LeaseLock and QBE North America Partner to Eliminate Deposits in U.S. Rental Housing Market
Partnership is poised to deliver an enhanced customer experience
MARINA DEL REY, Calif. – September 17, 2020 – LeaseLock and QBE North America today announced a strategic partnership, combining LeaseLock’s flagship Zero Deposit product with QBE’s world class customized and comprehensive insurance solutions. LeaseLock is the first and only nationwide lease insurance provider that partners with A-rated carriers to help eliminate security deposits, surety bonds, and guarantors in rental housing. LeaseLock’s partnership with QBE, a leading program writer in the US, delivers protection to apartment communities from losses due to insufficient security deposits.
LeaseLock’s platform coupled with QBE’s customized solutions, insurance expertise and ease of doing business will allow for the program to be expanded to a broad customer base.
LeaseLock, the category leader in deposit replacement, insures leases across the industry’s largest apartment portfolios with clients currently controlling over 2 million rental units. The National Multifamily Housing Council (NMHC) Top 50 clients include Greystar, Pinnacle, FPI, Bell Partners, Harbor Group, and LMC, and ownership groups such as ColRich, UBS, TruAmerica, Eaton Vance, and Goodman Real Estate.
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"We are proud of our new partnership with QBE who is a premier program provider committed to supporting LeaseLock's leadership in the $20 billion U.S. lease insurance market, completely replacing the use of deposits and surety bonds,” said Reichen Kuhl, Founder, and Chief of Insurance for LeaseLock. “What excites me the most is how QBE and LeaseLock have established a unique, mutually-encouraging, and collaborative relationship focused on creating new products and programs that will continue to fundamentally improve both the insurance and multifamily industries.”
LeaseLock Powerful Technology
LeaseLock powers a modern lease experience with insurance technology. Powered by technology, data science, and a proprietary risk platform, renters pay a small monthly deposit waiver fee, rather than paying a deposit, and the property obtains insurance coverage for rent loss and damage . Renters could save up to thousands of dollars at move-in, while apartment communities drive more traffic, convert more leases, significantly reduce bad debt and eliminate deposit administration and liability.
“LeaseLock is on the leading edge of one of the largest trends in multifamily: the replacement of security deposits to modernize leasing and mitigate risk,” said Glenn Skrynecki, Senior Vice President – Program Business, QBE NA. “We’re excited to partner with LeaseLock to empower customers and further diversify our $1B+ Alternative Markets Program portfolio by investing in an all-new category of insurtech.”
- LeaseLock typically sees an average conversion of 95% or more.
- LeaseLock experienced 100% growth in launched apartment homes in Q2 2020.
- As of Q2 2020LeaseLock was in use in more than 130,000 apartment units.
- LeaseLock integrates with all major property management systems, including Yardi, RealPage, and Entrata.
“LeaseLock Zero Deposit has inherent advantages versus deposit alternatives like surety bonds, including seamless system integrations from lease billing through to automated claims. Our partnership with QBE provides yet another significant advantage to finally offer rental housing a true deposit replacement,” said Derek Merrill, Founder and CEO of LeaseLock. “LeaseLock delivers healthy insurance performance, helps property managers increase net operating income and is more affordable for residents—a win on all three sides. As a modern insurtech company, we continue to reimagine the way value is delivered to the market."
LeaseLock helps the world find home by totally eliminating all deposits, bonds, and guarantors. Redefining insurtech, LeaseLock delivers a modern lease experience for rental housing—faster, simpler, and more affordable.
Headquartered in Marina Del Rey, Calif., LeaseLock has insured over $300 million in leases and is backed by insurance rated A (Excellent) by A.M. Best. LeaseLock has secured $25 million from leading insurance, technology, and real estate venture funds including Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners, and Moderne Ventures. For more information, please visit www.leaselock.com.
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QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2019 of $4.6 billion. QBE Insurance Group's 2019 results can be found at www.qbe.com. Headquartered in Sydney, Australia, QBE operates out of 27 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. The actual terms and coverage for all lines of business are subject to the language of the policies as issued. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbe.com/us, or follow QBE North America on Twitter.
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