NEW YORK, March 3, 2014 – First Fidelity Brokerage, Inc. (FFB) is a leading independent insurance broker, and a preferred distributor of AssureLease™, a program providing indemnity protection for property owners when tenants default on rent or leave the unit damaged.
First Fidelity Brokerage has been receiving a significant volume of inquiries from real estate firms and associations who are looking for a new program to replace the popular Rent Protect product, which according to website aonrentprotect.com has been terminated effective 2/28/14.
This release is to clarify some of the key aspects of the AssureLease™ program.
AssureLease™ replaces the hefty upfront security deposit a renter 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. It is 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.
We are currently actively working only with firms that own or manage several thousand residential units, however we are in the process of lowering the size requirement to only 200. For the commercial product, we work with owners and managers that lease out 1M square feet. If you meet the above initial criteria, please contact us at email@example.com or (212) 933-9050 x1801. More information can be found at https://www.ffbinsurance.com/special-programs/tenant-default/
Founded in 1994, First Fidelity Brokerage is a leading property and casualty insurance broker. First Fidelity Brokerage, Inc. is headquartered in New York City and has a niche specialization in real estate, construction, and education. The website is www.ffbinsurance.com.