What is Guarantor Insurance? / Experience / Suggestions

[Mark Bills]

Hi BP Nation,

Has anyone utilized guarantor insurance? I would love to get feedback on which service, is it worth it, any gotchas? etc..

What is guarantor insurance?

Guarantor insurance is a third party company who ensures that if the renter is unable to pay their share of rent, the company will be responsible for payment.

I'm in the process of renting one of my units and am now curious to know of your experiences if you've utilized such a company / service. Services like this seems like it will be a safety net for landlords since the moratorium on evictions. Looking forward to your experiences / guidance.