Upon the tenant completing their Reposit account and paying the service fee, the landlord of the property (as stated on the Reposit) is added as a named beneficiary on the policy covering the tenancy.
This means there is no cooling-off period in which the tenant could potentially cancel the policy leaving your landlord’s property unprotected. This is because it is not the tenant who has a cover, but the landlord.
As a named beneficiary, the landlord is given the protection of re-couping up to 8 weeks' worth of rent in the event that your tenant causes unreasonable damage, cleaning is required, re-let fees have accumulated or they have outstanding rent at end of the tenancy.
It’s also worth noting, that Reposit is FCA-authorised and FSCS-protected.
What is covered?
We honour whatever is in your own contract with the tenant up to the value of 8 weeks’ worth of rent.
This includes but is not limited to:
- Cleaning, including item removal
- Rent arrears
- Re-let fees*
*for tenancies that commenced on or after 1st August 2021. Such fees must be considered “reasonable”, properly evidenced with invoices or receipts, and compliant with the terms of the Tenancy Fees Act 2019.
In compliance with the Tenancy Fees Act, “rent penalties” or claims for rent arrears that have not yet accrued by the date the claim is submitted to Reposit, will not be covered.