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:

  • Legal costs and expenses - up to £50,000 to negotiate settlement of any dilapidations claims.
  • Legal costs and expenses - up to £50,000 to pursue your legal rights if your tenant has absconded before dilapidations inventory was completed

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

*This policy is only available where your tenant has passed a referencing procedure from an approved tenant referencing agency and has a tenancy agreement in place.         

This is a 12-month policy with no excess to pay.

Other Products

Rent Guarantee

Gain full coverage and no longer worry about non-payment of rent with a Landlord Legal and Rent Protection Policy.

Landlords Emergency Assistance

Designed to provide emergency assistance to prevent damage or further damage to your property.

Landlords Building Insurance

Essential for any buy to let property – in fact in most cases it is a mandatory requirement with any buy to let mortgage offer. Peace of mind that your investment is protected.