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 fee will be a one-time non-refundable payment of 25%, in most states, of one month’s rent being replaced. (Example: average monthly rent $2,000, which replaces the security deposit for a $500 fee). The fee is non-refundable, but you would save $1,500 in move-in costs in this example.
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.
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The deposit waiver is non-refundable. It is good for the life of the lease. If the tenant transfers to a new unit, a new waiver is required. If the tenant moves to a new community, a new deposit or deposit waiver is required.