About ResidentShield Deposit and Security Deposit Surety Bond
ResidentShield Deposit is a surety bond 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.
Surety bonds 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 bond premium will be a one-time non-refundable payment of 17.5% of the security deposit being replaced. (Example: a traditional $1,000 security deposit is replaced by a $175 bond fee.)
Payment via CC or ACH must be paid in full at the time of a new lease. A bond may not be purchased mid-lease or at renewal.
The bond 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 surety bond does NOT remove financial responsibility for these charges from the resident.
Already a ResidentShield Deposit Customer?
The bond 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 bond is required.