Reposit has teamed up with Devon-based letting agency Webbers to extend its tenancy deposit alternative to the South West of England.
The alternative solution to the tenancy deposit scheme provides FSCS protection for customers and landlords, while being underwritten by Lloyds of London.
Reposit’s eight week insurance cover product is being offered to new tenants signing with Webbers since May and it has seen a 40% take up with numbers expected to grow in coming months.
Webbers’ main customers include singles, couples and small families, who can now save a few hundred pounds by entering Reposit’s insurance scheme.
According to Webbers’ data, the average rent in the area is around £750 per month, on top of which tenants are asked to pay a five week’s worth of deposit, reaching up to £1,000.
With Reposit’s insurance scheme, tenants pay for just the first week – a non-refundable sum of about £200 – as insurance cover, which provides landlords with eight weeks’ worth of protection.
Lawrence Williams, head of lettings at Webbers, said: “We are happy that we can improve our service by introducing Reposit to our customers.
“We had long discussions and reviewed everything thoroughly, but what really stood out to us was Reposit’s eight week cover.
“We can see how the world of letting is changing and Reposit is a great choice to make available to our tenants.”