ABOUT US
Emergent Deposit Cover was launched in 2024 to reduce barriers to quality home rentals by removing the need for rental deposits. In a tough economic climate, many prospective tenants are forced to borrow funds to furnish a deposit that covers potential damages or missed rental.
This can lead to a cycle of debt with high interest rates and repayments, and less ability to withstand an emergency financial event. Tenants also experience a gap at the end of one rental when their deposit has not yet been refunded, and the start of new one where the deposit is required upfront…resulting in a period where more than one deposit is needed.
For landlords, peace of mind over the care of the property drives the need for a deposit. And in recent years, the higher risk has resulted in landlords requesting 1.5 – 2x monthly rental deposit.
With Emergent Deposit Cover, tenants and landlords can remove the need for a rental deposit by taking out an insurance policy that covers them for damages and/or a missed rental payment over the term of the rental. Tenants have less financial burden and landlords have peace of mind with an accredited insurer covering the deposit. Landlords also have the administration burden of managing the deposit according to legal requirements removed, as well as access a wider pool of qualifying tenants.
F.A.Q.
Have any questions?
See down below if we've already answered them.
Renting a property requires you to pay and equivalent of one
month’s rent or more upfront. This is over and above your
monthly rental amount. This upfront amount is called a deposit.
It is kept for the duration of the lease by the landlord or property
agent on behalf of the landlord, to cover the cost of any repairs
or damages that the tenant may be liable for. At the end of the
lease, the balance is returned to the tenant after they vacate the
property.
The landlord is allowed by law to deduct the cost of repairs or
damages before returning the balance with any interest earned
to the tenant.
The deposit amount usually varies between 1-2 times the monthly rental charge. Properties with higher value or in higher value areas tend to command a deposit of 1.5 – 2 x the monthly rental.
Deposit cover is a new type of insurance that removes the need for tenants to pay an upfront rental deposit. Tenants or landlords can sign up for the insurance policy that insures the tenant against damages to the property or missed payment that a deposit would usually cover. The tenant has less financial burden by paying a monthly affordable premium, and the landlord has peace of mind that property losses that those potential losses are covered by a reputable insurer.
For tenants, calculate your estimated monthly premium, or go to buy now’ for your premium based on your risk and credit profile. Complete the application and receive an answer in minutes. Once approved, furnish proof of cover to your landlord. You may also cede cover to your landlord if they require. Simply click cession on your profile.
Most landlords will not waive the deposit as it exposes them to the risk of covering cost of damages, and removes the important shared incentive to care for the property. Removing the deposit without having cover in place, could mean expensive legal recourse later for both tenant and landlord.
Your cover will cease and any liability will be for the tenant and landlord to pursue settlement. For tenants, your landlord may request a full deposit to be furnished immediately. Applying for rental deposit cover in the future may be more expensive.
Yes. It is recommended that the rental deposit is taken out by the landlord. This helps you as the landlord or your property agent offer a fully inclusive rent amount to the tenant, providing them and you peace of mind.
Premiums will increase by inflation annually. Your premiums are based on the
rental amount and your risk profile.