Insurance is Always Paid with Rent

Insurance is a monthly charge, and insurance premiums are listed accordingly in your collection records. If you give free rent to a tenant with insurance, they must still pay the insurance for that time period.

  • If you give free rent during a move-in, Express will automatically add the insurance premium to the tenant’s initial payment.
  • If you enter a credit toward rent (Payment/Tenant Credit) to a tenant with insurance, then you should enter the full amount of rent plus all monthly charges (including insurance).

Example:  Each month, a tenant pays $30 rent + $3 rent tax + $6 insurance.  If you want to give them credit for two months rent plus monthly charges, then enter

($30 + $3 + $6 = $39) x (2 months) = $78

QuikStor will then require you to enter an insurance payment of $12.

If you enter a debit against rent, everything works the same, but in reverse:  for a two-month debit, enter

($30 + $3 + $6 = $39) x (2 months) = $78

and QuikStor will refund the $12 insurance premium (as credit on account).

  • If you move a tenant’s paid-to-date (Payment/Change Paid To) and they have insurance, this is the equivalent of a credit toward rent or debit against rent, and all the same rules apply.
  • If you start insurance for a tenant who is already paid up to a future date, QuikStor will require them to immediately pay for insurance for now through their paid-to-date.
  • You cannot start insurance for a delinquent tenant. They must first pay their rent, then they can start insurance.