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Letting Agent Deposit Replacement Insurance

Reduce the upfront cost for your tenants

A tenancy deposit is a security for the landlord which can be claimed against in the event that the tenant does not fulfill the terms of their tenancy agreement. In an ideal world the landlord would have immediate access to this money quickly in the event of any issues to fund necessary repairs to the property caused by the tenant. However if a tenant disputes the landlords claim it can be a time consuming task for the landlord to get what is owed to them.

What is deposit replacement insurance?

Deposit Replacement Insurance protects your landlords properties against damage caused by the tenant during the tenancy. The landlord will receive cover for up to £50,000 legal expenses if there is a dispute with the their tenant following an end of tenancy check-out or mid-term inspection. If the tenant absconds or the insurer is unable to negotiate a settlement, the policy will pay up to 6 or 12 weeks rent for damage and rent arrears.

What is covered?

£50,000 Legal Expenses

To negotiate a dilapidations dispute with your tenant following an end of tenancy check our or mid-term inspection.

6 or 12 weeks rent for rent arrears or dilapidations

where we are not able to negotiate a settlement in respect of your claim, the insurer will instead pay the amount you are claiming from the tenant, subject to a maximum amount equivalent to 6 or 12 weeks’ rent.

 

No Excess

There is no excess to pay under this insurance

 

12 Month Cover

Each policy lasts for 12 months therefore does need renewing. Renew each year for as little as £78.40 on residential tenancies.

Contact our team today to find out how you can remove tenancy deposits from your business!

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