Another tenancy deposit replacement insurance scheme has been launched – this time by Goodlord.

The property technology firm is offering the deposit replacement insurance product to letting agents, with a view to providing renters with an alternative to a traditional tenancy deposit.

Through the new offering, agents can provide landlords with eight weeks of protection, which is 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.

Oli Sherlock, head of insurance at Goodlord, said: “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 that offers our customers more security, with up to eight weeks’ protection for landlords.

“Goodlord’s Deposit Replacement Insurance is also white labelled, which means our letting agencies can ensure complete alignment with their own brands.”

It is important to note that deposit replacement insurance is growing increasingly popular as it also provides agents with a new revenue stream.

Goodlord’s CEO, William Reeve, said: “After a successful testing period with a select group of our customers, we’re excited to now offer deposit replacement insurance to all the agencies we work with.

“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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