Introducing a ground breaking and unique tenancy Deposit Replacement Solution that will help increase your market share, reduce your costs, and give you far greater protection.
Key Benefits of the Deposit and Rent Insurance (DRI) Scheme
It has been standard practice in the lettings industry that a tenant should pay a landlord or agent a cash deposit.
There are however several problems with the current system. These include the administrative burden, legislation, additional costs, the need for arbitration and of course tenant's affordability.
The solution is a new and unique product called Deposit Replacement Insurance (DRI).
Underwritten by one of Europe's largest insurers DAS, A-rated and based in the UK. The DRI benefits over the current TDS system are numerous and with the lettings industry becoming more and more competitive, Deposit & Rent Insurance will increase your market share, reduce your costs and offer you a new and valuable revenue stream.
With the typical cost of only one week's rental, this unique and groundbreaking policy not only offers full deposit insurance coverage but also includes rent guarantee and legal expenses as standard.
Benefits For Estate 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 tenant's cash.
- A Commission on each tenancy, including renewals.
Benefits For Landlords:
- The deposit insurance mirrors the protection offered by a deposit, including the equivalent of six weeks' rent cover for damage and dilapidations.
- No risk of legal action from failing to adhere to the deposit rules.
- No need to worry about holding a tenant's deposit in a costly national scheme.
- Includes £50,000 legal cover for issues with tenants.
- Includes a Rent Guarantee element that covers up to £100,000 annual rent and even covers lost rent after tenant has been evicted two months at 75% of rent.
- No excess or minimum claim period.
- Faster claims procedure and pay-out than TDS.
- No actual cost to the landlord as the premium is charged back to the tenant.
Benefits For Tenants:
- Not having to find up to 8 weeks' 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
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