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Reduce the upfront cost for your tenants
A tenancy deposit is a security for the landlord which can be claimed against if the tenant does not fulfil 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 landlord's claim it can be a time-consuming task for the landlord to get what is owed to them.
With Deposit Replacement Insurance you can:
Attract more tenants
By minimizing upfront expenses associated with your properties, you can draw in a larger pool of potential tenants for your landlords. Promoting properties as deposit-free will generate greater interest and enable tenants to move in swiftly with fewer initial costs, ultimately reducing periods of vacancy.
Offer increased protection for your landlords
Offering £50,000 in legal expenses coverage and providing payment equivalent to 6 or 12 weeks of rent, your landlords will enjoy greater protection compared to a typical 5-week cash deposit.
Elevate your service
Integrating Deposit Replacement Insurance into your business enables you to enhance your revenue by providing a comprehensive service to your landlords
What is Deposit Replacement Insurance?
Deposit Replacement Insurance protects your landlord's properties against damage caused by the tenant during the tenancy. The landlord will receive cover for up to £50,000 in legal expenses if there is a dispute with 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.
