How much does it cost?
The cost of a policy is dependant on the length of the tenancy:
- 10% of 8 weeks rent for up to a 12 month lease
- 15% of 8 weeks rent for up to a 24 month lease
- 20% of 8 weeks rent for up to a 36 month lease
All premiums are subject to Insurance Premium Tax (currently at 12%).
For example, if your weekly rent is £150, then the deposit insurance premium for a 1 year lease would be £120. Plus insurance premium tax. The total cost you’d pay would be £134.40.
Unlike a traditional cash deposit, you will not receive any of your premium back.
You can cancel your policy within the cooling period which is the first 14 days after purchase, thereafter you are bound by the contract. There are no costs for cancelling and we will refund your money if you cancel within the cooling period.