A lease deposit surety bond is a guarantee or commitment that you will fulfill your financial obligation for rent and damages per your rental agreement. Surety bonds have become a popular alternative to traditional cash deposits because they allow you to pay a one-time, non-refundable fee that is a fraction of the required amount out-of-pocket than the traditional cash deposit.

Deposit Choice is the bond provider authorized to provide the bond (commitment) on your behalf to your landlord (community). The bond agrees to pay the landlord (community) outstanding amounts up to the bond coverage limits if you fail to meet your obligations to the landlord. The surety bond does NOT release you from your financial commitments; should the landlord file a claim and receive payment against the bond, you will remain liable for these amounts to the bond provider.
To reduce the cash outlay required at the time of rental. A surety lease deposit bond offers you the option of keeping more cash in your pocket by providing a guarantee to your landlord on your behalf. Surety bonds appeal to renters who are unlikely to have outstanding balances at the end of their residency and who would prefer to reduce the amount cash required when applying for a new apartment.
Deposit Choice, LLC is a national provider of surety bonds to apartment owners and managers.
You are allowed to transfer your surety bond if you move to another unit in the same apartment community. Rules may vary by management company, please confirm with the management office at your community for specific details.

Surety lease deposit bonds do not release you from the financial commitments you make when renting a new apartment or home. If you do not successfully complete the term of the lease, you remain responsible for outstanding rent and fees as specified in your lease agreement. Additionally, any damages that occur to your rental unit remain your financial responsibility.

If a claim is paid against your bond, you will be responsible for reimbursement for any payments made by the bonding company to your landlord (community).
Yes, you can pay your landlord directly for any outstanding balances on your account, unless payment has already been made on your behalf by the bond provider.
Click here to purchase a Deposit Choice lease deposit surety bond. (You will need to know the deposit requirements for your community to purchase the correct bond amount coverage).
If you have been approved to rent by the community, you will not need to qualify again for a lease deposit surety bond.
Your lease deposit surety bond will remain in force as long as you are a continuous resident at the same community. Unless your management company changes, your bond will remain in force as long as you reside at that community. If you transfer units, the bond provider will need to be notified by the management office to transfer the bond coverage to that unit.
Surety lease deposit bonds are a guarantee to the property owner or manager that you will fulfill the financial terms outlined in your lease agreement, or the bond provider will make payments for you and it will be your responsibility to reimburse the bond provider. If you owe rent or are charged for damages to the community after you move out, you will need to either pay the property directly or reimburse the bond provider for making payments on your behalf.
Property managers provide a final statement of account for all unpaid balances and/or damage charges to their residents. Contact the property manager for your community for this final statement to verify the charges to your account. When you move out, you may wish to schedule a final walk through with your property manager so that you understand what amounts are being charged for cleaning or damages before you receive the final statement.
Surety lease deposit bonds are non-refundable, under most circumstances. Please refer to your management office if you have specific questions.

Need Assistance?

If you have any questions or concerns, please contact us at (877) 253-6903 and a customer service representative will be more than happy to assist you.