Tenant Insurance: Reposit Partners Up with X1 Lettings

The UK’s original tenancy deposit alternative provider Reposit, announces its latest partnership with X1 Lettings, a prominent provider of student and residential lets across the North of England.

X1 is a privately held, award-winning residential accommodation provider operating in the North of England with properties in Manchester, Liverpool and Leeds. Family-founded in 2012, it has grown from one 92-unit building in Liverpool to a 19 building, 4000+ tenant-strong operation. X1 focuses on providing The Northern Powerhouse’s students and young professionals with reasonably priced luxury housing continuing to prove a success.

Reposit is currently offered to all new X1 Lettings tenants. At the firm’s latest development, Media City Tower Two in Manchester, Reposit has been chosen by 43 percent of its 237 tenants since being given the choice alongside traditional deposits a month ago. X1 has filled approximately 80 per cent its available units at the site in Salford, Manchester.

Jude Greer, CEO and Co-Founder, Reposit: “We are really pleased that our latest partnership with X1 Lettings allows us to further grow our reach in the North of England. Reposit has always been designed to improve the affordability of moving home for tenants across the UK. It is important for us to empower young people in major cities in the North of England to be able to choose from a more diverse pool of properties. We are excited to see what the takeup is and how tenants and landlords enjoy our service.”

Lorna McCracken, Branch Manager, X1 Lettings said: “Working with Reposit has been a really smooth process, from the initial discussion stage right through to integrating as part of our booking process. Many tenants have decided to opt to use Reposit rather than a traditional deposit since we offered this at the end of May. The team are really enjoying using Reposit, it is very easy to explain how it works to our tenants and is quick and easy to process.”

Jaimie Crowther, Marketing Manager, X1 Lettings said: “The residential lettings market is changing and at X1 we are always looking at new offerings for our tenants. Reposit is a solution that we felt would grow our offering to tenants whilst keeping all parties protected. What stood out to us was the clean and safe approach that Reposit offers and the team were really open and knowledgeable about the lettings industry. Having explored the other alternatives, we are 100 percent confident in having made the right choice, not least thanks to the attention to detail in its offering and the fact that they are FCA regulated and provide FSCS cover.”

X1’s Head of Operations, Melissa Green added: “X1 started with relatively humble beginnings in a small office on Duke Street in Liverpool. Previously consisting of only three staff members and one student accommodation block, X1 has transformed into an award winning property management agency with thousands of tenants and landlords spanning across three cities. One of the reasons our expansion has been so successful is due to the family ethos that remains at the core of the company. Our tenants and landlords remain loyal to us, and this is down to us abstaining from a more corporate approach as we endeavour to stay authentic and relatable, no matter how big we get.”

Following a successful launch of Reposit to new tenants, X1 plans to introduce the InsurTech offering to existing tenants in the coming months. X1 also plans to use Reposit through its integration with UK Tenant Data’s pre-tenancy software.

Fully regulated by the FCA and covered by FSCS, Reposit gives tenants the possibility to switch safely from traditional five-week deposits to a non-refundable insurance product worth one week’s rent, one that provides eight-weeks of cover to tenants and landlords, covering them for all things covered by traditional deposits. Eight weeks of complete cover is the joint highest available from deposit alternative suppliers in the market. (To be fair, Flatfair say they can offer up to 12 weeks in some cases – Ed)

Reposit landlords are individually named on an insurance policy with Lloyds of London top – five underwriter Canopius. As the founding deposit alternative option in the UK, Reposit has been on the market for four years and has steadily expanded its services across the UK.

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