If your financial situation happens to change, you do not have to worry, as it does not have any effect on your current and active sureties. Nevertheless, please keep in mind that it might should you wish to extend your guarantee period, it may affect the outcome.
In case your landlord files a claim, your guarantee contract ends and you will have 7 days to pay the amount. After that if the claim is still unpaid, the sum is paid out to the landlord by Bailsman. Tenant's debt is handled by Bailsman.
Claims paid via Bailsman's platform are tracked by Bailsman's system, which later means both parties are cleared from complaints. Any payment paid directly to any other party cannot be regulated by Bailsman.
If you do not have enough funds to cover the claim, the sum is paid out to the landlord by Bailsman via registered financial institution. After that you can plan your repayment with the registered financial institution.
Security deposit guarantee is 100% backed by licensed financial institutions on the respective markets to the clients. Therefore, there is no risk for the landlord of not receiving the amount of claim.
The coverage period can be set by the landlord and lasts until the landlord ends the tenant guarantee holding. One period can be no longer than 12 months. Before the end of the period, the landlord will receive a notice to extend the period for up to 12 months.
In case of the damage, a claim can be filed with the press of a button. No proof or explaination is asked from the landlord. The tenant will be notified and requested to pay the amount. Bailsman will pay the requested amount to the landlord's bank account in 14 days.
As Bailsman eliminates all the problematic aspects related to the security deposit, it provides brokers with a tool for reaching a wider client base and clients can make faster decisions about renting. This means you spend less time per property and make more deals.