The fee paid to TheGuarantors does not cover any rent or move-in fees charged by the building. If your policy includes Deposit Coverage, you may not need to leave a cash deposit with the landlord.
Does the premium include the first month's rent or security deposit?
No, the premium paid to TheGuarantors does not cover any rent or move-in fees charged by the building. These costs should be paid directly to the building as per their requirements.
The invoice you receive from TheGuarantors is specifically for the premium, and if applicable, collateral, to purchase your policy. This premium is a non-refundable fee for the cost of your Rent and/or Deposit Coverage provided by TheGuarantors.
You can learn more about Rent and Deposit Coverage by clicking here.
My policy will include Deposit Coverage. Do I still need to give a cash security deposit to the building?
We recommend that you connect with your building's leasing team to clarify their requirements regarding security deposits. For the majority of partner properties, Deposit Coverage will replace the need to leave a security deposit with your landlord. However, it is possible that the building may still request a cash security deposit in addition to the Deposit Coverage.