Do you still ask for Deposits when you rent out your property? Find out how deposit replacement insurance can help you.
Although requesting a cash deposit when you take on a new tenant has been normal, now there is a quicker, simpler and more suitable alternative…
a *Tenant Deposit Legal Protection Policy.
Deposit Replacement Insurance is a simple alternative to a tenancy deposit scheme that costs the equivalent to one week’s rent.
Deposit Replacement Insurance
From only £85, including Insurance Premium Tax, we can provide you with more than a deposit can, including:
A deposit is not a legal requirement and can also be a heavy administrative burden for the landlord or letting agent- pass the job over to the experts and arrange deposit replacement insurance instead.
Benefits for Landlords
- No need to worry about holding a tenant’s deposit in a costly national scheme
- No excess to pay in the event of a claim
- No hassle with the tenant
- Overall, less hassle, less admin and no cost to you as you can re-charge the premium back to your tenant
- No risk of legal action from failing to adhere to the deposit rules
Benefits for Agents
- Considerable savings in cost and time for the administration of deposits
- Fresh impetus to the market as tenants can move more easily and without the requirement of finding a large deposit
- Avoids legal risk and duties around handling and protecting tenants’ cash
- A commission on each tenancy, including renewals
Benefits for Tenants
- Not having to find up to 6 weeks’ rent as a cash deposit with every rental- just an insurance premium equivalent to around one week’s rent
- Ability to move more quickly from property to property
- No waiting for the return of deposit between moves
- No hassle with landlord regarding TDS or arbitration at the end of the tenancy