Innovative Program Provides Added Protection
for Rental Property Owners; Reduces Initial Outlay for Renters
Online PR News – 03-October-2012 – New York, NY – First Fidelity Brokerage has been selected by AssureLease™ as a preferred distributor of its patented tenant default insurance. The program provides indemnity protection for property owners when tenants default on rent or leave the unit damaged. First Fidelity offers the product to multi-family rental properties, commercial properties, and to student dormitories in all 50 states.
AssureLease™ replaces the hefty upfront security deposit a renter or student pays, making units more affordable and attractive. The insurance covers protection for up to three months’ rent if the tenant defaults or leaves with unpaid expenses or charges for damages as well as legal and eviction costs to recoup the payments. For commercial leases, the program includes 12 months of protection plus tenant improvement coverage. While tenant is still responsible for breaking the lease or property damage, AssureLease™, in effect, shifts the burden for collection to the insurer rather than the owner.
The product is offered as an insurance policy to property owners and managers and written through a national insurance carrier that is AM Bests “A-“ Excellent rated.
For property owners AssureLease™ performs the following:
· Transforms security deposit administration from a cost center to a potential innovative profit center. The program can generate a dividend if losses are within the range of underwritten expectations. It can also reduce administrative costs.
· Allows owners to recoup the premium in small monthly increments added to the rent
· Mitigates owner’s risk due to tenant insolvency or failure to pay damage
“"There are just so many benefits this product brings to the table that provide significant advantages for both owners and renters,” said Eugene Podokshik, Principal and CEO of First Fidelity. “We are very excited to be one of five companies selected nationwide to partner with AssureLease™ and are eager to get this in front of our clients.”
Andrew D. Loughrane, AssureLease’s president, cited First Fidelity’s experience in two areas as significant factors in their selection. “First Fidelity’s experience in both real estate and education, along with their ability to get our product in front of the right audiences, was instrumental in our selecting them. ”
About First Fidelity Brokerage Founded in 1994, First Fidelity is a leading property and casualty insurance, risk management and employee benefits insurance broker. It is headquartered in New York City and has a niche specialization in real estate, education, not-for-profit, healthcare, financial services, technology and construction industries.
AssureLease™ created a tenant default insurance product that replaces the need for landlords to take security deposits from their tenants. The management of AssureLease™ comprises of seasoned insurance, real estate, legal and risk management executives who have combined their various skills in the development and design of the AssureLease™ product.