The rental deposit insurance guarantees the deposit required by the landlord and charges the tenant an annual insurance premium to cover the risk of default. This has the advantage that the tenant does not have to pay the deposit himself and has to block the money for the entire rental period. As security, the landlord receives a deed of surety ship which entitles him to assert claims, such as outstanding rent or damage to the rental object. The amount of the maximum performance sum is limited to the agreed deposit sum.
However, tenants must also be aware that this is not a classical insurance cover, whereby the insurance covers the damage in full and no cost sharing on the part of the policyholder is necessary. This means that any payments made by the rental deposit insurance to the landlord are reclaimed from the tenant.
Advantages for tenants
- Apartments that were previously out of the question because of the high depot are now in the realm of possibility.
- If reserves are available, they can be used elsewhere
- The long waiting time for the blocked money is no longer necessary after moving house.
- Can be cancelled at any time when the apartment is handed over or when the landlord is subsequently paid a rent deposit.
Advantages for landlords
- Easier handling of tenant securities
- No need to open or manage bank accounts
- Same legal basis and security as the rental deposit account
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