Our Rent & Damage Guarantee provides tenants with peace of mind knowing that in the event of damage and/or default on rent payments, Locnest will payout on their behalf for up to the agreed-upon guarantee amount if the tenant is temporarily unable to pay.
In the case that a claim is made, the tenant is solely responsible for reimbursing Locnest for the full amount of the claim that is paid out. The finance team at Locnest works with the tenant to come up with a payment plan that works best for them.
- The tenant can check their BIC to see if they are pre-qualified for an RDG.
- If eligible, the tenant and the landlord can decide on the RDG amount (this amount can range from $400-$20,000*).
- This will cost the Tenant 1.5-2.5% of the total annual rent. The fee is renewed automatically every year until the tenant moves out of the rental property*.
- The RDG covers missed rent payments & damage up to the RDG amount.
- If a Landlord files a claim, the tenant is responsible for paying back Locnest the full claim amount.