FAQ

Have Questions? We’ve Got Answers.

What is Rental Income Protection?

Rental Income Protection is an insurance product designed to protect landlords against the financial risks of tenant non-payment, early lease termination, or absconding. It also includes legal expense cover for eviction and rent recovery.

Who qualifies for Rental Income Protection?

To qualify, tenants must meet specific criteria, including:

  • A satisfactory TPN Credit Score.
  • No outstanding rent at the time of application.
  • Evidence of affordability through pay slips and bank statements.

If your tenant does not meet these requirements, our sister company Overdue can assist with legal cover and eviction services.

How much does Rental Income Protection cost?

Premiums start from 3.5 – 5% of the monthly rental amount, depending on the tenant’s risk profile and the property details.

How long does the policy cover unpaid rent?

The policy covers up to 3 months’ rental income or until the property is re-let, whichever comes first.

What types of properties are covered?

Both residential and commercial properties are eligible for coverage under Rental Income Protection.

Application Process

What documents do I need to apply?

To apply for Rental Income Protection, you’ll need:

  • Completed application form.
  • Tenant’s TPN Credit Report.
  • Tenant’s ID, bank statements (last 3 months), and pay slips (last 3 months).
  • Copy of the Lease Agreement.
  • Defect List and Checklist.
  • Tenant Application Form and Rental Statement.
How long does the application process take?

Once we receive your documents, we aim to assess your application and provide feedback within 2-3 business days.

Can I apply for multiple tenants under one policy?

Yes, our Group Rental Protection product is designed for landlords or property managers with multiple tenants. Contact us for more details.

Claims

How do I file a claim?

Notify us within 30 days of the incident or 7 days after rent becomes overdue. Submit all relevant documentation, and our team will guide you through the claims process.

What is the excess on claims?

The excess is 10% of the total claim amount, with a minimum of R1,000.

Are there any waiting periods?

Yes, a 3-month waiting period applies for new tenants before claims can be submitted.

Overdue Services

What happens if my tenant doesn’t qualify for Rental Income Protection?

If your tenant has a poor credit score or doesn’t meet the qualifying criteria, our sister company, Overdue, can assist. Services include:

    • Eviction Support: Appointed attorneys handle the eviction process.
    • In-Mora Notices: Attorneys issue notices for late payments.
    • Legal Cover: Assistance with both commercial and individual legal matters.
How do I contact Overdue?

Visit Overdue or email us at letschat@overdue.co.za for more information.

Support

How can I contact Stay Sure Insurance Brokers?

You can reach us at:

    • Email: info@staysure.co.za 
    • Phone: +27 (0)861 086 000 or +27 (0)21 975 1100 
    • Address: 21 Somerset Crescent, Durbanville, 7550, Cape Town.
What are your operating hours?

Our office is open from Monday to Friday, 8:00 AM to 5:00 PM. We are closed on weekends and public holidays.