How to create a DepositFree™ Agreement
This is a step by step guide on how to create a DepositFree™ Insurance agreement which will be sent to your tenant.
The DepositFree™ agreement means on average, the renter will typically pay 10% of eight weeks rent. Their rental arrears are also covered for up to eight weeks if they lose their job or become seriously ill.
You (the agent) will have the same protections as with a cash deposit (such as cover for rent arrears or property damage), except for eight weeks instead of five.
Please be aware if the tenant does not have a credit score of 561 then they would not be eligible for DepositFree™ insurance (DFI). The tenant is still liable to pay for any claims processed after the tenancy has ended with the exception of life events.
Follow the preliminary steps before entering the tenancy details
1. Sign into your Canopy HQ Account
2. Select Deposits
4. Click ‘Create Deposit'
5. Select the branch
6. This will take you to another page where you will enter the necessary details relevant to the tenancy.
Step 1: Tenancy Information
- First stage is to input the tenancy start date, tenancy end date, rent payment frequency (weekly/monthly) and rent amount (per week/month).
- A standard cash deposit is typically 5 weeks’ worth of rent. Canopy’s DepositFree™ Insurance provide you with cover of up to 8 weeks. The system will calculate all this information based on the rent amount entered and will also show you the extra amount you are covered for.
Step 2: Renters
- To add an applicant to this deposit agreement, click "+ Add renter" and start typing their name or email address.
- They must have shared their RentPassport™ with you in order for them to be selected for the deposit agreement.
Step 3: Rent Share
- When you have attached the renter(s), input their rent share. If they do not meet the rent share you will not be able to send them a DepositFree™ invitation.
- Next, under 'Deposit Type', ensure you have selected 'DepositFree™ Insurance'.
Step 4: Tenancy Address
- Enter the property address by searching for the postcode and selecting the correct address.
- If you unable to find the address you can enter the address manually.
- Please ensure you enter these details correctly as they will be appearing on the policy documents.
- Ensure the address in the correct format in the text boxes.
Step 5: Tenancy Management
If the property is let only and will be managed by the landlord, please adjust the toggle button to "Landlord"
If you are managing a property on behalf of the landlord, please select the "Agent" option and the system will pre-populate the information of the branch you initially selected.
Enter the landlord details
1. Landlord name (mandatory as shown on the policy documents)
2. Landlord email address (mandatory for let only properties)
3. Landlord contact number (recommended for let only properties)
Once this has been entered, please check all information and select "Send Deposit Invites' on the right.
Now, the invitation for Deposit will be sent to the tenant(s). The tenant(s) will need to accept this invitation and pay for their DepositFree™ Insurance in order to proceed with the tenancy agreement.