AssureLease is an owner controlled insurance program that replaces the traditional security deposit and which enables owners to turn a cost center into a new profit center (NOI increase) while also removing a barrier to entry for tenants.
The AssureLease team creates a unique program for each owner's whole portfolio or a subset of properties. AssureLease utilizes a proprietary underwriting model based on information given by the owner, including rent roll and historical losses, to determine a nominal charge that is added to each tenants' monthly rent in lieu of a security deposit. AssureLease is the only program that allows the property owner to recover losses that were previously limited to only the security deposit.
Unlike other surety and indemnity security deposits that include tenants into the agreement, AssureLease has no such liability as the agreement is between the property owner and insurance company. Additionally, AssureLease provides greater coverage while also eliminating any lengthy claims processes and disputes.
AssureLease is the better alternative because it eliminates the headaches traditionally associated with deposits (legal and accounting) as well as eliminates the barriers to entry for the tenant. AssureLease spreads the risk of loss over all tenants, thus eliminating the negative impact losses in excess of the security deposit can have on the bottom line. AssureLease creates a net positive for the owner’s bottom line.
AssureLease is available in all 50 states.