InsureStreet and the future of deposit-free renting

There’s some truly innovative thinking behind this. Why should reliable, honest tenants with perfect track records continue to be required to tie up considerable amounts of money in deposit schemes? The alternative? An insurance-based deposit system, in which tenants pay a premium to an insurer which, although non-refundable, can be as low as 5% of a standard deposit.

Obviously, it’s all in the vetting procedure, and InsureStreet have teamed up with Experian to provide the Canopy app, in which tenants can build “rent passports” based on previous reliability, which can then be shared with landlords, agents and, of course, a deposit insurance scheme. Agents and landlords can also use the app to advertise properties to the best tenants. The idea’s innovative, the implementation will – obviously – take a while as tenants add to their “passports”, the name’s a little bewildering (isn’t there already an iOS/Android Canopy app, curating Amazon products?). More here.