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You could get up to 60% more protection for your property than a traditional deposit based on the cover available, with up to two months’ rent arrears covered rather than five to six weeks, as well as dilapidations or damage to the property during the tenancy.
With a Deposit Replacement Scheme, tenants won't need to wait for their previous deposit to be released to make a move, so your agent can let your property up to 25% faster according to flatfair, and reduce your void periods.
Advertising a Deposit Replacement Scheme with your property can help grow your agent’s pool of prospective tenants by offering them a cheaper, quicker way to move into a new place.
It’s easier to resolve claims for rent arrears or disputed damages at the end of the tenancy with a Deposit Replacement Scheme. Impartial third-party adjudicators review all claims and disputes and decide outcomes.
Terms and conditions apply, always read the policy wording.
Check out our blog for a full explanation about what these schemes mean for agents, tenants and landlords.
No. You must provide tenants with a traditional deposit scheme as standard. The Deposit Replacement scheme can only be offered as an alternative to a traditional deposit scheme, not in place of.
If the claim is undisputed, the claim will be paid out within 30 days. If it’s disputed by the tenant, it’ll be referred to our independent claims specialists who’ll manage the resolution process.
As it’s the agent taking out the policy, the policy will be in your agent’s name.