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Practical questions

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Practical questions

How is the lessor protected by a Firstcaution security deposit?

Working with a partner approved by FINMA provides exactly the same security level to the lessor, real estate agency and tenant as a traditional bank deposit. Firstcaution is more reactive when issuing the security deposit and, most importantly, this means more flexibility and rapidity at the time of releasing the deposit for the benefit of the real estate agency or lessor.

What are the documents requested by Firstcaution from the tenants to create a deposit?

The security deposit certificate is issued in the course of the day. The original certificate will be directly forwarded to the real estate agency

Documents required for the security deposit of a residential lease are:

  • Security deposit application form

  • Copy of the lease or draft lease

  • Copy of identification paper and/or permit of the tenant(s)

It is not required to pay the premium before the certificate has been delivered. The tenant will receive an invoice payable within 30 days.

What does Firstcaution ask for to release funds in the case of damage?

Firstcaution promises to release the deposit for the benefit of the real estate agency or lessor as rapidly as possible.

Payments are made each day upon the production of the original certificate or signed, dated and valued IOU.

If the tenant has failed to give his/her consent

The original formal notice to pay for which no objection was filed or sent with the judgement of dismissal of debtor's objection OR original final judgement pronouncing a financial sentence against the premises

In general, we exercise our best efforts to find a rapid solution to release funds, even in the most complicated cases.

Legal questions

What happens if a tenant does not pay his/her premium?

As insurance company, Firstcaution protects the lessor against the risk incurred. Our general terms stipulate that the security deposit should be paid notwithstanding the payment of the premium. In any case, the landlord and real estate agency are covered (Art 8.3 of our General Terms of Insurance). Firstcaution will be responsible for collecting the premium from the tenant.

Can a real estate agency work with another partner if it signs a partnership agreement with Firstcaution?

That's right, partnership and cooperation agreements are not exclusive. With a partnership with Firstcaution, you are completely free. The purpose is to offer to tenants and landlords a real alternative to existing offers.

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