SureDeposit is a surety bond. Under the surety bond, SureDeposit promises to pay the landlord in the event the resident does not uphold the financial obligations in the lease agreement or return the apartment in good condition. The resident is then required to reimburse SureDeposit for any damages, loss of rent and related expenses that SureDeposit paid to your landlord.
The three parties to a surety bond are:
- OBLIGEE — Landlord
- PRINCIPAL — Resident
- SURETY — Insurance Company
The SURETY promises to pay the OBLIGEE in the event that a PRINCIPAL does not uphold his or her financial obligations.
SureDeposit is not insurance. SureDeposit is the program name used by the surety, American Bankers Insurance Company of Florida (ABIC). ABIC is an Assurant, Inc. company.