SunCorp Wants Renters to Unfreeze Their Savings But Regulation is in The Way
Aussie insurer Suncorp Group is getting ready to offer a new surety bond product to landlords called Trustbond. The product, developed by Traity and distributed via leading landlord insurance distributor, Terri Scheer, lets tenants swap deposits with a premium, that’s equivalent to a proportion of the rent paid for the term of the lease. Coverage will protect against “unpaid rent, damage, broken leases and associated costs.” This is Trustbond:
As you can see Trustbond uses data from social networks like Facebook, Twitter, LinkedIn, and Airbnb to determine a tenant’s TrustScore. Bottom Line: the coverage is available in select territories due to regulatory constraints.