Deposit Replacement Insurance
When tenants move from one rented property to another their deposit will be tied up in their old tenancy until after their new one has started.
This can leave them struggling to find a substantial sum of money temporarily - not something that is always achievable.
However now there's a new product that solves this issue and also makes life a lot easier for landlords. It's called deposit replacement insurance.
How It Works
Instead of having to find, say, £1000 to give to their new landlord as a deposit, the tenant buys an insurance policy.
The money spent on the policy is gone, but it covers them for a much greater amount of money than the premium paid. And the premium is much smaller than the deposit they would have had to find.
For tenants it means a reduced outlay and also that they mitigate the risk of not getting their entire deposit back at the end of the tenancy.
For landlords it means not having to protect the deposit, no risk of falling foul of any of the myriad of deposit protection rules, and no risk of a dispute resolution going against them at the end of the tenancy.
The claim process is simple - provide the evidence (before and after photos, rent statements etc.) and get paid out. The tenant is not involved in the claim process and is not affected by a claim being made against the policy.
Prices (excluding 10% IPT):
- £130 (Rent amounts from £0 - £450.99)
- £166.88 (Rent amounts from £451 - £649.99)
- £257.60 (Rent amounts from £650 - £999.99)
- £386.40 (Rent amounts from £1,000 - £1499.99)
- £515.20 (Rent amounts from £1500 - £1999.99)
- £772.80 (Rent amounts from £2000 - £2999.99)
- £1030.40 (Rent amounts from £3000 - £3999.99)
Please contact us to get a confirmed quote.