Security Deposit Insurance
Approved Applicants can elect to get Security Deposit Insurance to lower their Move-In Expenses. Security Deposit Insurance is available for Approved Applicants to alleviate these expenses at the Move-In Process. An Administrative Fee of $50 is charged to Approved Applicants wanting to take advantage of Security Deposit Insurance.
What is Security Deposit Insurance?
Security Deposit Insurance ("SDI") is the modern, affordable alternative to cash security deposits, making rental housing more affordable for everyone! Renters who prefer to avoid high move-in costs can opt-in for coverage at an affordable annual rate instead of depositing another lump sum of cash upfront.
How much does it cost?
Rates will vary based on factors such as a soft credit pull (which does not affect your credit!) and coverage amounts required by your landlord. Typically, it comes out to just a fraction of what a normal security deposit would cost! In less than 2 minutes, you can get a quote and secure coverage for move-in!
Do I have to use Security Deposit Insurance?
No. Security Deposit Insurance is an optional benefit provided by landlords and property managers. Tenants always have the right to pay a cash deposit instead.
How is it different from a normal Security Deposit?
Similar to a traditional deposit, it protects your property manager by providing them coverage for unpaid rent and property damage (excluding normal wear and tear); however, instead of you paying another lump-sum of cash upfront, you can avoid high move-in costs by instead paying a much more affordable, but non-refundable annual premium.
Am I still responsible for damages?
Yes. If your landlord or property manager files a successful claim for unpaid rent or property damage under applicable law, you are financially responsible for these expenses in addition to your annual premium. Convenient repayment plans are available.
Is this the same as Renters Insurance?
No. Renters Insurance may cover loss of personal property, liability, and additional living expenses. Security Deposit Insurance benefits your landlord or property manager, only. Tenants benefit from Security Deposit Insurance by avoiding high move-in costs.
Insurance offered through My Lighthouse Insurance Services (CA License #6006575).
Feel free to contact us at 713-970-1038 if you have any questions or email us at [email protected]