A Zero Deposit Guarantee can replace a traditional tenancy deposit, giving landlords the same cover and protection as having a tenancy deposit in the bank, whilst making renting more affordable for tenants.
Tenants pay the equivalent of one week’s rent for a Zero Deposit policy, which is non-refundable and gives you effectively the same cover as a 6-week tenancy deposit. Tenants remain fully accountable for any damages or unpaid rents.
In the event of any financial loss or damage due to you, this is settled by the tenant or if they dispute the claim the evidence is sent for expert evaluation. If found in your favour, we settle the claim with you and recover the costs from the tenants directly, along with any recovery costs. Non-payment by the tenant at this stage may impact on the tenant's credit history.
Why would landlords choose Zero Deposit?
- Speeds up the rental process: Zero Deposit helps tenants reduce the upfront cost of renting, which can help speed up the process and reduce void periods.
- Provides security and protection: A Zero Deposit Guarantee provides effectively the same cover as a 6-week tenancy deposit and is underwritten by Great Lakes Insurance SE.
- Helps to attract a wider audience: By giving you the potential to attract a wider audience of tenants, you can increase demand and reduce the time taken to rent.
- Supports accountable tenants: Tenants remain fully accountable for looking after your property and making rental payments, with us only making payment to you in the event of a fair claim at the end of the tenancy. Claim disputes are settled by The Dispute Service (TDS); Zero Deposit pay us and then pursue the tenant for reimbursement; we then pay you as soon as administratively possible.
- Reduces paperwork and hassle: A Zero Deposit policy is not a traditional deposit, so it doesn’t need to be registered with one of the deposit protection schemes, which can save landlords time and money.
To help make your property stand out to the widest possible tenant audience, speak to your local branch or for more information visit zerodeposit.com
Zero Deposit is a trading name of Global Property Ventures Limited (10328435), which is registered at Business and Technology Centre, Bessemer Drive, Stevenage. Global Property Ventures is an insurance intermediary and is authorised and regulated by the Financial Conduct Authority. You can find details of this at register.fca.org.uk, by searching the company name or reference number, which is 797026.
The Zero Deposit Guarantee is underwritten by Great Lakes Insurance SE. Great Lakes Insurance SE is a German insurance company with its headquarters at Königinstraße 107, 80802 Munich. Registered with the commercial register of the local court of Munich under number: HRB 230378 UK Branch office: Plantation Place, 30 Fenchurch Street, London, EC3M 3AJ. Great Lakes Insurance SE UK Branch is authorized by the Bundesanstalt für Finanzdienstleistungsaufsicht and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request.