What is FlexDeposit?
An Assurant FlexDeposit resident surety bond is an alternative to traditional security deposits. Instead of requiring the prospective resident to pay the full security deposit, the resident pays a one-time bond fee — just a fraction of a month’s rent and your investment is protected for the full bonded amount. FlexDeposit helps firms secure their investment/property, alleviates the need for managing security deposits, reduces administrative burdens, frees up capital, and shifts risk and compliance burdens of maintaining a security deposit.
How do I sign up?
Please contact a licensed agent at 1-866-312-3090, Monday through Friday from 9 a.m. to 6 p.m. ET.
What is the cost to the landlord?
There is no cost to the landlord to implement this program. Rates vary based on risk from $10 to $46.50 per $100 of security deposit.
Are pet deposits covered by FlexDeposit?
Pet deposit restrictions vary by state and are the responsibility of the property management company. FlexDeposit will cover items typically covered under a traditional security deposit.
Can I use FlexDeposit at lease renewal?
Yes, FlexDeposit is a retention and renewal tool for qualified residents and can provide assistance in launching a renewal program. Many residents prefer not to pay a security deposit upfront and leasing agents need a product to offer residents to keep them on-site or within the portfolio.
Can FlexDeposit be used at HUD properties?
For HUD-insured properties and particularly Project-Based Section 8 properties, we encourage you to seek independent advice from legal and tax counsel to determine whether FlexDeposit is an acceptable program.
How many people can be listed per bond?
FlexDeposit is an individual resident bond. If there are roommates, each roommate will either need a bond for their portion or one individual will have to assume responsibility for the entire security deposit.
Is it refundable if the resident does not move in?
Yes, the bond can be refunded within five business days of the move-in date. Contact the FlexDeposit Customer Service team for details and refund assistance. Refunds are processed directly to the resident.
Can my resident be denied a FlexDeposit bond?
A resident may be denied if there is a fraud alert on the resident’s credit history. If a resident is denied, instruct the resident to contact Equifax to obtain a copy of their credit report for their review. Once their credit history is cleared of any alerts, they can re-apply for a bond.
What if I have more questions?
Please contact a FlexDeposit licensed agent at 1-866-312-3090 or email FlexDeposit@assurant.com, Monday through Friday from 9 a.m. to 6 p.m. ET.