FAQS for Landlord | Leap

FAQs

Landlord FAQs

Leap acts as an institutional guarantor backed by an insurance company currently rated A- (Excellent) by A.M. Best. We qualify people who do not meet your building’s income or credit requirements. With a Leap guaranty, more residents will qualify for your properties and you’ll know that your rent roll is secured.

 

We’ll even feature your properties in our direct-to-consumer marketing, and all of this comes at no cost to you. There is no cost to partner with us and we do all the heavy lifting.

 

Click here to sign up as a partner!

We’ll cover up to the full rental amount for the length of the lease. In the event the renter defaults on payment, simply file a claim with Leap and we’ll send you the rent when due each month until the unit is filled or your coverage limit has been met. We’ll even cover a portion of your legal costs in the event of an eviction.

 

The great thing about Agile Rent Guaranty is that you can customize how much coverage you want.

Chasing down parent cosigners, who may live out of state, is never fun. We are your one point-of-contact if things go sideways. Leap’s coverage is backed by an A.M. Best A- (Excellent) rated insurance company. 

Fill out the landlord contact form here and a member of our team will get in touch.

The resident pays for the service. Landlords are the insured and the beneficiary of the landlord policy.

Leap helps prospective residents who do not meet your income or credit requirements. The most common types of applicants are foreign citizens with no US credit, students with no income, young professionals with thin credit files, and self-employed individuals.

We charge a one-time, upfront fee for the guaranty that ranges from 4.5%-8% of the annual rent on a typical 12-month lease.

Yes, since all residents are jointly and severally liable, anyone who signs the lease will need to sign our agreement.

Leap guarantees leases up to 24 months long.

Complete applications are reviewed within 30 minutes. Once all documents are received and reviewed, residents can be ready to sign your lease within the hour.

No. We’ll work with you to fit within your standard procedures.

Your standard, auto-approve deposit.

Start eviction proceedings as you would with any other resident and file a claim with Leap within 60 days of declaring a default. Each month when you do not receive rent, file an additional claim. Once you have repossessed the apartment, you will be paid for all missed rent up to the coverage amount you have chosen for that particular property, or until the unit is re-let, whichever occurs first.

File a claim with Leap each month the unit is vacant and we will make the rent payments until the unit is re-let or the coverage limit has been met, whichever occurs first.

If a resident holds over beyond lease expiration, you are entitled to an additional two months of coverage.

Go to the link here to file a claim. While we encourage you to submit a claim as soon as you know of a loss, claims are accepted up to 60 days after the rent due date. The sooner you inform us of a loss the sooner you will be compensated.

Except in cases of eviction and holdover residents, claims are processed within 5 business days and losses are paid within 10.

We do! We’re backed by an A.M. Best A- (Excellent) rated insurance company. 

No, the lease still governs your relationship with your resident. In fact, our service is in place to protect you and to limit your risk. In the event the resident stops paying, you should follow your standard eviction procedures. Once you have repossessed the apartment, you will be paid for all missed rent up to the coverage amount you have chosen for that particular property, or until the unit is re-let, whichever occurs first.

If you still require a guarantor for a resident upon lease renewal, they will need to re-apply and be re-underwritten by Leap. If approved, the guaranty for the new lease will be offered with a renewal discount.

As many states are beginning to require a monthly payment option as an alternative to a traditional security deposit, LDR can fulfill that need.  Additionally, it makes moving in more affordable for your renter, while you enjoy the full policy benefits.

The LDR policy can be utilized to cover unpaid rent, utilities, legal fees or damages.

LDR allows applicants to pay a small monthly fee, as low as $5/month, as opposed to a traditional security deposit that must be paid upfront.  This reduces that barrier to entry and offers more options to your applicants.

Fill out the landlord contact form here and a member of our team will get in touch.

The resident pays a small monthly fee over the course of their tenancy.

LDR is available for all types of applicants, whether they’re fully approved, conditionally approved or approved with Leap Rent Guaranty.

LDR charges a monthly premium, starting at $5 a month, and it is valid through the resident’s full tenancy.

LDR is valid for the resident’s full tenancy.

Residents are approved immediately upon enrolling.

No. You will still treat the applicant as if they paid a traditional refundable security deposit.

Nothing! With LDR, there’s no need to charge a traditional, refundable security deposit.

Once you’ve regained possession of the home and are ready to complete your move-out paperwork, simply complete our Notice of Loss form located here.

Upon repossession, claims are processed within 5 business days and losses are paid within 10.

We do! We’re backed by an AM Best A- (Excellent) rated insurance company.

Nothing. Your resident continues to pay our monthly fee for the duration of their residency in order to maintain their issued policy.