Nationwide Rentsure - Anyone use them?

Question

Hello, friends.  I am curious to know if anyone here uses Nationwide Rentsure (https://www.nationwiderentsure.com/).  I happened to find them randomly browsing around the internet.  They seem to fill a niche I've been needing to be filled for some time now.  They cover the loss of rents based on malicious tenant damage and also handle evictions.  Typical property insurance doesn't touch this area of landlording, and I feel like this is a solid deal.  Anyone had experience working with this company or similar ones?

Shaun Patterson · Answer

It does sound interesting, has anyone actually had a claim paid out?

Ben Leybovich · Answer

The benefit is not the insurance in and of itself, Bill. The benefit is that an insurance premium like this can alleviate the need for collection of sec deposits.  I don't know this company, but the concept makes sense...

Account Closed · Answer

Thanks @Brian Compton .  Very helpful.  Do they provide policy documents like a typical insurance carrier does?  Are these policies underwritten by any reputable firm like Lloyds of London, ASI, or some other company?  Or does RentSure maintain the pool of funds themselves?  How is the customer service?  Is there an account manager you can talk to over the phone if needed?

Account Closed · Answer

That means nothing to me Account Closed .  You don't have a profile photo.  Does that mean you're not legit?  Cmon dude....businesses leave off their addresses all the time for many reasons.  They are registered as a Colorado business on the secretary of state's website however - some dude in Canada owns the company.  Is there anyone else here that can provide more substance on them?  Does anyone use them for their rentals?

Jeff Rightmyer · Answer

Yes I know of Nationwide RentSure and have my own membership with this company. They are legit … they will do the eviction and keep paying me rent for up to 11 months or until they get the tenant out.

I signed up for this because it is far better then me losing the rental income on the property which I will never recover.. My membership only cost my $530 per property. The way I figure it even if I pay for another six or 7 years the numbers will pencil out when I have an eviction.

I know the company well and have had this product on all rental properties.

I am pretty sure someone from the company is on BP.

As a landlord I would not operate without this. The numbers don’t make sense. I know there have been other companies that have tried to offer this product in the past but in my experience this is the only one that has survived . I believe they offer it in all 50 states but not 100% positive. I only own properties in two different states.

Brian Compton · Answer

Hi guys, I've talked with Nationwide RentSure and purchased a few of their memberships for turnkey rental properties I've sold in Indianapolis, IN and Charlotte, NC.

Basically the way I understand it works that if the tenant stops paying rent then they will keep paying the landlord rent until they have the tenant evicted. I purchased it so the investor I sold the property to would not be at risk losing money on their rental in the first year they owned the property if the tenant defaulted.

Hope that helps!

Michael Ohara · Answer

Account Closed did you ever move forward with this company?

Regards.

Ben Leybovich · Answer

That's the most interesting dynamic for me. In a lot of markets (I would say nation-wide) the rents have outpaced income. That said, an ability not to charge large sec. deposits is potentially competitive advantage. I can even think of a way to immediately add to the NOI using this tool.

Look me up, Sky. Let's connect.

Sky Mikesell · Answer

Account Closed brings up one of our focus' for messaging which is Why take security deposits...but that is a topic for another thread.  Let me just briefly answer your questions... Nationwide RentSure is a membership based organization and as part of your membership IF your tenant defaults on rent, Nationwide RentSure will do the eviction, pay for the cost of the eviction, pay the rent you are no longer getting from your tenant, and if the tenant causes malicious damage we will protect  up to $10k in malicious damage.  Of course there is more to it then that but in a nutshell that is all of it.   You are correct Dave ... there is not an insurance policy in the U.S. that pays lost rent, malicious damage, or pay for the eviction.     Feel free to PM me and i will give you my direct cell and be happy to talk more.

Roy N. · Answer

Account Closed

We are in different countries, so that may count for different insurance ... especially where we are somewhat less litigious.  Our insurance covers tenant vandalism (though they have been whittling down the scope of coverage over the years).  Loss of rent due to eviction itself is not covered.

Nationwide Rentsure - Anyone use them?

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