What you will have at your disposal in the Affordable Rent Insurance:
- Tranquilidade insurance is mandatory for landlords and tenants who enter into a contract through the Affordable Rent Program;
- Greater security for the tenant with compensation for involuntary loss of income;
- Guarantee of rent payment upon death or when the tenant is unable to work due to illness or accident;
- Optional coverage against damage to the dwelling that replaces the existence of a deposit;
- Very affordable price that depends on the amount of rent
On average, the Affordable Rent Program receives two housing registrations and 40 tenant applications per day.
Source: Ministry of Infrastructure and Housing
What do you need?
Who is the Affordable Rent Insurance for?
This is mandatory insurance for landlords and tenants who enter into a lease agreement through the Affordable Rent Program (AAP). Both must meet the following requirements:
- Landlords: Landlords who register their properties in the Program, respecting the minimum lease term of 5 years (or 9 months in case of lease to higher education students), minimum conditions of safety, salubrity and comfort, with rents of lower value than those practiced in the market;
Municipality or other public entity with competencies in the area of property which are constituted as tenants under a program compatible with the PAA, as provided by law and approved. This regime benefits from some simplification in the inscription and registration processes. - Tenants: housing aggregate of one person or a group of people (family, friends, etc.) whose global annual income is lower than a maximum amount defined by the program:
1 person in the household
Maximum gross annual income: 35,000
2 persons in the household
Maximum gross annual income: 45,000
More than 2 people in the household
Maximum gross annual income: +$5,000 per person