PropTech company Goodlord is the latest entrant in the deposit alternative field.
Under Goodlord Deposit Replacement Insurance agents can provide landlords with eight weeks of protection - the firm claims this is up to three weeks’ more than a traditional tenancy deposit, which will be capped at five or six weeks (dependant on annual rent) under the Tenant Fees Act coming into effect in June.
The insurance can be white labelled to complement customers’ existing brands.
“We’ve listened to the concerns our customers had around other deposit replacement schemes in the market and, as a result, have built an insurance-backed deposit replacement scheme” says Goodlord’s Oli Sherlock.
Goodlord chief executive William Reeve adds: “Deposit replacement could cost renters as little as 25 per cent of a month’s rent. This will help to put agents in a good financial position ahead of June’s tenant fee ban, enabling them to offer landlords significantly more protection than a traditional tenancy deposit, and making moving home easier for their tenants. The Goodlord platform ensures the process is completely transparent and seamless for all parties.”
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I would be concerned that claiming on the insurance for this is as hard as in your car or home insurance and they will do anything to get out of it.
You are quite right to be cautious. There have been numerous talks of rejection from insurance for house etc because of some details in the terms and conditions not brought to the attention of the policy holders. More over TDS have arbitrator who are clueless and decided for the tenants despite evidence of inventories check in etc
We use Zero Deposit as the TDS administer the deducts made and awarded on behalf of Zero Deposit.
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