First of all, a big welcome from team at Reposit. It's great to hear that you are looking into deposit alternative products.
A Reposit is an alternative to the traditional tenancy deposit.
With a deposit, the tenant pays a large fee (usually 5 weeks’ rent) which the landlord or letting agent is legally obliged to register with a deposit scheme (see The Housing Act 2004).
With Reposit, the tenant just pays us a non-refundable fee, equal to just one week's rent which provides the landlord with up to 8 weeks worth of cover, as security at end of tenancy for any unreasonable damage or rent arrears.
Reposit landlords become beneficiaries of our insurance policy. Which means tenants are still liable for any damages, rent arrears or cleaning and are expected to reimburse any fair claims to the landlord directly through our platform at end of tenancy.
However, in the event that the tenant defaults on fair payment, our insurance partners, Canopius will pay out the fair claims to the landlord, as decided by our independent arbitrator.