Why is renting so expensive? If we all have different means, why should everyone be paying the same deposit? How can deposits be structured in a manner which eases the cash-flow burden for renters? What role can Insurance and Technology play in the solution to these issues? These are some of the questions which the Founder of InsureStreet, Tahir Farooqui, hopes to answer by working with reputable landlords, agents and tenants.
The Mayor of London has made it clear that housing remains “a number one, two and three priority”. Sadiq Khan has argued for firms to help ease the pain of renting by offering loans to employees to help cover deposits. He has stated that people being priced out of London, “… is bad for Londoners and bad for the future economic success of the capital”. Anything to help relieve the rental issue will be key to keep talent flowing to London, especially with the potential implications of a “hard Brexit”.
With the population of London expected to rise to 10 million over the next decade, the issues of attracting talent to London will become increasingly difficult. In 2016, the professional services firm Deloitte took a stance by pre-booking rented homes in the East Village for more than 40 of its graduates.
InsureStreet has partnered with HISCOX to launch an innovative deposit insurance product in March 2017. Through InsureStreet, a cash deposit is replaced by a simple insurance policy. This reduces cash outlay for a new lease by up to 95%.
If tenants pay rent and bills on time, look after the landlord’s property and have had very few claims on deposit insurance policy, the platform rewards good behavior through a no claims discount. When it’s time to move again, Tenants’ can share their RentPassport™ and move into the house they like.
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