The insurtech start-up LeaseLock is breaking new ground. The company has officially surpassed $1 billion in leases insured, an impressive milestone that comes only five months after the company achieved $500 million in leases insured.

"Achieving the $1 billion in leases insured signals that the industry is approaching a tipping point where deposits are quickly becoming extinct," Derek Merrill, CEO and co-founder of LeaseLock, tells GlobeSt.com. "Enterprise operators are demanding a software-driven solution that makes the move-in experience fast, simple and more affordable for renters while providing better financial protection for properties—LeaseLock's insurtech platform delivers just this."

The pandemic helped to drive rapid adoption of the LeaseLock platform, which allows tenants to forgo security deposits while protecting landlords. In 2020, LeaseLock grew 400% to a total of 1.5 million apartment units in 36 states. "The pandemic further pressed the affordability issue faced by many renters," Reichen Kuhl, president and co-founder of LeaseLock, tells GlobeSt.com. "When you combine this with deposit legislation that is gaining national momentum, enterprise operators recognized that they needed a new financial instrument. While some deposit alternatives were paused by their reinsurers, LeaseLock was able to charge forward because of the sustainable model we built."