LeaseLock, QBE North America partner to eliminate deposits in US
LeaseLock and QBE North America announced a strategic partnership to deliver enhanced rent loss and damage protection to apartment communities while also creating more affordable leasing for renters. With LeaseLock, renters pay a monthly deposit waiver fee and the property obtains $5,000 of insurance coverage for rent loss and damage.
LeaseLock enterprise clients currently manage or own over 2 million rental units. Multifamily operator clients include Greystar, Pinnacle, Alliance, FPI, Avenue5, Bell Partners, Harbor Group, The Bainbridge Companies and LMC. Top ownership clients include UBS, Goldman Sachs, BlackRock, ColRich, Olive Tree, PGIM, TruAmerica, Eaton Vance, and Goodman Real Estate.
“We are proud of our new partnership with QBE, who is committed to supporting our leadership position in the $20 billion U.S. deposit replacement category,” said Reichen Kuhl, Founder, and Chief of Insurance for LeaseLock. “What excites us most is how QBE’s Alternative Markets business–the alternative distribution arm of QBE North America–is supportive of our continuous innovation process as we refine and scale our first-to-market lease insurance product.”
“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.”