About ResidentShield Deposit and Security Deposit Surety Bond
ResidentShield Deposit is a deposit waiver that is issued to meet the requirement of a security deposit at move in. This program replaces a traditional security deposit with the direct benefit of being a more cost-effective option at move in for residents.
Deposit waivers and security deposits are both forms of protection for your landlord. ResidentShield Deposit offers a lower cost, non-refundable option to move in at rates far less than typical security deposits.
The deposit waiver premium will be a one-time non-refundable payment of 25% of the security deposit being replaced. (Example: a traditional $1,000 security deposit is replaced by a $250 fee). The fee is non-refundable, but you would save $750 in move-in costs.
Payment via CC or ACH must be paid in full at the time of a new lease. A deposit waiver may not be purchased mid-lease or at renewal.
The deposit waiver guarantees a set amount of coverage to your landlord for damage outside of normal wear and tear.* It will also cover lost rents up to the amount of deposit as with traditional security deposits. Purchase of the deposit waiver does NOT remove financial responsibility for these charges from the resident.
Already a ResidentShield Deposit Customer?
The deposit waiver is non-refundable. It is good for the life of the lease at one community. If the tenant transfers to a new unit, the management company’s policy towards transferring deposits applies. If the tenant moves to a new community, a new deposit or deposit waiver is required.