Atlanta, April 5, 2023 - Assurant, Inc. (NYSE: AIZ), a leading global business services company that supports, protects and connects major consumer purchases, announced that RangeWater Real Estate, a fast growing, Atlanta-based, fully-integrated multifamily real estate company, has added FlexDeposit, a surety bond deposit program with integrated collections to their product suite. FlexDeposit is a one-time, nonrefundable premium that works the same as a traditional deposit but at a fraction of the cost, attracting qualified residents to a property, while mitigating the risk to the Property Management Company (PMC).
FlexDeposit is offered to prospective residents to lower move-in costs, while reducing exposure and bad debt potential for the PMC. Integrated with Assurant’s decades of experience collecting multifamily debt, FlexDeposit is an attractive option for PMCs and residents in a challenging residential economic environment.
“RangeWater’s mission to lead the rental housing industry is made possible in part by collaborating with the right partners,” said Sherry Freitas, Executive Managing Director of Property Management for RangeWater Real Estate. “Assurant’s experience-centric approach aligns with our core values, making the addition of FlexDeposit to our product offering an easy decision. We believe this deposit alternative in combination with Assurant’s Cover360 solution creates value for our residents and ownership groups alike.”
In a nationwide Assurant study, renters ranked lower move-in costs as one of their top two priorities when choosing a new rental, and almost three quarters (71 percent) believe it’s important for a surety bond option to be offered as a deposit alternative during the leasing process.
“By adding FlexDeposit to their product suite, RangeWater has demonstrated their commitment to create an attractive, frictionless, and turnkey experience for their residents that keeps everyone protected,” said Ryan Lumsden, president of Multifamily Housing, Assurant. “Expanding our partnership with an innovator like RangeWater allows us to do what we do best at Assurant - deliver simple, digital experiences that protect property management companies and residents.”
The agreement brings Assurant’s FlexDeposit surety bond to RangeWater Real Estate, which operates a portfolio of more than 93,000 units across 120 properties.
Assurant, Inc. (NYSE: AIZ) is a leading global business services company that supports, protects and connects major consumer purchases. A Fortune 500 company with a presence in 21 countries, Assurant supports the advancement of the connected world by partnering with the world’s leading brands to develop innovative solutions and to deliver an enhanced customer experience through mobile device solutions, extended service contracts, vehicle protection services, renters insurance, lender-placed insurance products and other specialty products. Learn more at assurant.com or on Twitter @AssurantNews.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt and Mountain West. The Atlanta-based company has acquired and developed more than 34,000 multifamily units since its inception in 2006 representing in excess of $6.5 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 93,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver, Tampa and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
Assurant Media Contact:
RangeWater Media Contact:
Dana G. Pate