With 53.6% owner-occupancy, nearly half of Cottonwood rents. Tenants routinely believe their deposit and their renters policy cover the same ground, and they cover almost none of it in common.
A deposit protects the landlord from you. A renters policy protects you from everything else.
Three things about two things people confuse.
A security deposit is the owner’s protection against damage you cause and rent you do not pay. A renters policy is your protection: your belongings, your liability, somewhere to live after a loss. One is held against you and the other is held for you, and almost nothing overlaps.
A month of rent is nowhere near the cost of replacing a household’s belongings, and it is irrelevant to a liability claim. Tenants who decline cover because they have a deposit down are comparing numbers that have nothing to do with each other.
There are limits on what can be charged and requirements about returning it with an itemized statement within a set period. Those are tenant rights rather than insurance, and knowing them is worth as much as the policy on the day a tenancy ends.
Cover that the deposit does not provide.
Always more than a deposit and usually more than tenants guess.
The deposit does nothing here at all.
Many do, and the minimum is set for the owner.
Tell us what the lease requires and what your belongings are worth.
We explain what the deposit does and does not do before quoting.
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