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?

Yes.

  • 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.