End of tenancy charge example.
Assumes £2,000 deposit cover and Tenant is tracking rent during the term of tenancy.
Agent and or Landlord submits £300 claim; claim is evidenced by an inventory check-in & check-out report.
Tenant Accepts claim and pays Landlord directly within 10 working days
“… at the end of tenancy, tenant settles the claim directly with the Landlord “
Tenant does not pay Landlord
“… Agent and or Landlord submits claim at the end of tenancy, Canopy passes the claim to the Insurer – Insurer aims to settle claim within 2 working days - where the insurer makes a payment to the Landlord but the Tenant did not have cover e.g. malicious damage to property the Insurer will look to recover the claim amount from the Tenant”.
Unpaid rent will have an adverse impact on credit score akin to unpaid mobile and utility bills impact credit scores.
However, Renters who pay their rent on time also benefit” from Canopy's Free RentTracking service, which helps Renters improve their Experian credit score.