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Deposit Replacement Insurance
Unique Products for Your Clients
Only Available to Southcourt Business Package Letting Agents
A common problem that tenant applicants face is finding the deposit/bond for a property. This can be because they are waiting for their previous deposit to be returned, or because they have to save up for one.
In association with one of our legal partners, Southcourt Property are now one of the few UK providers able to offer an innovative product which provides an easy and affordable solution – it’s called Deposit Replacement Insurance. The insurance is an alternative to paying a deposit. It’s a far smaller amount, and it is paid for by the incoming tenant instead of paying a tenancy deposit.
It’s a win-win solution because the insurance reduces the tenant’s move-in costs, whilst still providing protection for the landlord. There are also benefits for the letting agent.
Benefits to the Agent
- Once agreed with the landlord, the insurance enables you to market the property as "NO DEPOSIT REQUIRED".
- You can rent the property more quickly, giving you a competitive edge over other local agents.
- You can attract more landlords from your local area, because you will likely be the only agent offering this product in your area
- Not only is there no financial outlay for the agent (or landlord) in taking advantage of this scheme.
- The agent is free to add a mark-up to the price of the insurance, thus enjoying a profit in addition to his usual fees.
- The agent and/or landlord will avoid the admin associated with using a Deposit Protection Scheme.
Benefits to the Landlord
- The property should rent faster because the Deposit Replacement Insurance represents an attractive and convenient incentive to tenant applicants.
- The product offers ample protection to the landlord as it provides the equivalent of up to 12 weeks rent as deposit cover.
- It covers the landlord if a tenant vacates the property without paying the last month's rent, in addition to ample damage compensation.
- There is no cost to the landlord at any time.
- Following the acceptance of a claim, the landlord will receive guaranteed payment within 7 days.
- There is NO EXCESS in the event of a claim.
Benefits to the Tenant
- For the tenant, there is no large tenancy deposit/bond to be paid, no need to save up or borrow funds.
- The tenant can move in earlier, resulting in greater mobility and a smoother move.
- The tenant can usually afford a better property, since they won't need to worry about the deposit saving.
- The tenant doesn't need to wait for their previous deposit to be returned by the landlord or deposit protection scheme.
- The insurance is an uncomplicated product, easy to understand and is simple and easy to purchase.
- The one off fee provides protection for the life of the tenancy, regardless of the tenancy duration and any renewals.
Order your Southcourt Business Package today
Become the only letting agent in your locality offering Deposit Replacement Insurance.