and taking out insurance.
According to the Urban Leasing Law, the deposit is mandatory and cannot exceed one month of the rental income, and can reach two if it is a property intended for a purpose other than housing. It is a way to ensure some peace of mind in the event of damage to the home, but there is another tool for homeowners to remain even more at ease: the deposit.
The deposit is an extra and differentiated amount from the deposit, which must be agreed between both parties and in no case can it exceed two months’ rent. It is important that it appears in the contract and, although it is not mandatory to do so, it is legal for the owner to require it. This amount is returned at the end of the contract if everything is correct, serving as a kind of extra deposit in the event of damage to the home.
Despite the fact that its contracting is not at all mandatory according to current regulations, taking out renters insurance is a guarantee of peace of mind for both parties involved. In reality, this type of insurance does not differ excessively from home insurance to use, always taking into account that the type of policy that is contracted will mark the coverage in each case.
But renters insurance goes beyond protecting the building and the contents of the home, and it is that, as a general rule, they offer a series of complementary services, such as legal defense in case of breach of contract, which also benefits both parties. .
On the other hand, there is also non-payment of rent insurance, which covers possible delays in payment by tenants, among other advantages for owners. This type of insurance is also not mandatory, but it offers extra peace of mind to the renter. Normally it is usually paid by the owner, although in some cases the tenant takes over, prior agreement between both parties and always reflected in the corresponding rental contract.
Non-payment insurance, in addition to covering the non-payment of the number of installments specified in the policy, is also very useful in situations in which the owner cannot take charge of the direct management of the rental, either due to the impossibility, or due to residing abroad. of the locality Some insurance companies that already offer this type of policy have added an extra advance service for a certain number of monthly payments, a way for owners to have liquidity if they need it.
