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.
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.
What is covered?
£50,000 Legal Expenses
To negotiate any dilapidations dispute with your tenant following an end-of-tenancy check-out 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!