Some owners want their rental income insured rather than absorbed. We can help you place that coverage. Before you decide, here is exactly how it works, what it costs you, and where it stops.
Read this part first. Rent protection is an insurance product issued by a third-party carrier. It is not a guarantee from Modern Property Management, and we do not pay claims. The carrier decides who qualifies, what is covered and what it costs. The premium is paid by you, the owner — it is not included in your management fee, and we do not require it.
We screen thoroughly and consistently, and we communicate early. That is genuinely most of the battle. But we are bound by the same landlord-tenant laws you are: screening criteria are limited by law, tenants' circumstances change mid-lease, and Washington's eviction process is deliberately slow. Not every tenant will turn out to be an A. We control every variable in our power to keep that number low. Rent protection is for owners who want a financial backstop behind the ones we can't control.
Ideally before we place a tenant. Most carriers will not insure a tenancy that is already in trouble, and some will not insure one already underway at all.
Carriers require documented screening — credit, verified income commonly at 2.5 to 3 times rent, and prior landlord verification. Our normal process already meets this. The applicant still has to qualify with the carrier, not just with us.
Directly to the carrier or their producer. Cost varies by rent amount, coverage length and the tenant's file. We will show you the actual quote for your property before you commit to anything.
Coverage typically begins after a set non-payment period, commonly 30 days. We serve the required notices on schedule during that window, which is also what keeps the claim valid.
The ledger, the notices, the screening file, the correspondence. This is where working with a manager matters — claims get denied over missing paperwork more often than over coverage disputes.
Exact terms are set by whichever carrier writes your policy. Broadly, this is the shape of it.
No, and be careful with that word. Some managers advertise a “guaranteed rent” program they fund themselves. That is a promise backed by that company's cash flow. This is a policy backed by a licensed insurance carrier. We think the second is the honest version, which is why we do not advertise a rent guarantee of our own.
No. It is entirely optional, and plenty of our owners decline it. If your reserves can absorb a few months of missed rent, you may not need it.
The carrier prices each policy off your rent amount, the coverage term and the approved tenant's file. We will get you a real number for your specific property rather than quote you a range that turns out not to apply.
Yes. A claim payment does not erase the debt. The unpaid rent remains the tenant's obligation, and pursuing it is handled separately, usually by the carrier.
Tenant-paid products exist — deposit replacement and lease guarantee programs where the renter pays a premium instead of a security deposit. We are not offering those in Tacoma right now. Tacoma caps deposits and move-in costs and requires installment options, and we would want an attorney's sign-off before putting that structure in front of a tenant.
No, it sits behind it. Carriers will not write a policy without documented screening, so the two work together rather than as alternatives. Screening lowers how often a default happens; this covers the income if one does anyway.
Send us the address. We will come back with a rent range, a read on which Tacoma and state requirements apply, and if you want it, an actual rent protection quote to compare against your own reserves.
Get my free rental analysisModern Property Management is a property management company and a licensed Washington real estate brokerage. We are not an insurance company. Rent protection policies referenced on this page are issued by third-party insurance carriers, and all coverage, eligibility, exclusions, limits and pricing are determined solely by the issuing carrier and its policy documents. Nothing on this page is an offer of insurance, a binding quote, or a guarantee of coverage or payment, and nothing here is legal or insurance advice. Read the carrier's policy before purchasing. Coverage described here is general and illustrative; your policy controls.
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