SINGAPORE property portal SRX has teamed up with general insurer AIG Asia Pacific Insurance (AIG Singapore) to let tenants replace their security deposits with an insurance policy instead.

Landlords listing on the SRX website can now give tenants the option to buy an AIG insurance policy that replaces a tenant's security deposit, and covers landlords for loss and damage of their property that is not limited to the amount of the security deposit.

Purchasers of the policy, AIG Landlord Insurance, get a 20 per cent rebate on premiums if there are no claims made during the year.

It provides landlords with up to S$50,000 for loss or damage to renovations, S$20,000 for loss or damage to contents and S$50,000 for lost rent.

It aims to provide more flexibility for tenants' cash flow as their money will not be locked in a deposit, said SRX.

The policy is only available for whole-unit rentals.

SRX is operated by StreetSine Technology Group, a subsidiary of Singapore Press Holdings which owns The Business Times.