Zero Deposit has always been about revolutionising the rental market, making things easier, faster and fairer for everyone involved. Since launching our insurer in January, we’ve been working hard on the next steps in achieving this mission.
We’ve recently made a couple of major updates to our claims process which we’re super excited about. Not only because we’ve set a record for the industry, but also because we’re improving your experience with us as a partner.
Rent only claims paid in 1 day
This month we transformed how landlords recover unpaid rent by launching an industry-first service that ensures rent only claims are paid within 1 working day of submission.
This removes a major pain point for landlords by cutting the lengthy end of tenancy dispute process down from months with a cash deposit or any other deposit replacement provider, to only a day with Zero Deposit.
The process applies to any guarantees introduced from 1st January 2022. All you need to do is submit the required evidence to us and we’ll make sure the claim is paid, to you or the landlord, within 1 working day. The tenant will still have a chance to respond to the claim, so they get the same fair outcome*.
This is the second major improvement to our claims process in under a year and a change that your landlords will love, especially in the current climate. With inflation already high and rising, costs are going up for landlords and there is increasing financial pressure for tenants, which can lead to more risk of unpaid rent. It’s never been more important for landlords to get what they’re owed as quickly and reliably as possible.
*We will only contact you or the landlord after the tenant if the claim is shown to be false in some way.
A brand new claims system
Last August we launched a brand new claims system that helps you and your teams manage end of tenancy disputes easily.
This new system also made it simpler for tenants to engage as well as making it faster for everyone to reach a fair outcome, with 40%** of claims involving dilapidations (as opposed to the even quicker rent only claims above) resolved within the first 15 working days. This is significantly quicker than our old system, but has also reduced work for you; none of those cases have needed you to submit full evidence.
**Source internal data correct as at April 2022
So what’s different? The new system has brought major benefits, including:
Allowing you to notify us of a claim first & provide the evidence later
Giving you increased visibility of exactly what’s happening with a claim
Sending you automatic reminders about what to do and when
Providing a platform that supports direct settlement with tenants
With only eight stages, the new claims process is straightforward and the system guides you through each step. This flow chart represents all possible scenarios and if at any stage an agreement is reached, the process ends immediately.
Keep ending those tenancies
It's important to continue ending tenancies on the portal (even if there is no claim) so we know that that guarantee has ended. Otherwise we will continue to collect an annual fee from the tenant.