What is flexible leasing?
Flexible leasing is a new financial technology platform from ReLease that provides flexible leasing add-ons that do not replace insurance and are intended to be complementary to purchased insurance products.
The ReLease flexible leasing platform is not tenant insurance, security deposit replacement insurance, or lease guarantor insurance, and is not intended to replace the benefits of these insurance products. Our non-insurance flexible leasing products operate independently from, and are complementary to, tenant insurance, security deposit replacement insurance, and lease guarantor insurance. These products may be purchased separately from a third-party.
What is Flexible Leasing?
As part of our mission to provide a more flexible resident experience for renting or leasing an apartment, ReLease may partner with your building management to offer you flexible leasing products available for purchase alongside your apartment lease.
ReLease’s suite of flexible leasing products are not tenant insurance, but rather a limited set of services, refunds, and waivers.
For example, depending on your region, ReLease typically offers:
- A “Lease Flexibility” add-on that gives you the ability to terminate your lease agreement early for any reason when you would otherwise not be able to, by providing a replacement tenant for your landlord.
- A “Lease Cancellation” add-on that gives you the ability to cancel your move-in for a lease agreement you have already signed for any reason, and otherwise not be able to cancel.
All of these services are provided to you by ReLease through an online self-help experience and/or with the assistance of ReLease customer support.
What is Tenant Insurance?
Tenant insurance is insurance coverage for loss to an insured arising from risks incident to the rental property you live in, and outside of your control, including, for example:
- Fire, theft, or natural disaster (e.g. resulting in the loss of or damage to your covered belongings, or resulting in you having to move due to your home becoming unlivable due to a covered loss)
- Loss or damage to your belongings;
- Liability coverage if you are sued;
- Relocation coverage if you have to move due to your home becoming unlivable;
If you have purchased tenant insurance and wish to file a claim, it would typically be filed with the insurer directly, which will require evidence supporting the claim (e.g. the amount of loss, and the reason why the claim is covered under their applicable tenant insurance policy).
ReLease does not sell tenant insurance.
What is Security Deposit Replacement Insurance?
Security deposit replacement insurance is insurance coverage for loss to a third-party insured (e.g. a landlord) arising from potential damages or unpaid rent during a covered tenancy. This typically replaces the need for a traditional security deposit, a lump sum paid by a tenant to their landlord at the start of a tenancy to act as a safeguard in case of any damage to the property by the end of the tenancy. This may cover;
- Damage caused by the insurance holder to the covered rental unit;
- Unpaid rent owed by the insurance holder to the third-party insured (e.g. your landlord);
Covered losses paid to the third-party insured must be reimbursed by the insurance holder (e.g. the tenant).
If you are the third-party insured on a security deposit replacement insurance policy and wish to file a claim, it would typically be filed with the insurer directly, which will require evidence supporting the claim (e.g. the amount of loss, and the reason why the claim is covered under their applicable insurance policy).
ReLease does not sell security deposit replacement insurance.
What is Lease Guarantor Insurance?
Lease guarantor insurance is insurance coverage for loss to a third-party insured (e.g. a landlord) arising from potential unpaid rent during a covered tenancy. This typically replaces the need for a traditional guarantor or lease co-signer. This may cover;
- Unpaid rent owed by the insurance holder to the third-party insured (e.g. your landlord);
- Legal costs incurred by the third-party insured as part of eviction proceedings;
Covered losses paid to the third-party insured must be reimbursed by the insurance holder (e.g. the tenant).
If you are the third-party insured on a lease guarantor insurance policy and wish to file a claim, it would typically be filed with the insurer directly, which will require evidence supporting the claim (e.g. the amount of loss, and the reason why the claim is covered under their applicable insurance policy).
ReLease does not sell lease guarantor insurance.
Flexible Leasing Compared to Tenant Insurance
Example 1: Lease Flexibility Coverage
Lease Flexibility Coverage from ReLease
Allows you to move from and cancel your lease agreement for any reason and at your discretion within the coverage window (as applicable) and receive full or partial compensation for additional fees charged by your landlord (as applicable).
Does not provide compensation in the event your lease agreement is terminated by someone else, such as your landlord, for reasons outside your control.
Typical tenant Insurance with relocation coverage
A tenant insurance product typically includes relocation coverage that covers the costs of moving if your home becomes unlivable because of something that happens which is outside of your control and is not reasonably foreseeable, at the discretion of the insurance provider.
Example 2: Lease Cancellation Coverage
Lease Cancellation Coverage from ReLease
Allows you to cancel your move-in for any reason and at your discretion within the coverage window (as applicable) and receive full or partial compensation for additional fees charged by your landlord (as applicable).
Does not provide compensation in the event your move-in is terminated by someone else, such as your landlord, for reasons outside your control.
Typical tenant Insurance
A tenant insurance product typically includes coverage that covers the costs of moving if your home becomes unlivable before you are able to move in because of something that happens which is outside of your control and is not reasonably foreseeable, at the discretion of the insurance provider.
Please note that ReLease makes this page available as a free service to provide general information about our flexible leasing products and not for the purpose of providing any legal advice whatsoever. Similarly, this page does not provide any advice in relation to considerations of whether, and in what form, to purchase insurance.