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.
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).