Next-generation, innovative security deposit alternative provides renters with lower move-in costs without sacrificing coverage for property managers
NEW YORK, Nov. 13, 2019 - Assurant, Inc. (NYSE: AIZ), a global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, has launched FlexDeposit, a security deposit alternative product that offers the benefits of a surety bond without a claims pool.
FlexDeposit gives property managers a simple, easy-to-implement alternative to traditional security deposits, enabling them to attract residents who might find a traditional deposit cost-prohibitive. With preferable rates for lower-risk residents, no property-level pooling, and generous contract lengths, FlexDeposit is the latest innovation in Assurant’s suite of products that support the multifamily housing market.
“FlexDeposit gives property managers another alternative to attract new residents and take more risk out of the equation,” said Suzette Lesane, vice president of product strategy for Multifamily Housing at Assurant. “FlexDeposit guarantees fast payment up to the full bond amount. It is the industry’s only deposit solution with integrated collections, so our team of multifamily debt recovery experts will pursue any overages. This reduces collection burdens for property managers.”
FlexDeposit has been designed to meet the needs of property managers who want a more appealing option for new residents. It is risk-based instead of a fixed fee, which means rates are actually lower for most residents with our bond product. It mitigates rising resident move-out balances by integrating with Assurant Recovery Solutions to minimize administrative hassles and reduce bad debt.
FlexDeposit, along with Assurant’s recent partnership with Deposify, positions Assurant as the only provider to offer a total deposit solution that both reduces administrative and compliance hassles of managing cash deposits, while offering residents a flexible alternative to traditional deposit that helps PMCs with occupancy. FlexDeposit is going nationwide and is currently available in 41 states.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance and lender-placed homeowners insurance. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Assistant Vice President, Communication