C.A.R. offers Aon rent nonpayment insurance in California
LOS ANGELES (Aug. 20) – Real Estate Business Services® Inc. (REBS®), the subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) announced today the availability of Aon Rent Protect in California.
Aon Rent Protect guards the cash flow of landlords against loss of rental income on residential properties following nonpayment of rent. It also covers loss of rent caused by death of a tenant, tenant abandonment and military duty call. The product also provides coverage for legal expenses to assist with the eviction process.
Annual rates are determined based on the rental unit’s monthly cost and range from $250 for a unit with a monthly rent payment of up to $1,200, to $950 for a property, with a monthly rent of $5,000-$8,000.
“Aon Rent Protect is a cash flow safety net for residential landlords and provides C.A.R. members with a new tool to share with their investor and landlord clients,” said Robert Baily, Chairman of REBS®.
“Landlords who have been through a painful eviction see the value of securing coverage,” said Kevin Morman, senior vice president of program design and development at Aon Affinity, the consumer, association and group program business of Aon Risk Solutions. “In addition to paying up to six months in lost rent, Aon Rent Protect helps the landlord with their legal expenses, which can make a big difference in seeking the assistance of an attorney and getting your property back.”
Aon Affinity offers Aon Rent Protect, underwritten by member companies of QBE Insurance Group, to residential property owners. Aon and QBE have provided tenant rent default insurance in Australia, the UK and New Zealand for the past 20 years.
Real Estate Business Services® Inc. (REBS®) is a subsidiary of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and is the leading provider of real estate products and services to practitioners in California and nationwide.
Leading the way... ® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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