Security Deposit Alternative FAQs

What is ePremium eDeposit (Security Deposit Alternative)?

It is an alternative to a traditional security deposit. The coverage may be purchased for a one-time, non-refundable coverage fee payment.

How do I sign up?

ePremium eDeposit is only available at participating apartment communities offering our RentersPLUS package. Before you can purchase ePremium eDeposit, you must first purchase an ePremium RENTERS policy (or qualified ePremium PROTECT insurance product). You can *enroll online in minutes* or call (800) 319-1390 to get signed up.

Am I required by my community to purchase ePremium eDeposit?

No – you can choose to pay a traditional refundable security deposit or choose to purchase security deposit insurance through ePremium Insurance. The choice is yours and it’s up to your leasing office how much, if any, of your traditional refundable security deposit you may receive at move out.

Are there any other costs for eDeposit?

The coverage fee paid upon ePremium eDeposit purchase could also have a processing fee included (usually $5). You will be responsible for damages that exceed your eDeposit coverage amount as well as other fees or charges assessed by the leasing office at move out.

Is my eDeposit coverage good for the duration of my residency?

Once ePremium eDeposit coverage is purchased, it is in force for the duration of your lease or a maximum of five (5) years. However, if your apartment community is sold or changes management, we cannot guarantee that the eDeposit coverage will remain in force. In accordance with applicable landlord/tenant law, you may be required by the new owner or management company to post a traditional security deposit upon lease renewal or move out.

Is there any additional underwriting or screening required to purchase eDeposit?

No – if your apartment community approves you for residency you are automatically approved for the ePremium eDeposit coverage. The only qualification is you must first purchase an ePremium RENTERS policy (or qualified ePremium PROTECT insurance product) before you can purchase ePremium eDeposit coverage.

What happens if I move to another unit in this Apartment Community?

Your ePremium eDeposit coverage may be transferrable to your new unit; however; it is at the sole discretion of your leasing office.

Do I get my coverage fee payment back at the end of my lease?

No – the coverage fee payment is non-refundable.

What happens if I want to cancel my ePremium Renters insurance to go with another provider but keep my security deposit with ePremium?

The Renters insurance and eDeposit coverage are sold as a bundle. If you cancel the renters insurance the leasing office could charge you the full amount of the traditional security deposit, make you pay the difference, or simply acknowledge you paid the deposit to ePremium.

Under what circumstances may I qualify for a refund?

You may qualify for a refund if you did not move into the unit or if you purchased the wrong level of security deposit insurance coverage. All refunds are approved by the leasing office. The refund can differ depending on the circumstances of the reasoning of cancellation. Please contact your leasing office to discuss the refund process.

How may I obtain a refund?

Only the leasing office may approve a refund. ePremium requires verbal or written authorization from the leasing office to process a refund. The entire process can take 1-2 weeks and is dependent on the speed with which the leasing office confirms authorization.

What happens if I owe rent, fees, or cause damage to my apartment upon move-out?

You will be responsible for any additional monies that exceed your eDeposit amount or monies owed for items specifically excluded from coverage.

What if I have more questions about eDeposit?

Please call us at 800-319-1390 or use our online Contact Us form.

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