LeaseLock, a lease insurance and financial technology provider for the rental housing industry, announced that Harbor Group Management Co. LLC (HGMC) has implemented LeaseLock lease insurance across the majority of assets.
HGMC is a property management company operating nearly 58,000 apartment homes and 5.4 million commercial square feet across the United States.
“Our industry has realized dynamic shifts over the past few years, and we are constantly looking toward innovative solutions that can optimize our business while better serving our residents,” said HGMC President Robert Friedman. “As the industry continues to evolve, LeaseLock has emerged as the sustainable security deposit replacement, and we’re pleased to deploy their insurtech technology across our communities.”
Lease insurance enables more renters to gain access to apartment homes that may have been otherwise unattainable with a traditional security deposit requirement. LeaseLock leverages AI to analyze historical financial data and customize coverage by asset, which has generated over $38 million in total coverage for HGMC. The insurtech solution provides coverage to improve debt recovery, while drastically reducing deposit administration and regulatory risk.
“LeaseLock provides a valuable service to our residents, and we’re pleased to offer technology that improves the quality of life for our residents while having a positive impact on our portfolio,” said Cindy Dethlefsen, operations program manager at HGMC. “We look forward to a successful partnership with LeaseLock.”
Leveraging a deep integration within the native operating software, LeaseLock streamlines claims management at move-out so on-site teams aren’t saddled with deposit management responsibilities. HGMC has maximized account balance absorption with LeaseLock, gaining 2.5 times more coverage by claims paid compared to the average retained security deposit. The elimination of security deposits also removes the opportunity for contentious resident
