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Covred is a rent guarantee program that ensures landlords get paid on time, even if tenants miss rent. We handle rent collection, late payment follow-ups, and eviction management when needed.

Covred collects rent directly from tenants each month and transfers it to landlords.

• Landlords pay $50 per unit per year.
• Tenants pay between 2–3% of their rent monthly (based on qualifications).
• Landlords choose their level of protection:

Option 1: Guaranteed Rent → Rent is deposited into your account on the 1st of every month, regardless of when tenants pay. For this guaranteed cash flow, landlords pay 5% of monthly rent.

Option 2: Claims-Based Protection → Since Covred manages rent collection, we know the moment a tenant misses a payment. From there, we immediately send late rent reminders and, if needed, begin the eviction process (Notice to Quit, court filings, etc.) with our in-house attorneys — all according to Massachusetts timelines. The first month serves as a deductible, but it may not be a complete loss if the tenant pays during the process. Starting on the 1st of Month 2, Covred pays your rent while eviction is underway — for up to 3 months, which matches the average 2–4 month eviction timeline in Massachusetts. You only pay a 3% fee when a claim is processed and payout is sent.

Covred manages rent collection so we can guarantee payments and respond the moment something goes wrong. By collecting directly from tenants, we:

• Ensure reliability → rent is transferred to landlords on time, without delays.
• Detect issues instantly → if a tenant misses a payment, we know immediately and can send reminders.
• Streamline the process → landlords no longer have to chase tenants, track payments, or coordinate with attorneys — Covred handles it all.

Covred covers the full cost of eviction legal fees up to $2,500 per case during the pilot. Our in-house legal partners handle the process seamlessly, making sure it moves quickly and according to Massachusetts law, so you avoid further losses.

If the tenant pays during the eviction process, those funds are applied toward your account — meaning your first month deductible may not be a complete loss.

Not every tenant will be approved. Covred reviews applications based on neutral financial and rental criteria — things like verified income, rental history, and credit profile.

This means Covred is often a good fit for renters who are reliable but don't yet have a long U.S. rental track record. Examples include:

• New hires with strong income but limited rental history.
• Students who may have limited co-signer support.
• International renters without an established U.S. credit file.
• Young professionals with decent credit but a short history.

By applying consistent, financial-based standards, Covred helps landlords expand their pool of qualified applicants while ensuring fair and compliant screening.

If a tenant doesn't meet Covred's qualification standards (based on neutral financial factors like income, rental history, or credit profile), the landlord can still move forward using their normal screening process — such as traditional security deposits, co-signers, or renters insurance.

Covred coverage simply won't apply to that lease. All rental decisions remain the landlord's responsibility and must comply with federal, state, and local Fair Housing laws.

No. Many landlords use Covred strategically for tenants who are strong but don't have a long track record. You stay in control of when and how you use Covred.

Renters insurance protects a tenant's personal belongings and liability — it does not cover missed rent or protect landlord income. Covred is specifically designed to protect landlords' rental income and keep cash flow steady. Renters insurance and Covred complement each other, but they serve very different purposes.

• Security deposits only cover limited costs and are difficult to recover quickly.
• Commercial guarantor services (like Rhino or TheGuarantors) often charge tenants up to a full month's rent upfront — far more expensive than Covred's 2–3% monthly fee.
• Covred keeps rent flowing monthly, manages collections, and covers you during the eviction timeline — without burdening tenants with massive upfront costs.

SingleKey charges landlords around 5–6% of monthly rent every month, regardless of whether tenants default.

Covred is designed to be more flexible and cost-efficient:

• Landlords pay just $50 per unit per year for baseline coverage.
• If you want rent guaranteed on the 1st of each month, you can choose Option 1, which carries a 5% fee only on that rent advance.
• With Option 2, there's no monthly 5% fee — you only pay a 3% claim fee if a payout occurs.

This way, landlords decide how much protection they want and when to pay for it, instead of being locked into higher ongoing costs.

Most tenants accept the fee because it directly benefits them — Covred protects their rental history, reduces eviction risk, and helps them qualify more easily for housing compared to expensive guarantor services. At just 2–3%, it's a fraction of what competitors charge.

That's great — Covred is optional and can be applied strategically. Many landlords still use it for added protection, since even strong tenants can face job loss, medical emergencies, or other sudden hardships.

Covred is not traditional insurance. It operates as a rent guarantee program supported by a pooled claims model. During the pilot, Covred funds payouts directly and manages risk by capping exposure. As we scale, we plan to bring on underwriting partners to expand coverage capacity and long-term sustainability.

No. Joining the waitlist simply secures your spot for the pilot and gives you priority access when Covred expands. There's no cost, no contract, and no obligation to join the pilot once invited.