Frequently Asked Questions

What is LeaseLock?

LeaseLock powers a modern lease experience that totally eliminates all security deposits, surety bonds, cosigners and guarantors. The property is protected with over $5,000 of coverage on every lease — significantly more than a security deposit or average bond. We are the only nationwide lease insurance provider of our kind, and work with over half of the top 10 property managers in the United States.

What are the benefits of LeaseLock Zero Deposit?

Our flagship Zero Deposit product offers the seamless, affordable move-in experience that modern renters expect. It eliminates friction at the leasing office: expensive security deposits, drawn-out bond approvals, and confusing guarantee programs.

This one-click lease experience results in higher closing ratios and increased rental income for properties. Our standard plan allows properties to enjoy $5,000 in coverage against missed rent and damages, compared to $500 with the average deposit or bond.

Zero Deposit is fully automated, and integrates with all major leasing systems, including Yardi, Realpage, Entrata, Resman and MRI.

What does LeaseLock cover?

LeaseLock insurance covers three major loss events:

  • Damage: Damage to unit above normal wear and tear
  • Eviction: Costs associated with an eviction, such as missed rent, legal fees, etc.
  • Skip: Rent loss when a resident has vacated the unit without paying rent

Who is the LeaseLock customer?

LeaseLock partners directly with property management companies to launch Zero Deposit at their properties. We currently have a minimum requirement of 1,000 units under management, but will soon be able to support smaller owners and operators as well. We do not work directly with residents.

Do renters need to apply to LeaseLock?

No. Renters do not apply to LeaseLock, or interact directly with LeaseLock. Once a property launches Zero Deposit, any resident who is approved or conditionally approved by the property is automatically approved by LeaseLock.

Where is LeaseLock available?

LeaseLock is available nationwide in the United States, across all 50 states.

How much does LeaseLock cost?

LeaseLock costs nothing for the property. The resident pays no upfront security deposit, and instead pays a small deposit waiver fee with their monthly rent. The following are our three most popular plans, although coverage can be customized depending on the needs of the property:

$19 mo

$2,500 RENT

$400 DAMAGE

Preferred

$29 mo

$5,000 RENT

$500 DAMAGE

$39 mo

$7,500 RENT

$500 DAMAGE

Is LeaseLock optional?

Once a property launches, all new residents are offered a seamless Zero Deposit leasing experience – however, a resident may request to pay an upfront deposit instead.

Does LeaseLock work across all asset types?

LeaseLock has clients across all property classes, and works well for all types. The Class A demographic prefers the fast, seamless lease experience that Zero Deposit provides. We see a lift in closing ratio and accelerated lease-ups for our Class A communities.

Conditional applicants who normally struggle with high deposits and guarantors convert well with LeaseLock as well, since they are able to move in without exorbitant upfront costs.

Does LeaseLock integrate with my property management system?

Yes, we integrate with all major leasing systems, including Yardi, Realpage, Entrata, Resman and MRI.

How does LeaseLock billing work?

LeaseLock has two billing configurations, both of which are fully integrated with your leasing process:

  • Comprehensive Billing (preferred): Monthly deposit waiver fee is bundled with rent to the resident, but tracked and itemized within backend accounting systems as an amenity fee. This configuration eliminates the need for the resident to participate in any deposit waiver program as part of their lease agreement.
  • Waiver Billing: Monthly deposit waiver fee is collected by adding a charge code. The waiver fee is itemized separate from rent on the residents lease billing statement. This configuration requires the resident to participate in a deposit waiver program within their lease agreement.

LeaseLock invoices the property (or central receivables team) monthly for all covered leases. Option to cover renewals as well.

How do claims work?

At LeaseLock we pride ourselves on offering an automated claims experience built around the property’s own move-out workflow. The process begins as soon as the property closes their Final Account Statement, based on automatic triggers within your leasing system. On average, claims are paid out within 14 business days.

Does LeaseLock cover pet damage?

Yes, pet damage is fully included in all LeaseLock plans.

If the monthly fee isn’t paid, does the property lose coverage?

No, once coverage is activated, if payments stop due to a resident default, the property retains full coverage.

Does LeaseLock use on-site adjusters?

No, LeaseLock does not use on-site adjustors. Claims are filed online through the LeaseLock Dashboard, processed by a licensed administrator and generally paid within 7 days. There is no on-site component.

Is LeaseLock a surety bond?

No. LeaseLock is the only major deposit solution that is not a surety bond, or structured like a bond. LeaseLock is an entirely new insurance product called lease insurance, developed after years of research and testing in order to avoid the historical problems associated with surety bonds and pooling.

What is lease insurance?

Lease insurance is designed to completely eliminate costly security deposits, drawn-out surety bond applications, and confusing guarantee programs. Renters move in without paying a deposit or jumping through additional hoops, and instead pay a small monthly deposit waiver fee along with their rent. This fee funds coverage for the property against missed rent and damages.

Lease insurance offers a unique coverage multiplier that security deposits and most bonds cannot. Properties enjoy significantly more coverage against missed rent and damages than they would with a traditional deposit, which leads to significant bad debt reduction.

How is LeaseLock different from security deposit alternatives on the market?

Most security deposit alternatives on the market are surety bonds and rent guarantees. These must be sold directly to the renter by the leasing staff, which requires extensive onsite training and creates additional friction in the leasing process. LeaseLock has spent years developing a new product called lease insurance, designed to completely eliminate deposits, bonds and guarantors, and fit within the property’s native leasing workflow (no applications or approvals required). Any applicant approved by the property, is automatically approved by LeaseLock.

Our standard plan provides $5000 of coverage on every lease, significantly more than leading deposit alternatives. This results in a sizable bad debt reduction for clients and an accelerated lead-to-move-in time, thanks to the elimination of costly deposits and a streamlined lease experience. This combination of bad debt reduction and net leases leads to a significant increase in NOI for clients, while creating the simple and affordable lease experience that modern renters expect.

Does LeaseLock work with affordable housing?

Yes, we cover most forms of affordable housing. For more information on whether your affordable property can use LeaseLock, please reach out via the Contact.

How does a property sign up for LeaseLock?

Please reach out via the Contact Page and we will walk you through next steps.