Powered by insurance technology, LeaseLock introduces a modern transaction for rental housing that totally eliminates security deposits
NEW YORK, May 22, 2019 /PRNewswire/ -- Today LeaseLock Insurance Services, Inc. (LeaseLock) and Boost Insurance (Boost) announce their strategic partnership. LeaseLock, backed by Boost's platform, offers a first-to-market insurtech product for the rental housing market, enabling enterprise multifamily companies to protect against losses typically funded by inefficient security deposits and surety bonds. LeaseLock Zero Deposit™ streamlines the lease transaction and delivers a better experience for both renters and multifamily operators.
LeaseLock simplifies the leasing process by eliminating security deposits completely on every new lease, dramatically improving the affordability of moving into a new apartment. LeaseLock also eliminates the need for surety bonds, cosigners, and guarantor services. Renters simply pay a fee starting at $19 per month and properties are then insured for over $5,000 against rent and damage loss on every lease. Residents save thousands of dollars at move-in while properties convert more leases with better protection. Boost's technology-driven platform allows LeaseLock to offer flexible coverage adapted to the needs of multifamily property managers and owners from a user experience, operations, and software systems perspective.
"LeaseLock's mission is perfectly aligned with Boost; they are transforming the real estate industry by applying an insurtech solution. We are their insurance technology partner to help power their impressive growth to date and beyond," said Boost CEO and Founder Alex Maffeo. "LeaseLock is truly cutting-edge in the insurtech space. We are excited to partner with them."
Boost powers custom insurance programs for innovators like LeaseLock, enabling them to monetize the vertical through a simple platform solution. Its infrastructure-as-a-service product, or IaaS, provides LeaseLock with the back end components necessary for an A-rated insurance program including licensed paper, dedicated risk capacity, and claims administration—all offered programmatically through Boost's proprietary API-driven policy admin system.
"The evolution of the real estate and insurance industries is being accelerated by technology. It is imperative we deliver the most comprehensive lease insurance product to our multifamily customers," said LeaseLock Co-Founder and CEO, Reichen Kuhl. "Teaming up with a digital insurance partner like Boost fortifies our leadership position in the multifamily insurtech category. Backed by Boost, we offer our customers unparalleled risk mitigation while simultaneously making moving more affordable to millions of renters."
Competition is fierce in the residential rental market. Expensive upfront security deposits are a major pain point for consumers and result in abandoned lease applications and delayed move-ins for apartment operators. Now, properties can market themselves as Zero Deposit, driving more inbound prospects while turbocharging lease conversion by being better aligned with the modern consumer subscription economy. Boost's technology provides a flexible, end-to-end solution that will allow LeaseLock to scale more efficiently and streamline operations. LeaseLock Zero Deposit™ is live nationwide.
LeaseLock helps the world find home. Powered by insurance technology, LeaseLock delivers a modern transaction for rental housing—faster, simpler, and more affordable. LeaseLock Zero Deposit™ totally eliminates all deposits, bonds, cosigners, and guarantees. Renters pay a fee starting at $19 per month that generates over $5,000 in coverage for the property on every lease. Renters save thousands of dollars at move-in, while properties drive more traffic, convert more leases, significantly reduce bad debt, and fully eliminate deposit administration and liability. Headquartered in Marina Del Rey, CA, LeaseLock is launching across more than 1,000,000 apartment homes, backed by insurance rated A (Excellent) by A.M. Best. LeaseLock secured $10M in Series A financing from leading insurance and real estate technology venture funds including, Liberty Mutual Strategic Ventures, American Family Ventures, Wildcat Venture Partners, and Moderne Ventures. For more information, please visit www.leaselock.com
About Boost Insurance
Boost Insurance ("Boost") powers white-labeled insurance programs for leading technology companies and emerging startups, enabling them to monetize the vertical through a simple platform solution. Through its managing general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to produce any type of insurance across all 50 states. Boost is appointed by 'A'-rated insurance carriers like State National and offers its own dedicated risk capacity provided by global (re)insurers Markel Digital, Nephila, and Renaissance Re. Its infrastructure-as-a-service product, or IaaS, packages all the operational and compliance components needed to execute a custom insurance program, including 'A'-rated insurance paper, dedicated risk capacity, and claims administration - all offered digitally through its proprietary API-driven systems. Boost is backed by leading venture capital and strategic investors including Norwest Venture Partners, Greycroft, Tusk Venture Partners, State National, and Nephila. For more information, please visit www.boostinsurance.io.
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