What you will have at your disposal with Affordable Rent Insurance:
- Mandatory Tranquilidade mandatory for landlords and tenants who sign a contract through the Affordable Rental Program;
- Greater security for the tenant with compensation for involuntary loss of income;
- Guaranteed payment of rent in the event of death or when the tenant is unable to work due to illness or accident;
- Optional cover against damage to the home that replaces the existence of a security deposit;
- Very affordable price depending on the amount of rent
On average, the Affordable Rental Program receives two housing registrations and 40 tenant applications per day.
Source: Ministry of Infrastructure and Housing
What do you need?
Who is Affordable Rent Insurance aimed at?
This is compulsory insurance for landlords and tenants who sign a rental contract through the Affordable Rental Program (PAA). Both must meet the following requirements:
- Landlords: Owners who register their properties with the Program, respecting the minimum lease term of 5 years (or 9 months in the case of leases to higher education students), minimum conditions of safety, health and comfort, with rents lower than those practiced on the market;
Municipality or other public entity with powers in the area of property that are tenants under a program compatible with the PAA, as provided for by law and approved. This scheme benefits from some simplification in the registration process. - Tenants: a household of one person or a group of people (family, friends, etc.) whose total annual income is lower than a maximum value defined by the program:
1 person in the household
Maximum gross annual income: 35.000€
2 people in the household
Maximum gross annual income: 45.000€
More than 2 people in the household
Maximum gross annual income: +5.000€ per person