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Old 04.12.2007, 10:16
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Swisskaution - the apartment deposit lenders thread

Hello,

I thought I read something about an insurance for the deposit some weeks ago, but I cannot find it anymore.

Does anyone know which company offers such an insurance or how much this costs?

Thanks a lot!
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Old 04.12.2007, 10:21
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Re: Insurance for deposit

http://www.swisscaution.ch/
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Old 04.12.2007, 10:41
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Re: Insurance for deposit

Thanks a lot!

Seems pretty easy. Can the landlord NOT accept this and ask a deposit on a blocked account?
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  #4  
Old 06.08.2008, 08:39
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Re: Swisskaution - the apartment deposit lenders thread

I have just moved here and this seems the best option. The letting agent that I am taking my apartment out with even did all the paperwork for me.

You pay annually for the Caution but it has got to be better than finding the whole chunk upfront!!!
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Old 06.08.2008, 08:49
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Re: Swisskaution - the apartment deposit lenders thread

When we got the papers for our new place, they even came with a form to fill in directly from Swisscaution in case you want to use that service. It seems that most rental agents are happy for you to use this option.
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Old 06.08.2008, 15:39
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Re: Swisskaution - the apartment deposit lenders thread

There's a relatively new product that has recently been released by Zurich Insurance together with the Houseowner's association. Here is a link to the page in English (would you believe it!!)

http://www.zurich.ch/site/en/priv/re...etkaution.html
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Old 11.04.2009, 22:36
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Re: Swisskaution - the apartment deposit lenders thread

HIya all
i saw a note on the Swisscaution website that says that landlords don't have to accept the Insurance and can ask for the whack of dough regardless ... does anyone know if this is common? we are looking to rent a large flat and forking out 10K CHF before even moving in is not really in the cards...
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Old 11.04.2009, 23:12
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Re: Swisskaution - the apartment deposit lenders thread

The landlord can ask for up to three months rent in a secured account. That is his right by law and he is not obliged to accept any other method. So the note on the Swisscaution website is indeed correct.
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Old 11.04.2009, 23:26
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Re: Swisskaution - the apartment deposit lenders thread

I know that Livit in Lausanne doesn't accept it. I've heard it's difficult in general going that route in Romandie, but that in the Swiss German part it's more accepted.

It's so annoying because Bernard Nicod took 5 months to return the deposit on my first apartment, and a friend had a similar experience with Naef.
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Old 11.04.2009, 23:55
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Re: Swisskaution - the apartment deposit lenders thread

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It's so annoying because Bernard Nicod took 5 months to return the deposit on my first apartment, and a friend had a similar experience with Naef.
The amazing thing is that landlords by law have up to 12 months to "return" the deposit. In actual fact it is more correct to say "release" because the deposit should be held in a bank account in the tenant's name and any accrued interest is the tenant's. Fortunately, most landlords don't take THAT long....
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Old 12.04.2009, 00:00
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Re: Swisskaution - the apartment deposit lenders thread

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The amazing thing is that landlords by law have up to 12 months to "return" the deposit. In actual fact it is more correct to say "release" because the deposit should be held in a bank account in the tenant's name and any accrued interest is the tenant's. Fortunately, most landlords don't take THAT long....
Going off topic a little, even though the return of the deposit is just as
important as putting up the cash up front....

Yes, the landlord has 12 months to return the deposit. If the landlord
does not come up with substantial reason to withhold your deposit after
this time, the bank is required to release the account to the named
person holding the account. This happened to me, the landlord died
just before I moved out (I had nothing to do with her death). The family
had power disputes, the bank had to release the account back to me
because the family had nothing to hold against me.

Now, if you trash the apartment, then that is a different story!
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Old 12.04.2009, 09:24
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Re: Swisskaution - the apartment deposit lenders thread

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HIya all
i saw a note on the Swisscaution website that says that landlords don't have to accept the Insurance and can ask for the whack of dough regardless ... does anyone know if this is common? we are looking to rent a large flat and forking out 10K CHF before even moving in is not really in the cards...
I have bitched about the ludicrousy of the high rental deposits that Swiss landlords demand when I first arrived here too.

Security deposit insurance

Unfortunately, yes it is true that the landlords can reject your application and choose someone else who has hard cash up front, rather than accepting Swisskaution. Landlords have the luxury of doing that due to the high demand for houses.

We lost an apartment that way - we initially viewed an apartment that a fellow ex-pat wanted to move out from and they understanding how difficult it is to find an apartment here, made recommendations to the rental agency to let us have the apartment but we were rejected because we put on our application that we preferred using Swisskaution. That was feedback from the agency.

Same applied for the current apartment that we are living in - we met the landlady who was lovely and liked us but wouldnt hear about us using Swisskaution. She said that the apartment is ours if we used cash as a deposit rather than Swisskaution. We had to grudgingly cough up almost 10K as security deposit in the end.

Last edited by summerrain; 12.04.2009 at 09:30. Reason: Info
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Old 12.04.2009, 10:03
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Re: Swisskaution - the apartment deposit lenders thread

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I have bitched about the ludicrousy of the high rental deposits that Swiss landlords demand when I first arrived here too.

Unfortunately, yes it is true that the landlords can reject your application and choose someone else who has hard cash up front, rather than accepting Swisskaution. Landlords have the luxury of doing that due to the high demand for houses.
The maximum amount that a landlord can ask for is laid down by law. I have seen landlords asking for no rental deposit (!) and some asking for three and anything in between. In some cases landlords want to make sure that the funds are there should damage occur. I know of one case where the final bill was CHF 36'000 on a house where the monthly rent was CHF 4'500. Even with three months rent the landlord wasn't covered! I know, those are exceptions, but who can blame a landlord for wanting to protect his property? The fact is that even with a cash deposit the landlord doesn't benefit personally (as it is secured in an account in the tenant's name), but it may just appear easier to deal with and is something that the landlord is used to. Swisskaution obviously benefits the tenant (no need to tie up so much money), but what are the benefits to the landlord? If there is no incnetive to change, why should they?

As for turning an applicant down because of wanting to use Swisskaution, that is certainly a contributing factor. In the current market though they can turn you down for any reason they want. After all, they don't actually have to give you a reason and with so many people looking they just have to choose one lucky applicant and the rest are simply SOL...

It's tough, but in a seller's market you are unlikely to be able to change anything
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Old 13.04.2009, 10:37
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Re: Swisskaution - the apartment deposit lenders thread

Here in Lugano we found that most agencies do NOT accept Swisscaution. They just want to rent out to someone for whom money is no object. The apartment we wanted required 3 months deposit plus 3 months rent upfront and a contract for 3 years and actually openly said this was because they don't like the risk of renting to foreigners (I am actually Swiss but have lived abroad). Also two other agencies said that of course they didn't accept SC.
Fortunately for us a better apartment became available from a private landlord who wanted only 1.5 months deposit and accepted Swisscaution.
As has been remarked on other threads here, not accepting SC is a way of selecting when there are anyway many clients. But for some it is also a matter of principle, the case I mentioned above being an apartment on the market for more than 6 months.
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Old 13.04.2009, 12:02
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Re: Swisskaution - the apartment deposit lenders thread

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The apartment we wanted required 3 months deposit plus 3 months rent upfront and a contract for 3 years and actually openly said this was because they don't like the risk of renting to foreigners (I am actually Swiss but have lived abroad).
The 3 months deposit I understand, but 3 months rent up front? I wonder whether that is even legal given that it is just a deposit by another name...
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Old 13.04.2009, 19:54
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Re: Swisskaution - the apartment deposit lenders thread

sooo... are we saying that if i get a 3.2K flat i may have to put up upfront 9.6K for deposit and 9.6K advance rent? i dounbt that many people will have that kind of cash to lock up for a couple of years... regardless of the nationality
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Old 13.04.2009, 20:10
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Re: Swisskaution - the apartment deposit lenders thread

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sooo... are we saying that if i get a 3.2K flat i may have to put up upfront 9.6K for deposit and 9.6K advance rent? i dounbt that many people will have that kind of cash to lock up for a couple of years... regardless of the nationality
Our rental flat was CHF 3,200 with a deposit of CHF 3,400, so not all landlords want 3 months deposit. Rent was monthly too. If you are looking at a flat over CHF 3,000 a month, then yes, you should have at least CHF 20k put aside in savings and left untouched. How will you pay your rent and live should things not go as planned?
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Old 13.04.2009, 20:31
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Re: Swisskaution - the apartment deposit lenders thread

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sooo... are we saying that if i get a 3.2K flat i may have to put up upfront 9.6K for deposit and 9.6K advance rent? i dounbt that many people will have that kind of cash to lock up for a couple of years... regardless of the nationality
3 months rent up front is, IMHO, very scarce. For an expensive property however, three months deposit is not so unusual.
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Old 13.04.2009, 20:37
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Re: Swisskaution - the apartment deposit lenders thread

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Our rental flat was CHF 3,200 with a deposit of CHF 3,400, so not all landlords want 3 months deposit. Rent was monthly too. If you are looking at a flat over CHF 3,000 a month, then yes, you should have at least CHF 20k put aside in savings and left untouched. How will you pay your rent and live should things not go as planned?
i'm not disagreeing with the need of having a "rainy day" fund if things go Pete Tong, but i rather having it in my bank account and not locked up in a double-signature deposit account shared with my landlord (with whom i may or may not be chummy 6 months down the line, i rented for long enough to know is not always a rosy relationship and not necessarly due to reasonable issues... i' not going to bore you with horrible stories). i feel a bit relieved by the fact that the 3 rent+3 deposit is probably the exception and not the rule - pheeww...
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Old 22.10.2009, 19:42
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Re: Swisskaution - the apartment deposit lenders thread

I tried going the swisscaution route when I first arrived here. However the letting agent didnt accept it and I paid the deposit myself (in a shared locked savings account).

trouble is 18months later swisscaution are saying I didn't pay the fee for the second year and are behaving like chumps.

obviously its all my fault for not cancelling it blah blah.. anyone recommend a game plan - I imagine going the legal route will cost more than its worth (400chf) but its money I'd rather give a lawyer than to swisscaution.
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