What the guarantee covers

• Primary benefit: repayment of the Jeonse deposit when legally due but not returned by the landlord.
• Trigger events: non-payment at end of term, after required notices and legal steps (varies by program).
• Exclusions: may include unregistered sub-leases, fraudulent documents, or properties outside program scope.

Coverage terms change over time. Always confirm the current policy wording before purchase.

Eligibility & limits (high level)

• Tenant factors: residency/visa status, prior claims, and identity verification.
• Property factors: type (apartment, officetel, house), appraised value, and existing liens/loans.
• Financial ratios: the combined mortgages and your deposit must fall within program loan-to-value limits.
• Premium: a fee based on risk; it may be paid by the tenant, landlord, or shared (as agreed in the contract).

Documents you typically need

• Signed Jeonse contract (full copy)
• Property register (ownership + liens) for the specific unit
• Tenant ID, visa/residency documents, and contact info
• Proof of deposit transfer (bank receipt)
• Fixed-date stamp and move-in report (once completed)
• Any required consent from the landlord (if applicable)

How to apply (step by step)

1. Check eligibility early: before contract day, confirm the property value and existing liens leave enough headroom for your deposit.
2. Contract & disclosures: include a clause noting intent to purchase a deposit guarantee and obtain written disclosure of existing loans.
3. Prepare documents: contract, IDs, property register, and transfer plan.
4. Submit application: apply through the program’s channel (branch/online) with required forms and fees.
5. Protection steps: obtain the fixed-date stamp and file the move-in report on time; provide proofs if requested.
6. Confirmation: keep the guarantee certificate/policy number with your lease file.

If the landlord can’t repay (claims)

1. Notice the landlord in writing that the deposit is due on the contract end date.
2. File a claim with the guarantor within stated deadlines, attaching your contract, proofs of payment, and protection steps.
3. Follow requested legal steps (such as demand letters or court procedures) as instructed by the guarantor.
4. Reimbursement is paid per policy terms; the guarantor then pursues recovery from the landlord.

Common pitfalls

• Skipping the fixed-date stamp or move-in report, weakening priority
• Contract signed with a non-owner without a valid power of attorney
• Underestimating existing liens (insufficient owner equity)
• Missing claim deadlines or required notices
• Paying the deposit to third parties not named in the contract

FAQ

Who usually pays the premium?

It varies by negotiation—tenant, landlord, or split. Clarify in the contract who pays and when.

Does insurance cover damage or unpaid utilities?

No. Deposit guarantees generally cover non-return of the deposit, not incidental costs unless explicitly stated.

Can I enroll after I’ve already moved in?

Some programs allow it if eligibility conditions are met, but earlier is safer. Check current rules and any waiting periods.

Do foreigners qualify?

Often yes, but eligibility varies by status, property, and risk limits. Confirm before signing your lease.