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  #81  
Old 13.07.2011, 15:51
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Re: SwissCaution - the apartment deposit lenders thread

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If there are damages and SC pay out then you have to pay them back so it's not really an insurance policy - more a loan with an annual interest charge.
Yeah, my thoughts too.

Interesting bit form their site:

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The freedom to terminate your contract at any time

By signing up for a SwissCaution rental guarantee, you are not linked to a contract with a minimum duration. You can terminate your SwissCaution rental guarantee at the end of each calendar year without justification.

To do so, you need only to provide your lessor with a substitute guarantee of the same amount and quality.
While I understand there is no minimum contract... just to be 100% clear, am I right in understanding that the payments you make them are indefinite, i.e. it can go on forever, with you paying back your annual instalments until such time as you want to stop, upon which point you have to give your landlord either a replacement agency to guarantee the funds, or the cash deposit back in full?
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  #82  
Old 13.07.2011, 17:37
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Re: SwissCaution - the apartment deposit lenders thread

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While I understand there is no minimum contract... just to be 100% clear, am I right in understanding that the payments you make them are indefinite, i.e. it can go on forever, with you paying back your annual instalments until such time as you want to stop, upon which point you have to give your landlord either a replacement agency to guarantee the funds, or the cash deposit back in full?
The payments are made annually, in advance, and of course, the higher the deposit, the higher the payment. (admin fee is fixed). You cannot terminate anything without the agreement of the landlord.
Here is a copy of the terms and conditions.
Attached Files
File Type: pdf Swiss Caution T + C.pdf (41.8 KB, 389 views)
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  #83  
Old 13.07.2011, 18:39
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Re: SwissCaution - the apartment deposit lenders thread

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Yes, whenever I make enquiries about an apartment my first few questions will be: do you accept a dog, piano, and Swisscaution.

As far as I remember, I spoke to a lady about a property at Livit once and she said its possible - might just be for that property and landlord.

My current agency Privera AG does accept Swisscaution for most of their properties. They even offered to help us set it up when we were signing the contract, saying that they have an agreement with Swisscaution. Very refreshing.

I am renting from Basler/Baloise and was able to use SwissCaution. They didn't even blink, frown, grimace, hesitate etc. It was much easier to give SwissCaution 230Sfr rather than give the landlord a 6000Sfr deposit.
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  #84  
Old 13.07.2011, 18:48
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Re: SwissCaution - the apartment deposit lenders thread

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Yeah, my thoughts too.

Interesting bit form their site:



While I understand there is no minimum contract... just to be 100% clear, am I right in understanding that the payments you make them are indefinite, i.e. it can go on forever, with you paying back your annual instalments until such time as you want to stop, upon which point you have to give your landlord either a replacement agency to guarantee the funds, or the cash deposit back in full?
Yeap. Correct. True to the Swiss form, there will be a 50 chf admin charge for doing that - of course!
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  #85  
Old 28.07.2011, 11:58
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Re: SwissCaution - the apartment deposit lenders thread

Not sure if i missed the post, but can SwissCaution deny you for any reason?

I am here on medical for assistance with my spine and im not working. My income is with swiss social assistance. No way I can pay a 1700 deposit to get an apartment.

Thanks
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  #86  
Old 19.01.2012, 09:42
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Re: SwissCaution - the apartment deposit lenders thread

Hi All,

Thanks for all the info on SwissCaution. I was wondering if there is any kind of negative impact for using SwissCaution (besides the additional cost)? Like would it look bad on a credit history? Or would it somehow impact my ability to renew my residence visa? Of course it may not be accepted by individual landlords, but it seems like the kind of thing that would be frowned upon in general. Does anyone have any experience like this?
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  #87  
Old 19.01.2013, 16:08
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Re: SwissCaution - the apartment deposit lenders thread

We are looking to move and the deposit for the new place is a cool 9,000 chuffs, and our existing deposit of 5,000 chuffs is in a bank account. I don't expect any grief or retention of our existing deposit when we move, but am wary of the landlords ability to hold it back for up to 12 months. On top of the other moving fees finding 9k is a stretch, so I was wondering if in principle a landlord would/could accept say 50% cash 50% SwissCaution, the SwissCaution to be replaced by cash when the existing deposit is released, and the SwissCaution cancelled, or must it be wholly cash or SwissCaution?
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  #88  
Old 19.01.2013, 18:40
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Re: SwissCaution - the apartment deposit lenders thread

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We are looking to move and the deposit for the new place is a cool 9,000 chuffs, and our existing deposit of 5,000 chuffs is in a bank account. I don't expect any grief or retention of our existing deposit when we move, but am wary of the landlords ability to hold it back for up to 12 months. On top of the other moving fees finding 9k is a stretch, so I was wondering if in principle a landlord would/could accept say 50% cash 50% SwissCaution, the SwissCaution to be replaced by cash when the existing deposit is released, and the SwissCaution cancelled, or must it be wholly cash or SwissCaution?
I know you don't have much use for relocation agents
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We had a relo' agent and other than a bit of driving 1 day didn't do much else.
But you might be surprised to learn that the situation such as the one you described above is something I am familiar with and have negotiated for clients.

I hope you find a good solution.
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  #89  
Old 19.01.2013, 18:44
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Re: SwissCaution - the apartment deposit lenders thread

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I know you don't have much use for relocation agents
LOL... that would depend on how good they are, as you get good and bad... like in everything
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  #90  
Old 19.01.2013, 18:55
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Re: SwissCaution - the apartment deposit lenders thread

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We are looking to move and the deposit for the new place is a cool 9,000 chuffs, and our existing deposit of 5,000 chuffs is in a bank account. I don't expect any grief or retention of our existing deposit when we move, but am wary of the landlords ability to hold it back for up to 12 months. On top of the other moving fees finding 9k is a stretch, so I was wondering if in principle a landlord would/could accept say 50% cash 50% SwissCaution, the SwissCaution to be replaced by cash when the existing deposit is released, and the SwissCaution cancelled, or must it be wholly cash or SwissCaution?
In principle yes this could be done unless the owner does not want to do admin twice one for SC and one for the regular bank account to be setup.
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  #91  
Old 20.01.2013, 00:30
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Re: SwissCaution - the apartment deposit lenders thread

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In principle yes this could be done unless the owner does not want to do admin twice one for SC and one for the regular bank account to be setup.
Most of the administrative work for SwissCaution is with the tenant and the landlord receives the certificate of guarantee. The turnaround time can be very quick.

The rental surety account was the norm until the deposit insurance programs came into place. The application form is not complicated but requires original signatures from both parties and some banks seem to take a very long time to process this.

You can always switch a Swiss Caution deposit guarantee to the rental deposit at a bank. The tricky part is doing this before the end of the year as the premiums are paid annually.

Some will argue that to tie up CHF 9,000 in an account that earns practically no interest makes no sense. Others will tell you that the premiums for deposit insurance on this amount are very high.
With Swisscaution, the registration fee is CHF 231 and the annual premium (for CHF 9,000) is CHF 493.50.

If you are in the midst of moving locally, sometimes deposit insurance is the only solution until the first deposit is returned.
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  #92  
Old 20.01.2013, 01:23
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Re: SwissCaution - the apartment deposit lenders thread

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Most of the administrative work for SwissCaution is with the tenant and the landlord receives the certificate of guarantee. The turnaround time can be very quick.

The rental surety account was the norm until the deposit insurance programs came into place. The application form is not complicated but requires original signatures from both parties and some banks seem to take a very long time to process this.

You can always switch a Swiss Caution deposit guarantee to the rental deposit at a bank. The tricky part is doing this before the end of the year as the premiums are paid annually.

Some will argue that to tie up CHF 9,000 in an account that earns practically no interest makes no sense. Others will tell you that the premiums for deposit insurance on this amount are very high.
With Swisscaution, the registration fee is CHF 231 and the annual premium (for CHF 9,000) is CHF 493.50.

If you are in the midst of moving locally, sometimes deposit insurance is the only solution until the first deposit is returned.
Thanks for that Mrs D, logical, clear and concise... like I said good and bad relocators.

Unless the landlord has a real problem, we will most likely go down the SwissCaution route initially, then switch when the deposit from our current apartment is returned
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Old 01.01.2014, 22:40
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Re: SwissCaution - the apartment deposit lenders thread

Will SwissCaution settle unpaid rents if a tenant fails to pay the rent or disappears in thin air, say from a furnished apartment? With money deposited in a bank account (usually the bank of the landlord) I guess the flat owner has a fair chance to recuperate the unpaid rent out of the deposit. The by laws of SwissCaution may say "we shall only guarantee for repair cost". If this is so, landlords may not wish to work with SwissCaution, for fear of to much hassle.

Jack
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Old 11.03.2014, 21:36
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Re: SwissCaution - the apartment deposit lenders thread

Just learned that SWISSCAUTION does not provide cover for furnished flats. Is there an alternative to above mentioned insurance company?

Jack
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Old 01.01.2015, 21:11
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Re: SwissCaution - the apartment deposit lenders thread

I just read something on this that I find a wee bit troubling and wrote a letter to Swisscaution to ensure I understand what I read.

Hypothetically, let's say a flat has a rent amount of CHF 2500 and I only plan to stay in the flat for 10 years, although the length of time is not really a huge matter for this example. At the end of the 10 years, I have paid CHF 3786 to Swisscaution.

Their advertisements state when the lease agreement is terminated and the flat vacated, with my authorisation they will pay to have anything repaired or replaced which the landlord reports I caused up to the full amount of the deposit. Now the troubling part - I am to reimburse Swisscaution.

Let's say I destroyed a door (although unlikely) and it costs CHF 2000 to replace (also unlikely). I have paid CHF 5786 to Swisscaution. This is not similar to insurance. Unless I have misinterpreted something.

No insurance is similar to this. Had I deposited CHF 7500 into an account with the landlord, I would leave with CHF 5500 after the ten years and a replaced door. I am anxious to see how Swisscaution resonds.
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  #96  
Old 02.01.2015, 00:11
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Re: SwissCaution - the apartment deposit lenders thread

You can read many stories here on EF of unsatisfactory hand over at the end of the tenancy. What bothers me is that SwissCaution will pay what the landlord demands and then demand the amount from you, thus you have little control over the hand over.

As an example: I signed a rental contract knowing the landlord demanded an inspection of the kitchen machines at my cost, at the end of contract, by a qualified technician. I disputed this inspection charge, by quoting a consumer magazine article, and the landlord quickly agreed with me. But if I had SC I believe I would have to pay up for this inspection (Which under Swiss law, is illegal to demand!)

If possible I would borrow the deposit from a relative or friend, the money is placed in a Swiss bank account, and is as safe as houses!
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Old 02.01.2015, 11:30
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Re: SwissCaution - the apartment deposit lenders thread

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You can read many stories here on EF of unsatisfactory hand over at the end of the tenancy. What bothers me is that SwissCaution will pay what the landlord demands and then demand the amount from you, thus you have little control over the hand over.

As an example: I signed a rental contract knowing the landlord demanded an inspection of the kitchen machines at my cost, at the end of contract, by a qualified technician. I disputed this inspection charge, by quoting a consumer magazine article, and the landlord quickly agreed with me. But if I had SC I believe I would have to pay up for this inspection (Which under Swiss law, is illegal to demand!)

If possible I would borrow the deposit from a relative or friend, the money is placed in a Swiss bank account, and is as safe as houses!
.
Actually Swiss Caution as well as other deposit insurance programmes are very familiar with landlords who want to extort money from tenants but they can only pay out what is agreed upon at the handover. As a tenant you should have liability insurance which will cover damage though there are limitations. This topic has been covered in other threads.

Assuming you don't have any damage, you need to consider what you have paid out to the deposit insurance over 10 years, for example, as compared to the deposit placed in the bank account, which you would get all of it back assuming there is no damage. It becomes particularly expensive if you have a high rent and plan to stay long term in a flat. It is not insurance against damage.

My advice to my clients has always been not to look at Swisscaution from the perspective of how things will go at the end of the tenancy with the handover but rather as a means to secure deposit money if they are short of cash. A landlord can ask up to 3 months deposit.

This is particularly useful for those relocating who are paying their own moving costs or someone just moving here who has no furniture and needs to start from scratch. It is also useful for people moving from one flat to another who still have a substantial deposit for the flat they are vacating sitting in a bank account. In this respect deposit insurance is a great option. What many people do not know is that you can always cancel the deposit insurance (check the dates in the contract carefully for the notice period) and open a rental surety account at a bank with the deposit.

There are still many landlords and owners who will not accept deposit insurance. If you do not want to restrict your options for an apartment as you do not have sufficient funds for a deposit, start saving now.

Sometimes a new employer will loan this to you and you will be expected to pay it back as soon as you start working. As far as I know, it is not taxable as it is not a relocation allowance, since it is being repaid.
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Old 03.04.2015, 23:18
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Re: SwissCaution - the apartment deposit lenders thread

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Just learned that SWISSCAUTION does not provide cover for furnished flats. Is there an alternative to above mentioned insurance company?

Jack
Just heard that they now accept guarantees for furnished flats.
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