MARINA DEL REY, Calif.--(BUSINESS WIRE)--LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds, and guarantors in rental housing, today announced a major product release that deeply integrates into property software systems to make claims faster, simpler, and more automated.
The product update optimizes claims filing into an effortless process with helpful autofill features to create a one-click experience. Powered by system integration, the product itemizes claims and auto-uploads documents — making the claims experience simple and easy.
“Nobody wants to submit an insurance claim, but, unfortunately, at times there is a need to do so,” said Nir Goldberg, Managing Partner of GoldCor Capital Partners, which owns apartment communities throughout the Sun Belt states. “Fortunately, LeaseLock has implemented a seamless claims process for our onsite teams that delivers the additional financial protection we need.”
“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.”
The claims product release overlaps with a period of explosive growth for LeaseLock. Q2 marked the fourth consecutive quarter in which the company experienced 100% growth in launched apartment homes. With that expansion, LeaseLock has established clear category leadership in the deposit replacement space and is aiming to displace $50 billion in deposits in the U.S. market.
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.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata. The lease experience is seamless and completely native—requiring no out-of-workflow processing while also automating claims for onsite teams.
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 and the property receives over $5,000 in coverage on every lease. Renters save thousands of dollars at move-in, while properties increase occupancy, reduce bad debt, and eliminate deposit administration and liability through its automated claims product.
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.