LeaseLock Insurance Services has rolled out an insurtech product for the rental housing market in collaboration with Boost Insurance (Boost).

Known as LeaseLock Zero Deposit, the new product will enable enterprise multifamily firms to safeguard against losses typically funded by inefficient security deposits and surety bonds.

The new offering replaces the upfront security deposit with a monthly charge, which renters pay as part of their rent payment.

In lieu of monthly charge of $19, the rental is offer insurance coverage worth over $5,000 against rent and damage loss on every lease.

Leveraging Boost’s technology-driven platform, LeaseLock is providing flexible coverage tailored to the needs of multifamily property managers and owners.

Boost CEO and founder Alex Maffeo said: “LeaseLock’s mission is perfectly aligned with Boost; they are transforming the real estate industry by applying an insurtech solution.

“We are their insurance technology partner to help power their impressive growth to date and beyond. LeaseLock is truly cutting-edge in the insurtech space. We are excited to partner with them.”

LeaseLock said that renter will not get their money back unlike a security deposit; however, it claims that renters will save money as they can relocate more easily without worrying about saving up for their security deposit.

LeaseLock Zero Deposit is live across the US.