Insurance scheme - information for landlords
Since 1 April 2013, landlords in Northern Ireland must protect their new tenants' deposits under the Tenancy Deposit Scheme. Landlord must use an approved scheme. If a landlord uses an insurance scheme, the landlord holds the deposit and pays a deposit protection fee to the scheme administrator.
Paying a deposit protection fee to an insurance scheme
To protect your tenant's deposit using an insurance scheme, you can pay your fee:
- by telephone using a debit or credit card
- by cheque
- by bank transfer
Landlords and their letting agents should ask the scheme administrator about making payments. If you need to protect many deposits, ask the scheme administrator if they have bulk transfer facilities.
The scheme administrator can give advice about compatible IT systems and any adaptations you'll need.