Reichen Kuhl

LeaseLock Insurance Services and Boost Insurance have formed a partnership to bring the first insurtech product to the market for rental housing properties. The service will protect owners from losses from insufficient security deposits. Ultimately, this will simplify the leasing process and eliminate security deposits, providing a better experience for both owners and tenants, according to the company.

“As LeaseLock continues to build our lease insurance product offering for the apartment industry, it was imperative we find an agile and innovative insurance technology provider as our main insurance partner. Boost is that partner,” Reichen Kuhl, CEO for LeaseLock, tells GlobeSt.com. “We feel strongly the company's innate ability to adjust to rapidly changing market conditions closely aligns with LeaseLock's comprehensive lease insurance solution and together are driven to change how the industry looks at security deposits. This partnership will ensure we continue to deliver the greatest insurtech solution to meet the needs of today's renters while offering multifamily apartment operations with the greatest risk mitigation possible.”

With rising rental rates and cost of living in major cities, security deposits have become what Kuhl calls a common pain point. Security deposits are meant to protect landlords, but often come at the price of turning away quality renters. “I was denied an apartment in NYC because I didn't meet the often unattainable 80-times annual income requirement at that property, and would need a guarantor,” he says. “This rule was supposed to serve to protect the property against losses at the huge expense of renters.”