LeaseLock unveils security deposit alternative that lets renters pay a monthly fee instead

Possibly the most common question that tenants often ask is can I use my security deposit to pay the last month’s rent? The answer to this question is no. But you have options. A tenant security deposit is a type of deposit that a tenant has to pay to the landlord upfront.

Security deposit alternatives are growing in popularity, with surety bonds, guarantor services, and even co-signers among the alternative choices. Through LeaseLock’s program, renters pay as little as $19 per month for the length of their lease term (although the company notes on its website that the typical fee is $29 a month), and then the rental is then insured for more than $5,000 against rent and damage loss.

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LeaseLock insures the property for missed rent and damages, plus an automatic lease payout for utilities and other costs. Renters pay a fee starting at $19/mo and your coverage is multiplied – eliminating bad debt.

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LeaseLock and Boost Insurance introduce security deposit alternative for renters. Life Insurance. LeaseLock unveils security deposit alternative that lets renters pay a monthly fee instead. Housing Wire. Read the rest . LeaseLock and Boost Insurance Announce strategic insurtech partnership. rentreporters and LeaseLock Join Forces to.

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