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You may have already read our article discussing our recently revamped tenant referencing service; if you were intrigued by this innovative service, we are sure you will feel similarly about our deposit replacement insurance. Deposit replacement insurance, for those unfamiliar with its definition, allows a Tenant Referencing Service to move into a property without having to save a large, often-unaffordable sum as a deposit. Instead, the tenant pays an insurance premium equivalent to one week’s rent. However, this service is not only of benefit to the tenant. Solving problems for both landlords and tenants As a landlord, a deposit replacement insurance policy will enable you to attract a wider range of tenants, as no incomer will be required to provide a hefty deposit. As a result, you will not have to rely on a costly national scheme to protect your tenant’s deposit, nor deal with any associated disputes. Landlords taking advantage of Advanced Rent's deposit replacement insurance also benefit from damage (dilapidations) cover of up to six weeks’ rental value or if the tenant vacates the property without paying the last month’s rent or a proportion of that rent, you will be covered for that, too. However, if they buy rent guarantee insurance, they are covered for both. We hope that you should never encounter tenants and scenarios such as these, but it’s always better to be safe rather than sorry. Your prospective tenant – no longer having to save a considerable amount for a deposit or wait for a deposit on a previous property to be released from a deposit scheme – will also be able to move into your property much more quickly. Talk to us today about deposit replacement insurance Our Deposit Replacement Insurance works in a very simple, easy-to-understand way. First of all, you provide us with details about your property and incumbent or potential tenant. After that, you complete a simple application form, confirm the all-important inventory and ensure that you complete inspections every 26 weeks. You will also need to ensure that all tenants are fully referenced and credit checked and finally, your tenant - or yourself, if you intend to re-charge the tenant - buys the policy. This unique, time-saving and cost-effective product is only available through Advanced Rent; a team of property and finance experts dedicated to taking much of the stress and hassle out of your life as a landlord. Please don’t hesitate to contact our receptive team here at Advanced Rent with any further queries that you may have.
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