Livingston, N.J.—Assurant Specialty Property, a provider of renters insurance, and SureDeposit, a provider of security-deposit alternatives through surety bonds, are offering a new risk-management solution to the multifamily housing industry.
Assurant Specialty Property, part of Assurant Inc., acquired Livingston, N.J.-based SureDeposit in June. Following the acquisition, Assurant has integrated its sales and service efforts to offer both the SureDeposit security-deposit alternative and Assurant’s existing lines of renters’ insurance. SureDeposit is offered at 1.5 million units in nearly 5,000 apartment communities nationwide.
The combined product offerings and organizational expertise of Assurant Specialty Property and SureDeposit benefit multifamily housing managers and owners with the capabilities of two recognized leaders in renters insurance and security deposit alternatives.
For property owners, renters’ insurance protects against liability from resident-caused damages, while the surety bond protects against lost rent, damages and other lease violations typically covered by a security deposit. SureDeposit and Assurant Renters Insurance also benefit residents by lowering their move-in costs and insuring their liability and personal property.