Our frequently asked questions.
LeaseSurance is an improved risk mitigation tool that eliminates the need for a cash deposit when a tenant rents a property. Instead, the rental property is protected with customised cover on every lease, of which the tenant pays the small monthly fee. The protection obtained through this insurance is significantly more than a cash deposit.
With LeaseSurance, tenants aren’t required to pay once-off cash deposits before moving into a rental property but can instead pay a small monthly deposit waiver fee alongside their rent, directly to the property owner or manager.
Research shows that approximately 80% of tenants prefer the convenience and affordability of a deposit waiver fee offers compared to that of a cash deposit.
LeaseSurance is the only lease insurance product specifically designed to adequately protect the property management company and property owner.
Property owners obtain more protection through LeaseSurance, making it an improved risk mitigation tool in addition to reducing bad debt and delivering greater NOI asset performance.
LeaseSurance makes use of an integrated software solution, which is natively embedded in the leasing and claims process. The software streamlines the leasing and claims process reducing deposit admin and move-out friction.
LeaseSurance unlocks the following advantages:
- It offers increased protection on every lease to reduce bad debt.
- It improves affordability for tenants, which will lead to more leads and accelerated leasing.
- It reduces the administrative hassle of cash deposits through its integrated and automated software platform.
- It reduces tenant friction during move out, which increases the reputation of the property owner/manager.
LeaseSurance is fully automated and integrates with MDA (MRI) currently. Throughout the entire lease cycle, the platform is embedded in online lease checkout, lease execution, monthly billing and accounting, receivables and automated claims, as well as property performance metrics.
LeaseSurance covers three major loss events:
- Damages:Damages to a unit above and beyond normal wear and tear.
- Evictions:We cover the costs associated with an eviction, such as missed rent, legal fees, etc.
- Skips:Rent loss when a resident has vacated the unit without paying rent.
LeaseSurance partners directly with property management companies to launch our Deposit Free Platform at their properties. We currently have a minimum requirement of 500 units under management but will soon be able to support smaller owners and operators as well.
We do not work directly with residents.
No. Renters do not apply for our lease insurance product, and they also do not interact directly with us. Once a property launches our solution, any resident who is approved or conditionally approved by the property is automatically approved by LeaseSurance.
LeaseSurance does not cost property owners and managers anything. Properties select a coverage plan based on their risk profile and market needs. A monthly fee is paid by the tenants alongside the monthly rent, thereby replacing the need for a once-off, expensive cash deposit.
Contact us for a risk profile assessment on your portfolio.
Once a property launches our solution, all new tenants will be offered a seamless Deposit Free leasing experience – however, a tenant may opt to pay an upfront cash deposit instead.
Yes, we currently integrate with MDA (MRI).
LeaseSurance’s billing is fully integrated with your leasing process. A monthly deposit waiver fee is automatically collected along with monthly rent via a native charge code. LeaseSurance invoices the property owner or manager a monthly fee for all covered leases. We offer an option to cover rental renewals as well.
Like the billing process, our claims process is also completely automated and adapted around your individual move-out process flow. On average, claims are paid out within 7 to 14 business days.
No. Once coverage is activated, and a tenant neglects to pay the deposit waiver fee, the property retains full protection.
No. LeaseSurance does not use on-site claim adjustors. Claims are filed online through the LeaseSurance Dashboard, processed by a licensed administrator and generally paid within 7 to 14 days.
Lease insurance is insurance that has specifically been designed to insure the property against rent loss and damage while completely eliminating expensive once-off cash deposits. A tenant moves in without paying a deposit, and instead pays a small monthly deposit waiver fee along with the monthly rent.
Lease insurance offers a unique coverage multiplier that cash deposits cannot. Properties enjoy an average of 5x more protection against missed rent and damages than they would with a traditional cash deposit, which leads to significant bad debt reduction. They also avoid the friction of deposit disputes, resulting in happier renters and fewer negative reviews.
Please contact us, and we will walk you through the next steps.