8 weeks Deposit Cover versus 5 weeks with Cash Deposits. Deposit Free help speed up the renting process and reduce void periods. Tenants remain liable for any damages or rent arrears.
The exception to this rule is that if aTenant is unable to pay Landlord claim due to a major life event. In that scenario, Canopy will also protect the Tenant, pay the Landlord claim directly and not seek recovery from the Tenant. We are on a mission to build Fair, Affordable and Ethical Financial Wellness products to Renters whilst also protecting the Landlords.
With a traditional deposit, the tenant pays a large sum in advance, before there’s any actual reason for charging such an amount. Canopy DepositFree, replaces upfront cash deposits, with a one-off Deposit Insurance premium, which in addition to protecting Landlords for 8 weeks deposit cover, also covers Renters for life events.