Upon the tenant(s) completing their Reposit account and paying the service fee, the landlord of the property (as stated on Reposit) is added as a named beneficiary on the policy covering the tenancy.
Tenants have a 14-day cooling-off period during which they can cancel the Reposit. However, please note that this cooling-off period does not apply once the tenancy start date has commenced. If we receive a cancellation request from the tenant within this 14-day period and before the tenancy start date, we will inform you (the landlord) that the Reposit will be cancelled and advise you to discuss next steps with the tenant regarding the tenancy to ensure you are not left without protection.
As a named beneficiary, you are protected for the following items up to the value of 8 weeks' worth of rent if your tenant causes unreasonable damage or has outstanding rent at the end of the tenancy:
Cleaning
Damages
Rent arrears: for this to be valid, the rent must be outstanding by the date that the charges are submitted
Re-let fees for tenancies that began on or after August 1, 2021. For this to be valid, the fees must be compliant with the Tenancy Fees Act 2019.
Please note that bills , such as utility bills, are not covered by Reposit. Although you may submit these, they will not be covered by the insurance should the case proceed to that stage.
Our policies are underwritten by Novus Underwriting Limited. Reposit is also FCA authorised and FSCS protected.