Deposit Alternative Monthly Fee And
Security Deposit Policies

Instead of requiring a full security deposit, residents are offered the option of promising to return the unit in good condition and satisfy all rental and financial obligations by paying a modest monthly fee to protect the apartment owner in the event the resident does not fulfill their lease obligations. If the resident does not meet their financial obligations, the insurance policy pays the community for the amount owed up to the coverage amount and forwards the debt to a collection agency for reimbursement.

Benefits for Residents:

• Reduced move-in fee
• Keep more cash on hand for other expenses

FAQs:

Is this security deposit alternative the same as renters insurance?

No. A renters insurance policy promises to pay the insured person for any losses that are covered under the policy, e.g. fire, water, smoke, and explosion.

The deposit alternative program is used to guarantee a resident's lease performance to the apartment owner. Coverage is for the apartment community, not the renter.

What if the resident wants to cancel mid-lease?

Residents can cancel at any time by notifying the leasing office. The resident will be required to provide a full refundable deposit at time of cancellation.

Do residents get the fee back at the end of their lease?

No – monthly fee is non-refundable.

What happens if the resident owes rent, fees, or cause damage to the apartment at move-out?

Resident understands and agrees that Resident remains financially liable for all charges including rent, fees and damages owed relating to the leased property. The monthly fee is paid to reduce Landlord’s risk but does not relieve Resident of any liability under the lease.

Questions? Please email us at depositinsurance@realpage.com or call 1-877-684-4039