LeaseLock, the lease insurance provider that eliminates security deposits, surety bonds, and guarantors in rental housing, has issued a major product release that it says deeply integrates into property software systems to make claims faster, simpler and more automated. The product update optimizes claims with autofill features to create a one-click experience. Powered by system integration, the product itemizes claims and auto-uploads documents.
“As a modern insurtech company, we’re reimagining the way value is delivered to our customers,” said Derek Merrill, Founder and CEO of LeaseLock. “While surety bond providers deliver off-system claims forms and manual processing, our engineering team is hard at work deeply embedding our product into multifamily systems for effortless deployment.”
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee and the property receives over $5,000 in rent loss and damage coverage on every lease — a level of protection that far exceeds that provided by typical security deposits and surety bonds.
LeaseLock has insured over $300 million in leases across the industry’s largest apartment portfolios and is expanding across over 2 million rental units under management at current clients. Its clients include NMHC Top 50 operators Greystar, Pinnacle, Avenue5 Residential, FPI, Bell Partners, Harbor Group and LMC, as well as ownership groups such as UBS, TruAmerica, Eaton Vance and Goodman Real Estate.
