LeaseLock, a U.S.-based insurtech that provides totally eliminates security deposits, surety bonds, and guarantors in rental housing, announced on Tuesday it has surpassed $1 billion in insured lease value for residential apartment homes. The latest milestone comes shortly after LeaseLock announced its $52 million through its Series B investment round.
As previously reported, LeaseLock’s Zero Deposit allows renters to pay a lower monthly fee starting at $19 that insures the property for six times the rent. The company claims that renters save thousands of dollars at move-in, which properties convert more leases with what LeaseLock aims to be better protected.
“Our mission is to help the world find ‘home.’ Powered by insurance and technology, we’re reinventing the way renters and properties transact—making it faster, simpler, and more cost-effective.”
LeaseLock further revealed that in 2020, it grew 400% in homes on its platform, ending the year with a reach across 1.5 million apartment homes in 36 states. More specifically:
- 5.4 multifamily communities added to the platform daily
- $3.5 million in lease value insured daily
- $560,000 of deposits ejected at online checkout daily
- 1.1 billion risk data points analyzed daily
Derek Merrill, CEO and co-founder of LeaseLock, shared more details about the milestone by stating:
“Deposits are under threat and the pandemic is accelerating their demise. Leading operators recognize the tectonic shift and are deploying our B2B insurtech solution to gain a competitive edge in leasing while insuring their assets against future uncertainty.”
Reichen Kuhl, President and co-founder of LeaseLock, then added:
“The multifamily industry has long been waiting for an automated technology-based solution that fully eliminates deposits rather than just another partially-adopted ‘deposit alternative’ offered by leasing staff. LeaseLock is the answer.”