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Security Deposit Insurance

We offer customizable insurance coverage that replaces the need for last month's rent and the security deposit.

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No Security Deposit Required. No Hassles.

Navigating stakeholders vying for attention when it comes to protecting tenants is one of the most sensitive aspects of handling real estate portfolios.

As any investor or property manager knows, two of the largest issues with managing rental properties are:

1) Acquiring new tenants quickly

2) Disagreements and hassles with existing tenants over payments and security deposit returns.

The cost of rental units can be a large barrier-to-entry for many prospective tenants. First and last month’s rent, plus a security deposit can mean many thousands of up-front cash required. This can result in unrented properties and be a cash loss for investors.

At the time of move-out, arguments over what funds are to be returned to the tenant can result in endless battles and, in some cases, lawsuits which nobody wants.

Managing security deposit funds can be complicated and costly depending on the state you are in. Many states require the funds be held in special escrow accounts and that the interest accrued be paid to the tenant. Many investors make the costly mistake of co-mingling these funds with other money in the same account, leading to legal or other financial trouble down the road.

Security Deposit Insurance removes all these difficulties.

All this, while maximizing shareholders profits.

Customizable Coverage

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How It Works

The application process is easy and instant. The program is an exclusive pooled risk insurance program provided to members of Connected Investors, a completely free membership program that provides valuable, non-insurance group benefits and services to its members.

The investor simply fills out the individual application for coverage for a specific tenant who must have a credit score of 600 or more. By filling out the application, the investor is granted a free membership to Connected Investors and is included under the pooled risk master policy and is the insured. No subscription or additional action is required.

A lease waiver is signed by the tenant and is submitted, along with payment and the process is complete! Approval is instant and the final policy is provided to the investor.

Other similar programs cannot be purchased mid-lease and simply pass the cost of the claims back to the tenant which is unpopular.

This program is an actual insurance coverage for the investor, can be purchased at any point during the lease and does not defer claims to the tenant, making it mutually beneficial for all concerned.

Coverage can be purchased at any time during an existing lease for the duration of the lease term. 

This enables investors to pass the initial security deposit back to the tenant and gain the benefits of the coverage.

Cost

The premium is a fixed rate of 25% of one month’s rent, plus a small program fee which varies based on the years of the lease term. The premium provides for the coverage which lasts for the entire term of the lease and is a fraction of the cost of a traditional security deposit.

Who Pays?

The investor is the insured and is ultimately responsible for paying the premium. However many investors opt to pass this cost down to the tenant, through either one up-front payment or simply raise the monthly rent a small amount to cover it.

TESTIMONIALS

Hear what our satisfied clients say about us.

Brandon W

Real Estate Investor

“Aster National has proven to be a welcome upgrade for my small business’s insurance needs. They are helpful with exploring coverage options and their Customer Service is top notch.”

Jean M

Landlord

“Working with Aster was smooth, effortless and fast. I got excellent coverage within the same day”

Becka G

Owner

“I shopped everywhere for rates and Aster came through with with an amazing offer. I was able to get significantly better coverage at a much lower rate.”

Have questions?

Feel free to give us a call!

(626) 618-9169

 
(800) 805-1070