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.
Rental Protection is lease insurance for landlords offered through Zillow Insurance Services, LLC (“ZIS”), a licensed insurance producer (AZ license no. 3001395092, CO license no. 721581, and NC license no. 3001614207). ZIS will refer landlords that express an interest in Rental Protection to LeaseLock Insurance Services, Inc. (“LeaseLock”), a licensed third party agent and surplus lines broker, to consider securing for their benefit such coverage, if available. Rental Protection is sold and administered by LeaseLock on behalf of one or more insurance companies. Requested Rental Protection coverage may not be available in the admitted market in your state. Such insurance companies may not be subject to your state’s insurance regulations and protections. Rental Protection may not be protected under your state’s guaranty act with respect to any right of recovery for the obligation of an insolvent insurer. Availability of Rental Protection may be subject to surplus lines exportability in your state.
ZIS may receive a fee or commission in connection with the sale of Rental Protection, but is not appointed to act on behalf of any insurance company. Rental Protection is not available in all states. If you would like information about other insurance coverage options, you should consult another insurance producer.
Zillow, Inc. provides the technology which powers the Zillow Rental Manager platform. Zillow Inc. does not receive compensation for the advertisement or sale of Rental Protection.