The security deposit alternative product ePremium administers on behalf of your property manager is called eDeposit.
eDeposit Replaces Your Traditional Security Deposit
Purchasing eDeposit allows you to move into your new rental location at a lower cost as compared to providing a traditional security deposit. You will be responsible for any damages in excess of your traditional security deposit.
How eDeposit Works
In order to move into your new rental location, you are typically required to pay a security deposit. Instead of paying the full traditional security deposit, you have the option to purchase eDeposit. eDeposit replaces your traditional security deposit for a fraction of the cost.
eDeposit is not an insurance policy.
Your property manager will provide the specific eDeposit details, terms and conditions for your apartment community.
Purchasing eDeposit is Optional
It is your choice either to pay the traditional security deposit or to purchase eDeposit from your apartment community, property manager or landlord. Both options fulfill your security deposit lease requirement.
eDeposit is NOT Refundable
Unlike a traditional security deposit that is refundable upon move-out, the purchase of eDeposit is non-refundable.
eDeposit is Good for 5 Years
eDeposit Security Deposit Alternative is good for up to five (5) years.
No Additional Underwriting or Screening Required
Once your RentersPLUS participating apartment community, property manager or landlord has approved you for residency, and you have purchased renters insurance through ePremium Insurance Agency, LLC, then you are eligible to purchase eDeposit. There are no additional underwriting or screening requirements needed to purchase eDeposit.