LOS ANGELES–(COMMERCIAL THREAD) – LeaseLock, the world’s leading provider of real estate insurance, today announced that Rockstar Capital (Rockstar) has deployed LeaseLock across its portfolio to eliminate outdated security deposits and deposit alternatives . Unlike deposit alternatives, LeaseLock is the only provider that fully replaces deposits across the portfolio.
A Texas-based multi-family owner / operator with 4,000 units in the Houston area, Rockstar now acquires an increased ability to reduce bad debt, dramatically reduce deposit administration and regulatory risk, and deliver an enhanced resident experience.
This full portfolio rollout follows major upgrades to the insurtech LeaseLock platform. LeaseLock customers like Rockstar now benefit from AI-powered rental insurance to analyze historical data to personalize coverage by asset and speed up claims settling for homeowners. With an average resident adoption rate of 92%, LeaseLock is positioned to operate as fast as money.
“We already wanted to take the stress and risk of security deposits out of our business operations. When Texas passed security deposit legislation earlier this year, that was the catalyst we needed to select LeaseLock, ”said Bill Nye, Rockstar COO. “LeaseLock has designed a product that ensures we remain compliant with all deposit laws, while simultaneously providing a solution that far exceeds deposit alternatives on the market today. Rental insurance provides superior bad debt protection, greater risk mitigation and consistent compliance and facilitates an amicable move process, as deposit disputes have been removed from the equation.
Texas’ new security deposit law (SB 1783) came into effect in September 2021 and differs from other state tenant choice laws in that it gives operators more flexibility and a choice to implement. works the right solution for businesses as well as residents. Multi-family operators can opt for a deposit solution like rental insurance to meet regulatory requirements, mitigate risk, and meet tenants’ desires for a more affordable move in.
LeaseLock offers a streamlined claims experience with more flexible deadlines and expedited processing, allowing claims to be resolved in just 48 business hours. LeaseLock now also consolidates coverage under a single limit, removing many exclusions and aligning with standard operating procedures for moves to improve debt collection.
“Rockstar was quick to identify the benefits of rental insurance – better asset protection and the removal of the prohibitive initial financial burden placed on tenants by traditional deposits and deposit alternatives,” said Ed Wolff, director of LeaseLock’s revenues. “Asset protection should not create a contentious relationship between operators and their residents. We’re excited to work with companies like Rockstar that put the resident experience first.
LeaseLock customers of the top 50 NMHC operators include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., LMC and RKW Residential. Major owner clients include Goldman Sachs, PGIM, ColRich, Strata, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic and Goodman Real Estate.
LeaseLock is the world’s leading real estate insurance platform.
We provide rental insurance to eliminate security deposits from the rental housing industry, removing complexity for residents and operators while creating superior financial performance for asset owners.
Using artificial intelligence, we’re optimizing coverage per property to better protect homeowners, resulting in industry-leading bad debt reduction. LeaseLock is deployed seamlessly into existing real estate software to increase lease conversions, dramatically reduce deposit administration and regulatory risk, and improve the resident experience.
LeaseLock has insured over $ 2 billion in leases backed by insurance rated A (Excellent) by AM Best. Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures and Mucker Capital.