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Landlord deposit insurance claim


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I recently let a property and instead of placing a deposit the tenants took out deposit insurance. This is the first time I've done this. Apparently it's a new thing and becoming quite popular. I think the policy was sold to the tenants by the letting agent and the letting agent assured me the insurance was as good as a deposit. Last May the tenancy ended and I had to make a claim on the deposit for some repairs. The tenants have disputed the claim and the process is going nowhere. I am dealing with the agent and, as far as I can tell, they have just spent the last 8 months trying to convince the tenants to pay up and haven't involved the insurance company at all yet.

 

It seems to me the tenants have no incentive to come to a settlement because they have no deposit at risk and have presumably already paid the insurance premium.  I have asked the agency to refer this to the insurance company several times but they seem reluctant to do this and keep negotiating with the tenants who, in turn, keep delaying. The whole process is going round in circles. I have received no documentation relating to this insurance so I don't even know the name of the insurance company to see if I can complain to them. There is a clause in the tenancy agreement in lieu of the deposit clause saying insurance is required and I should receive a written copy. I have requested that. 

 

It looks like I have been sold a pup and the insurance is not worth the paper it's written on - assuming it even exists. Needless to say I have not accepted deposit insurance on any of my properties since. Does anyone have any suggestions on how I can formally move this forward? Should I be taking action against the tenants, the agent or the insurance company?

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