Property Owners FAQ
What is Deposit Plus+
Deposit Plus+ is an alternative to traditional cash security deposits. Rather than a renter paying a full month’s rent, they pay 25% of one month’s rent.
In return, the property owner/landlord gets Deposit Plus+ insurance, which provides them with 50% greater coverage than a cash deposit.
What is the Deposit Plus+ cost to property owners?
Deposit Plus+ is tenant paid; no cost to property owners.
Do the policies renew annually?
Renter pays upfront premium of 25% of one month’s rent at time of lease signing. Good for the life of the lease.
Can a property owner make money?
With Deposit Plus+, property owners can charge an administration fee per unit per year, upon lease signing and renewal. Amount is up to the discretion of the property owner.
Deposit Plus+ is a revenue generator for property owners.
Are there any set-up costs to the property owner?
No cost to owner.
Do properties need to be inspected in order to offer Deposit Plus+?
No, an inspection is not required.
What is an acceptable credit score for a renter to qualify for a policy?
The credit screening of each potential tenant is up to the property owner. If tenants meet owner’s requirements, the tenant is automatically eligible for DP+.
RentSense does require a copy of the lease and the owner’s approval criteria.
How does the Deposit Plus+ policy work if the tenant defaults?
In the case of a default, Deposit Plus+ pays the property owner up to six weeks of the rent.
What happens if a tenant doesn’t pay the renewal?
The landlord is notified 30 days in advance that a renewal must be collected; property owners may charge a renewal processing fee for the collection.
Can the property owner submit damage claims online?
Yes, all transactions can be done through our website: rentsense.us.
Each property owner has a dedicated account management portal. Attachments and photos can be submitted. A property visit is not required to submit a claim.
How does a traditional security deposit compare to Deposit Plus?
Traditional security deposits only cover one month of rent.
DP+ provides the property owner up to six weeks of coverage, which includes:
$500 in resident negligent damage
$300 towards utility default or eviction filing fees
$300 pet property damage
All within the limits of the policy.
Are there additional benefits to Deposit Plus+ for property owners?
Owners no longer have to maintain separate security deposit accounts, saving them time and money.
Less administrative work for property owners
Opportunity for incremental revenue, via a processing fee per unit per year- paid directly to the property owner
Enhanced marketability to renters, who can now rent an apartment without the hefty security deposit burden.
Easy and simple to use and transact.
Are RentSense products backed by an insurance company?
Yes, Deposit Plus+ is backed by an A Rated, Admitted insurance carrier, backed by State Guaranty Funds.
Is Deposit Plus+ a surety bond?
No, Deposit Plus+ is an insurance policy- not a bond.