LeaseLock Releases Automated Claims for Rental Housing

The new insurtech functionality detects potential loss on apartment leases to drive enhanced multifamily asset performance

News provided by

LeaseLock

Feb 27, 2020, 16:16 ET

MARINA DEL REY, Calif., Feb. 27, 2020 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that totally eliminates security deposits and deposit alternatives like surety bonds in rental housing, today announced the release of its Automated Claims feature.

Automated Claims significantly eases the administrative burden on onsite teams, alerting them to potential rent and damage losses and enabling associates to file a claim with a few clicks. Powered by real-time move-out ledger data, "potential loss" events are displayed in the claims dashboard. Leasing teams can quickly review "potential loss" events and submit them as a claim without manual and time-consuming reconciliation efforts.

"Creating a frictionless, one-click experience is the future of insurtech," said Reichen Kuhl, CEO and Co-Founder of LeaseLock. "We aim to disrupt the old ways of insurance by proactively identifying and alerting 'potential losses' for our customers, rather than relying on a 'breakage' model dependent on forgotten claims. Our lease insurance product provides over $5,000 in coverage on every lease, and our extremely simple Automated Claims feature makes it easy for operators to mitigate losses from rent and damage—ultimately reducing bad debt."

LeaseLock is integrated with all major property management software systems, including Yardi, RealPage and Entrata. The resident leasing experience is seamless and completely native—requiring no out-of-workflow processing.

"We are using insurtech to drive better asset performance for our enterprise multifamily clients," said Derek Merrill, COO and Co-Founder of LeaseLock. "Through our deep system integrations, we leverage data to power an experience an order of magnitude better than anything else on the market. This uniquely positions LeaseLock to automate the entire lease insurance process—from coverage to claims—and push the boundaries of what insurtech can do for the rental housing industry."

LeaseLock powers a modern lease experience with insurance technology. Renters pay an affordable monthly fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt, and eliminate burdens of deposit administration.

LeaseLock is the first and only nationwide lease insurance program, rolling out more than 1 million rental units across the NMHC Top 50. Leading apartment companies that have replaced security deposits with LeaseLock include Greystar, Pinnacle, Avenue5 Residential, Bell Partners, First Communities and The Bainbridge Companies.

About LeaseLock
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock delivers a modern lease experience for rental housing—faster, simpler and more affordable.

Headquartered in Marina Del Rey, CA, LeaseLock totally eliminates all deposits, bonds and guarantors. Renters pay an affordable monthly fee that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties increase occupancy, reduce bad debt, and eliminate deposit administration and liability.

LeaseLock has insured over $200 million in leases and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock secured $10 million in Series A financing from leading insurance and real estate technology venture funds including, Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners and Moderne Ventures. For more information, please visit www.leaselock.com.

Media Contact:
LinnellTaylor Marketing
Marlena DeFalco
Account Director
(303) 682-3943
[email protected]

SOURCE LeaseLock