New product offers agents six weeks cover across all ...

Zero Deposit is piloting a new product that provides six weeks’ cover on every tenancy, even when the renter selects a cash deposit.

The product - called Deposits+ - offers an additional week on top of the five week deposit period and is free for landlords and letting agent partners.

It’s being launched in Birmingham next month and will roll out across the UK in 2023.

Zero Deposit says it comes with no financial liability for tenants who choose a cash deposit, even if the landlord claims for the additional week.

To access the policy, the property must be advertised with Zero Deposit, and the cash deposit and the Zero Deposit Guarantee options are offered as a choice to the tenant.

The additional week’s cover with the cash deposit is an insurance policy that is underwritten by Equitable Rental Insurance Limited and benefits from full regulation.

The policy is available on properties promoted with Zero Deposit and on all claims where the liability exceeds the five week deposit cap.

Zero Deposit chief executive Sam Reynolds: “Deposit+ provides more cover than any other by protecting landlords across 100 per cent of available properties. This extra week’s cover hands our partners a unique advantage in their local markets - helping to acquire and retain landlords … where winning instructions is at a premium. It comes with the same regulatory security and safeguards that our partners expect.

“Equally, with the cost of living crisis, it’s clear that landlords are increasingly nervous about the amount of cover available to them at the end of tenancy. This product provides additional security and comfort with no cost to the Landlord. Tenants equally benefit from having more deposit choices and improved financial flexibility when they move home.”

Zero Deposit says it’s helped over 100,000 tenants move since launch, provided £78m in protection for landlords and - in its words “put £51m back into the pockets of tenants.”