Traditional security deposits have been a pain point in the leasing process, tying up hundreds or even thousands of dollars and making move-ins less accessible and more stressful for residents. ePremium® Insurance Agency recognized this challenge and is proud to introduce eDeposit, a new low-cost security deposit alternative that simplifies the leasing experience for both residents and property managers.
What is eDeposit?
Exclusive to residents who enroll in ePremium renters insurance, eDeposit is a one-time, nonrefundable fee. It offers up to five years of coverage and can be easily integrated into the leasing process. Because eDeposit is not an insurance policy, it doesn’t require underwriting or screening, and the fee is not treated as an insurance premium.
How Does eDeposit Work for Property Managers?
Once a resident selects eDeposit, ePremium Services will issue an eDeposit Protection Certification. Upon enrollment, 70% of the program fee is added to your property’s loss fund, giving you immediate access to funds that can cover resident-caused damage not covered by renters’ insurance.
Any unused funds remaining in the loss fund are returned to your property, providing you with built-in protection and the potential for reimbursement.*
Benefits of eDeposit for Property Managers
- No deposits to hold or refund
- Immediate access to funds for uncovered damage
- Optional fee markup to generate passive income
- Improved risk management that could help future insurance negotiations
- Easy setup with your existing software
Benefits of eDeposit for Renters
- Lower upfront move-in costs
- One-time fee without the uncertainty of a traditional deposit refund
- No additional screening
- Long-term coverage for added peace of mind
Discover What eDeposit Can Do for You
Explore how eDeposit can reduce risk while creating additional revenue. Book a quick call today to learn more.
*Refunds depend on the available balance in the property’s eDeposit loss fund at the time of claim. Claims may be made up to the property’s security deposit amount (e.g., $2,000) and are typically processed within 13 business days.