For lots of people, moving apartments is hampered by difficulties in scraping together a security deposit. If you’re living paycheck-to-paycheck, this can be unbelievably hard. One insurtech startup trying to change how deposits work is Reposit, which replaces the traditional six-week’s deposit with an insurance bond. Here’s how it works: instead of ploughing hundreds (or thousands) into a tenancy deposit scheme, where it’ll sit until the end of the tenancy, the renter instead buys an insurance product from the Reposit website, with the landlord listed as a named beneficiary. This is cheap. A policy costs the equivalent of one week’s…
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