LeaseLock Releases Major Innovation Leveraging AI to Completely Eliminate Security Deposits

LOS ANGELES–(BUSINESS WIRE)–LeaseLock, the world’s leading insurtech platform for real estate, today announced a significant product advancement for the multifamily industry, which now deploys AI to customize coverage by asset and expedite claims payments for property owners. The lease insurance upgrade includes simplified coverage plans of all sizes and a claims process streamlined to function as fast as cash. The release is now available to all new and existing clients.

LeaseLock replaces traditional security deposits and surety bonds by insuring a property’s leases, achieving 92% resident adoption rate on average. As a result of this unmatched coverage, LeaseLock clients are able to lower bad debt while drastically reducing deposit administration and regulatory risk. This advancement introduces a new AI-powered risk platform that optimizes coverage for each asset by analyzing historical financial performance data and continually monitors ongoing risk to adapt coverage.