NEW YORK, Dec. 4, 2019 /PRNewswire/ -- AssureLease LLC, a leading insurance program developer announced today that it has formed a Reciprocal Insurance Company- Landlords Alternative To Security (LATS) to address the limitations of traditional security deposits for mid-sized real estate owners. Andrew D. Loughrane, President of AssureLease stated, "Traditional tenant security is, at best, a program where Landlords earn $0 and has a negative effect on your NOI, when considering unpaid damages and administrative expenses. Furthermore, the new rent laws in NYC (as example) and many other jurisdictions require an extensive administrative process of prior occupancy inspection, post occupancy inspection, extensive documentation of damages, and return of security within a proscribed time frame."
AssureLease LLC provides real estate owners with a tailored insurance solution that replaces traditional security deposits. With the launch of LATS, mid-sized owners will now be able to access this risk management program. Some of the benefits to the landlord include;
- Turns a negative drain on NOI into a profit center
- Funds losses that would not have been covered
- Increases marketability
- Drastically reduces administration burdens
- Virtually eliminates legal collections
- Improves the marketability of the apartments.
AssureLease has been in operation for some 8 years and is the only one offering this type of program in the marketplace. The program is available in all 50 states as well as Canada and is offered through one of the largest insurance wholesalers in the US.
"We are very excited to bring sophisticated risk management tools to mid-sized owners in the most cost-effective way. LATS will remove losses and create new revenue as well as take away the financial uncertainty that traditional security deposits bring. We know from 7 years of experience in underwriting very large portfolios that this program can make a big impact to the balance sheet. We are not one of the many new indemnity or surety startups offering alternatives all of which do not provide income and control for the Landlord. We provide a unique solution to the owner that allows them to fully fund losses AND to receive all unused funding as dividends, which is a singular approach in the marketplace," said Andrew D. Loughrane, President of AssureLease, LLC.
SOURCE AssureLease LLC