Deposit replacement scheme extends level of cover for landlords

Reposit has extended the level of insurance cover landlords receive under its deposit replacement scheme.

Landlords will now be covered for eight weeks of rent rather than six.

It comes as Reposit announced a partnership with build to rent private rented scheme provider Way of Life, which will offer the deposit alternative to tenants in its 550 homes.

Jude Greer, chief executive of Reposit, said: “Reposit is not only positioned to best serve new customers at Way of Life, but we are adding even more value to thousands of existing users.

“Eight weeks of Reposit cover is the joint longest but most complete offering in this marketplace.

“As the longest running deposit alternative provider, we have been able to use exit data from our last few years’ operations to tailor our product perfectly for tenants and landlords.”

Canopy also provides eight weeks’ cover, while others offer six for landlords.

All the deposit-free schemes offer longer cover than the Government’s five week cap that will come in with the tenant fee ban in June.

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5 Comments

  1. DarrelKwong43

    an option for those tenants who have pets

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    1. Lil Bandit

      You are barking up the right tree!

      Report
  2. LandlordsandLetting

    This sounds like a bit fairly good news for landlords – are you sure it’s not a mis-print?

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    1. Letting agent 101

      Most schemes have extended, or will be extending, their offer from 6 weeks to 8 or 12 weeks protection.

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    2. HunterDoug45

      If you haven’t seen it, Marc put another piece out on Monday about Reposit;

       

      Useful to see some of the data and learnings from the last few years of operating.

       

      https://www.propertyindustryeye.com/dispute-rate-looks-similar-to-traditional-schemes-says-tenancy-deposit-replacement-firm/

       

      and there not being a 14 day cooling off option for tenants makes some difference. It is a really interesting space for sure.

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