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Anyone have experience using Sure Deposit. I like the idea of not having $500+ cash tied up for years vs paying a $80 one time fee for $500 coverage. Figured that the apartment is gonna get there money due anyways via the security deposit sitting there or billing out costs incurred to surety bond. Thanks
I've never done it, but it seems like it's only worth it for those who just can't afford paying the security deposit. If you invest that $500 very wisely, maybe you'll make back your fee.
Remember you still have to pay for damages (or skip town )
As a landlord I would not accept a bond. 1) I want your $500 in my account, it makes me think you care at least that much about taking care of the place. 2) A surety will nickle and dime me to death over any claim, and fight me on a level you more than likely would not, or could not.
SureDeposit is not "coverage" or insurance. If you buy the bond for $87.50 you don't get $500 in coverage it means that they can come after you up to $500 on your credit report. If you put up the $250 security deposit you can get all of that back, but worst case be out $250.
As a Landlord, if the damages are close to $250 we typically only keep the deposit and not send you to collections. If we had a bond, we would go after the $500 amount and a bond collection on your credit report is typically worse than an apartment community collection for the same amount.
Anyone who uses SureDeposit is not telling you the whole story. Bonds are serious business and as I understand it could prevent you from purchasing a new car or buying certain types of insurance without paying the bond company 1st.
My grandson paid $137.50 for a $750.00 bond in lieu of paying a security deposit. When he moved out, the apartment complex charged him for mini blinds (his cat had bent slats on very cheap blinds), last water bill, a pet penalty of $200.00 and $622.00 to replace the carpet (there was a slight fray in front of the bedroom door and two small quarter-size burns in dining area from cooking). The total move-out was over $1,000. He is willing to pay the $750.00, but does not think he should pay the charge for the carpet as he believes it was not necessary to replace it; however he has no pictures or confirmation other than during the walk-through, the manager said he would have to get back to him on charges for the carpet.
A week after sending the Move-Out Statement and charges, the manager turned the claim over to the surety company and they have been harassing my grandson for the total amount of the move-out charges.
The point is, the apartment complex can charge you for anything they choose, then turn you over to the Surety Bond Company and they harass you until you pay. I told my grandson how to get them to stop harassing him by phone, but my question is: Once he pays the $750 that the bonding company is responsible for, will they go away or will they continue to try to collect the entire amount of $1,022.00? I'd rather pay them the $750 and have them go away, and dispute the additional charge with the apartment complex and the credit reporting companies.
Once he pays the $750 that the bonding company is responsible for, will they go away or will they continue to try to collect the entire amount of $1,022.00? I'd rather pay them the $750 and have them go away, and dispute the additional charge with the apartment complex and the credit reporting companies.
There was another thread very recently on the subject and you may find this link which I posted there to be helpful:
Your grandson has no remedy to deal with the management at the apartment complex but must deal with the bonding company.
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SureDeposit is not Insurance
