Yes, any payment you require from the renter to cover the potential for unpaid rent or physical damage to the unit will be treated as a deposit under Rental Protection.
If you decide to collect a deposit, the amount covered under Rental Protection will be reduced by the amount of the deposit.
If you file a claim, you will need to let LeaseLock know whether prepaid rent included in the deposit was actually applied to a monthly rent payment owed during the lease term so it’s not deducted from other amounts covered under the policy.
General Disclaimer
Coverage is subject to policy terms, limitations, conditions, and exclusions. Descriptions of coverage are for informational purposes only and do not alter any insurance policy or guarantee any specific price, quote or coverage. For a complete understanding of the coverage available, please review the terms, conditions, definitions, and exclusions of your Rental Protection insurance policy.
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