What is the eDeposit Security Deposit Alternative?
eDeposit is an alternative to a traditional security deposit offered by your apartment community, property manager or landlord. It may be purchased for a one-time, non-refundable fee.
How do I sign up?
eDeposit is only available at participating rental locations offering our RentersPLUS program. Before you can purchase eDeposit you must first purchase a renters insurance policy (or a qualified renter liability insurance product) from ePremium Insurance Agency, LLC. You can enroll online in minutes or call (800) 319-1390 to get signed up.
Am I required by my community to purchase eDeposit?
No, you have the option to choose to pay a traditional security deposit to your apartment community, property manager or landlord, or to purchase eDeposit. Both options fulfill your security deposit lease requirement.
Are there any other costs for eDeposit?
The fee paid upon purchase could also have a processing fee included (usually $5). To the extent required by your apartment community, property manager or landlord, you will be responsible for damages that exceed your security deposit amount as well as other fees or charges assessed by the leasing office at move out.
Is my eDeposit good for the duration of my lease?
Once eDeposit protection is purchased, it is in-force for a maximum of five (5) years. However, if your apartment community is sold or changes management, eDeposit may not remain in-force.
Are there any underwriting or screening requirements to purchase eDeposit?
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.
What happens if I move to another unit in this Apartment Community?
eDeposit may be transferrable to your new unit; however, it is at the sole discretion of your apartment community, property manager or landlord.
Do I get the eDeposit fee back at the end of my lease?
No, the eDeposit fee and applicable processing fee are non-refundable.
What happens if I want to cancel my renters insurance policy with ePremium Insurance Agency, LLC to go with another agent? Can I keep the eDeposit product?
If you cancel the renters insurance, your apartment community, property manager or landlord could charge you the full amount of the traditional security deposit or make you pay the difference between the eDeposit fee and the full security deposit.
Under what circumstances may I qualify for a refund?
You may qualify for a refund if you did not move into the rental location, or the eDeposit product did not properly replace your security deposit. All refunds are approved by your apartment community, property manager or landlord. Please contact your apartment community, property manager or landlord to discuss the refund process.
How may I obtain a refund?
Only your apartment community, property manager or landlord may approve a refund. ePremium Insurance Agency, LLC requires verbal or written authorization from your apartment community, property manager or landlord to process a refund. The entire process can take 1-2 weeks and is dependent on the speed with which your apartment community, property manager or landlord confirms authorization.
What happens if I owe rent, fees, or cause damage to my rental location upon move-out?
To the extent required by your apartment community, property manager or landlord, you will be responsible for damages that exceed your security deposit amount as well as other fees or charges assessed by the leasing office at move out.
What if I have more questions about eDeposit?
Please call us at (800) 319-1390 or use our online Contact Us form.