Last updated: 1/2/17
Welcome to InsureStreet – an IOS based mobile application that aims to take the upfront cost and everyday hassle out of renting.
If you are a renter affected by high deposits or a landlord who would like to have better insight into a prospective tenant’s holistic renter profile, and receive payments on-the-go, receive instant notifications on missing payments or maintenance issues, then join our community of Renters. Help us build the next generation Rental Ecosystem which will provide you with a range of on-demand Insurance and Non-Insurance based services.
What, so no more cash deposit?
Yep, no upfront cash deposit. Your insurance policy takes care of that.
|Cost of one person renting in London||Conventional||InsureStreet|
|Average Rent||£1,542 pcm*||£1,542 pcm (sorry not much we can do about this)|
|Deposit||£2,134 (6 weeks rent)**||Zero|
|Other costs||£350 (Agent fees)***||£149 Insurance premium****|
|Cash outlay start of lease||£2,484*****||£149 (94% less!)*****|
*Homelet Rental Index Report – November 2016
**Homelet Rental Index Report – November 2016
***National average fees in England, Shelter research report
****Assuming 7% risk premium plus taxes
*****(£2,134+£350 versus £149)
What policies are you offering?
On 23 January 2017, we will only offer Deposit Recovery Insurance.
We will engage with our platform members (Renters, Landlords, Agents) to tell us which Insurance based services they would want on the platform. Based on this feedback, we will launch a range of insurance based services that actually meet your needs.
How do I know what my Deposit Recovery Insurance policy covers?
You will be able to see a summary of your coverage and a sample of a policy when you sign up, and before you pay. After payment, we will instantly issue your final policy, which will be available in the app but we will also email a copy of your policy to you and your Landlord.
Can I increase or reduce my coverages?
What if I want to cancel my policy?
If you decide within the first 14 days of taking out this policy that this policy does not meet your requirements, you may cancel this policy and, provided that no claim has been made, receive a full refund of your premium.
After 14 days you may cancel the policy at any time by giving us 30 days’ written notice. We can also cancel the policy by giving you 30 days’ written notice at any time. We will give you a pro-rata refund of the premium for the remaining portion of the period of insurance after the effective date of cancellation for which you have already paid. However, we will not refund any premium under £10.
If at any time, you cancel your policy, you agree to first make full payment of the deposit to the . If you fail to do this, you hereby give us authority to deduct this amount from your bank account (details of which you have provided to us during use of the Platform) on behalf of the landlord. We shall provide you with notice before deducting such amount.
You can cancel your policy by sending an email to:
OR by Phone – 0330 808 4740
If your needs change and you later decide to purchase a deposit insurance policy from us, you have your RentPassport™ right? When you are ready and you think you need a deposit insurance policy, we’ll create a new policy for you based on the information you share with us.
How do I pay for my Deposit Recovery Insurance policy?
If you decide to purchase our policy you’ll be able to pay using your credit or debit card. Payment will be processed by our payment partner MangoPay.
Can we get a single cover if we are in a house share?
No. Each housemate will need to purchase their own insurance policy.
Who is covered?
The policy protects your landlords against any unpaid rent (max 6 rent consistent with current cash deposit scheme) and accidental damage to landlords property.
The insurer will indemnify your landlord up to the sum insured stated in the schedule for their loss following an insured event, but only where the landlord is entitled to compensation or reimbursement for such insured event in accordance with the terms of the tenancy agreement.
If I have a claim on my policy, or have poor credit history, will my premium be affected?
It might. History shows that people with poor credit or who have a record of making claims are more likely to make claims in the future.
What have I got to lose if I don’t pay rent?
We will share your monthly rental payments and claims data with Experian.
Insure Street is a member of Experian’s Rental Exchange scheme. The Rental Exchange is a way to strengthen your credit report without you needing to take on new credit. The scheme enables us to share details about the rent you pay with Experian on a monthly basis. This is then included in your credit report, meaning you will then be recognised for paying your rent on time.
Not only will we be able to work with you more closely to manage your existing tenancy agreement, your track record as a tenant will enable Experian and InsureStreet to use the information supplied to assist other landlords and organisations to:
- Assess and manage any new tenancy agreements you may enter into;
- Assess your financial standing to provide you with suitable products and services;
- Manage any accounts that you may already hold, for example reviewing suitable products or adjusting your current product in light of your current circumstances;
- Verify your identity and address to help them make decisions about services they offer; and
- Help prevent crime, fraud and money laundering.
We, and , will ensure that your information is treated in accordance with the Data Protection Act so you can have peace of mind that it will be kept secure and confidential and your information will not be used for marketing purposes.
Can I just move out of the property at the end of the lease and not bother cleaning?
Nope! You will need to comply with the terms of your tenancy agreement which will require you to ensure that the property is returned to the landlord in the same condition it was in at the start of your tenancy subject to fair wear and tear.
Can I sign up by phone?
No. The products and services provided by InsureStreet are only available by downloading our application on a suitable device.
What about the non-insurance based services on our platform?
As a tenant, if you purchase Deposit Recovery Insurance policy, then we will also provide the following additional services at no extra cost to you for example – monthly rent payments, AST contract signing and renewals, maintenance requests, 3-way Agent / Landlord / Tenant rating – is included .
Why should I use InsureStreet app?
InsureStreet’s Rent Passport™ enables tenant on-boarding and covers Global Identity Check, Global PEPs and Sanction Snapshot, Global Document Image Check, Street Level Check, Credit Check.
Free for Agents, Landlords and Tenants. “Know your Tenant” at your fingertips.
Why would I want a Deposit Recovery Insurance policy versus traditional cash based deposit?
Taking deposits is an administrative hassle which costs you time and money.
Under the current deposit system, Landlords / Appointed Agent must, by law, register the tenant’s deposit within 30 days of receipt, or can face a compensation claim of up to three months’ rent (source https://england.shelter.org.uk).
Our Deposit Recovery Insurance policy is paid for by the Tenant. Importantly, we provide you with a rich insight into a tenant risk and affordability profile.
How do you process claims?
Well that’s easy. When your Tenant is ready to move into your property, you / Appointed Agent will upload property check-in report. This report has to be signed-off by you and the Tenant. Similarly, when your Tenant moves out, you / Appointed Agent will provide inventory check-out report.
You / Appointed Agent will raise the claim and once the Tenant accepts the claim, the claim will be paid out within 5 – 10 days of the claim being approved by HISCOX.
There can be two types of claim:
Tenants does not pay rent
If after 45 days of initial missed rental payment, Tenant has not paid rent, you as the Landlord / Appointed Agent can raise the claim for up to 6 weeks of missing rent.
The claim will be paid out within 5 – 10 days of the claim being approved by HISCOX.
Non-payment of rent will impact Tenant’s credit history.
Property Damage (Damages to the property, unpaid rent or bills)
When a Tenant moves out of the property, and if there is a claim from the Landlord / Agent, so long as Tenant accepts the claim, the claim will be paid out within 5 – 10 days of the claim being approved by HISCOX.
If a tenant disputes a claim, the process goes to Alternative Dispute Resolution Services (ADR) as per the current system.
If the arbiter rules in favour of the landlord, Tenant will be liable for the administrative charges. Similarly, if the arbiter rules in favour of the Tenant, Landlord will be liable for the administrative charges. This is designed to stop Landlords/Tenants making erroneous claims.
InsureStreet’s Rent Passport™ enables tenant on-boarding within minutes and covers KYC, AML, Watchlist, Credit check, CCJs, ID verification and more. Free for Landlords, Agents and Tenants. ”Know your Tenant” at your fingertips.
© 2017 Insurestreet.co
InsureStreet and Insure Street are trading names of InsureStreet Limited which is an appointed representative of Ambant Underwriting Services Limited (for general insurance intermediary business), a company authorised and regulated by the Financial Conduct Authority under registration number 597301 to carry on insurance mediation activities. InsureStreet Limited is registered in England and Wales company number 10287920. Registered office at Jag Shaw Baker, 5th Floor Berners House, 47-48 Berners Street, London, W1T 3NF. InsureStreet policies are underwritten by Hiscox Underwriting Ltd on behalf of Hiscox Insurance Company Limited.