Rents are going up and so are security deposits. If you want to save the payment when you move in, you can hire a rental bond insurance. You can find out here for whom it is worth it.
Moving is expensive: paying craftsmen, buying new furniture, moving books. only those Deposit it can punch a deep hole in an already tight budget, because many landlords often use up the legal maximum of three rentals.
However, if you do not have a large amount of money at your disposal to move or prefer to invest financial reserves, you can use a rental deposit insurance To fall again.
t-online explains what is behind the policy, with what costs You have to figure out who it’s worth it for, and who should avoid it.
What is rental deposit insurance?
She rental deposit insurer intervenes in the event of damage, so it is responsible for you. Therefore, the rental deposit insurance according to § 551 BGB is actually one rental deposit guarantee. If your landlord bills you for damaged doors or windows after you move out, the insurer will step in.
Then the insurer will ask you to pay because you have to pay the insurance company back. The damage will not be paid for with your contributions. monthly or yearly transfer to your insurer.
The cost of insurance depends on the amount of the deposit. Large insurance companies like Allianz, Württembergische or R+V-Versicherung take you 4.7 percent annual interest for your performance.
- Example: You pay 1,000 cold euros for your flat. Your landlord wants the full three months of cold rent as a rent deposit. In this case, the insurance company guarantees 3,000 euros. At an interest rate of 4.7 percent, you pay the insurance company 141 euros per year. If you have been living in your flat for 4 years, you have it a total of 564 euros in fees paid for your insurance.
In return, you save the high rent deposit when you move in and can use it, for example invest or the money for new furniture to spend. When choosing your insurance, you should also pay attention to the extent to which you can appeal against your landlord’s damage reports. Therefore, make sure that your insurance company offers you a guarantee at first demand or not.
because: at one First demand guarantee your landlord receives money immediately. The landlord may be happy with that, but when in doubt you are not. As a tenant, you have no way to contradiction to appeal against the claim. In case of doubt, you would not even have the opportunity to prove that you did not cause the damage and you would have to pay the claim first.
Can I take out rental deposit insurance without Schufa?
Yes, some providers do not ask for yours when renting a deposit insurance Score of the Schufa. So if your Schufa rating is too low for a bank guarantee, you could still be successful with an insurance company.
Without credit check However, this is also not the case with rental deposit insurance: Providers who do not require information from Schufa turn to the service provider information hub return. The company that competes with Schufa obtains its data from other sources and may therefore come to a different conclusion.
How much does rental deposit insurance cost me?
Rental deposit insurance will cost you one annual interest the amount of the guaranteed deposit. Depending on the insurance, you can pay your premiums monthly, quarterly, semi-annually, or annually. The costs are between 4 to 5.5 percent the amount of the deposit, depending on the provider.
Since insurance companies offer different terms depending on the amount of the rental deposit, it pays to compare providers carefully. The cheap provider with a deposit of 1,000 euros does not have to be the cheap provider with a total of 3,000 euros, like ours comparison table indicates.
Important: At best, you will get your rental deposit back in full some interest are owed to you, while insurance fees force you to pay money you never get back.
Is rental deposit insurance also available for commercial units?
yes, those too Deposit for commercial units may be covered by insurance. Unlike private rent, the deposit for commercial space can be even more than three cold rents. Paying your rental deposit can be a big hurdle, especially when starting a business.
As with private rental deposit insurance, in this case you do not pay a deposit to the owner, but deposit your supplier’s guarantee as collateral. This gives you more liquidity when opening a business or your company.
But: Business insurance costs expensive than private conditions. This is how the APRs are for insured business units – that is, your office, your restaurant or your retail store – from five to six percent.
Does my landlord have to accept insurance?
No, your landlord must have a savings account there is no alternative to the classic cash deposit to accept. With rental deposit insurance, your landlord does not receive a cash deposit, but only a guarantee certificate from the insurer. Therefore, before taking out insurance, you should check with your (future) landlord if you want this form of payment of the deposit.
in a credit, which he takes as a deposit, the owner, on the other hand, has nothing to say. Because here you can use the loan amount simply for the Cash deposit wear.
If your landlord is open to other alternatives, they may offer you one in addition to rent deposit insurance Bank guarantee or a rent deposit deposit offer.
Is rent deposit insurance worth it?
Rental deposit insurance can be worthwhile for short periods of time. especially if yours Evaluation of the Schufa is negative, rental deposit insurance is an alternative.
You can also use insurance as interim financing wear. Because: As a renter, you can cancel the insurance at any time and purchase one instead Cash deposit deliver to your landlord. In this case, however, your insurance costs will not be reimbursed.
But: In addition to the ongoing fees, there are costs in case of damage. Therefore, a rental deposit insurance causes for you more and more costs than if you take a loan or pay the deposit in cash in installments. Although you also pay interest on the loans, these are usually below the usual interest rates of insurance companies. right in longer rental period Therefore, the insurance is not worth it.
Rental deposit insurance can also be used in competitive housing situations, such as in urban areas. being a handicap when looking for an apartment. Because here the owners can choose the new tenants.
Anyone who then points out that they don’t have liquid money quickly pulls the short straw here. because one The cash deposit is much less complicated for the owners. Here you do not have to consult an insurance company in case of damage, but you have direct access to money. The same applies here: cash is truth.