As 2021 comes to a close, multifamily operators are gearing up for what’s ahead in 2022. It’s also a time for us to reflect on all we’ve accomplished as an industry, from the opportunities identified to the challenges overcome.
This past year has been full of exciting changes for us at LeaseLock, including a major product advancement. With our latest platform upgrade, we’ve directly addressed client feedback to improve the product experience for our valued customers and ultimately empower more and more operators to eliminate deposits for good — all in the name of elevating asset performance and improving resident experience.
It’s our mission to revolutionize the insurance and multifamily industries by building the world’s leading insurtech platform for real estate. Powered by insurance technology, LeaseLock is the only true deposit replacement solution on the market that gets operators out of the deposit business altogether. We’re doing that by constantly innovating and engineering our AI-powered lease insurance platform, and our latest product advancement is a testament to that commitment.
Here’s a preview of the major innovations we’ve been working on, as well as insights from our clients:
In addition to rent and damage, LeaseLock now covers partial rent payments, pet damage, utility fees, eviction costs, termination fees, and late fees. The comprehensive protections consolidate coverage under a combined single limit, removing sub limits for damage and aligning with standard operating procedures for move-outs to improve debt recovery.
Through this upgrade, we’ve drastically improved the claims experience with more flexible deadlines and expedited processing. By taking claims completely in-house, we now deliver claims payouts in as fast as 48 business hours. In addition, all insurance policies are covered by QBE, our trusted global insurance carrier, establishing strength and trust for LeaseLock clients to expand.
We’ve developed a new AI-powered risk platform that optimizes coverage for each asset by analyzing historical financial performance data and continually monitors ongoing risk to adapt coverage. This flexible, customized coverage results in an average of 6x more protection compared to the average deposit or bond, thus reducing bad debt.
To top it off, all our new updates come in a resident-friendly format. LeaseLock does not run collections against residents for claims paid to properties — unlike deposit alternatives which do collect against residents for claims paid. With LeaseLock, properties don’t have to worry about unhappy residents writing negative online reviews due to surprise collection attempts.
Now that we’ve introduced the upgrades to our core lease insurance platform, what key benefits do rental housing operators get with LeaseLock? Due to our industry-leading adoption rate of 92%, clients see the following 3 key benefits:
Powered by AI, our insurance technology increases coverage and removes uncertainty by replacing security deposits and deposit alternatives with lease insurance. Operators receive $3,000 in rent loss and damage coverage for each new lease with the preferred plan. LeaseLock deploys within the native online leasing checkout, which puts the operator in charge of the transaction and creates a seamless experience — resulting in industry-leading conversion rates.
Claims are simple, with an expedited claims process that is as straightforward as handling cash — without the administrative headaches of cash deposits.
By replacing security deposits with insurance, owners and operators increase coverage levels while cutting risk and making housing more affordable. That’s a powerful win-win for the whole industry, and the reason top operators choose LeaseLock.
Interested in learning more about our latest product upgrade or what LeaseLock can do for you? Request a demo – click here.