AIG, SRX launch insurance policy to replace rent security deposits

AIG Landlord Insurance will cover loss and damages not limited to the amount of the deposit.

AIG Singapore and property tech firm SRX have teamed up for an insurance policy that will replace security deposits, according to a press release.

AIG Landlord Insurance will cover loss and damages not limited to the amount of the deposit, whilst tenants can skip the deposit by purchasing the policy at a lower price than their monthly rent, therefore removing the upfront cash deposit.

Policyholders will be covered up to $50,000 (US$37,080) for loss or damage to renovations and lost rent, and $20,000 (US$14,832) for loss or damage to contents. This policy is currently only offered for whole unit rentals.

SRX members can purchase the policy online through its website.