FlexDeposit is a program that provides you with an alternative to making a traditional cash security deposit and does not provide any benefits typically associated with insurance.
FlexDeposit is a surety bond.
Under the surety bond, FlexDeposit promises to pay the landlord in the event the resident does not uphold the financial obligation in the lease agreement or return the property in good condition. The resident is then required to reimburse FlexDeposit for any damage, loss of rent and related expenses that FlexDeposit paid to your landlord on your behalf.
With FlexDeposit, you make a one-time, nonrefundable payment to replace or supplement a traditional cash security deposit. No portion of this payment will go towards satisfying any future claim(s) your landlord may have against you.
FlexDeposit is NOT a security deposit.
FlexDeposit is NOT traditional insurance.
FlexDeposit does NOT provide you with coverage in the event you cause damage or fail to uphold your financial obligations.
If a claim is made against you by your landlord, you will be liable for the full amount of your financial obligation under the lease.
If FlexDeposit makes a payment to the landlord on your behalf, you are required to reimburse FlexDeposit. If the money you owe exceeds what FlexDeposit paid to the landlord, you will be required to reimburse the landlord for the amount in excess of the bond limit.
If you need more information about FlexDeposit, please contact a licensed representative at 1-866-312-3090 Monday – Friday, 9 a.m. – 6 p.m. EST.