Sick of Paying Security Deposits? Here's how to avoid 'em!

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Published Date: 2012-08-22

This blog post is for the renter or tenant who is tired of paying expensive security deposits. As you know, security deposits often tie up a large chunk of money for an extended period of time, and, on top of that, it can be stressful to ensure your security deposit's safe return. To avoid the security deposit fiasco altogether, consider purchasing Accidental Rental Damage Insurance (ARDI). ARDI eliminates the needs for a security deposit altogether, and provides peace of mind protection to both you and your landlord. [caption id="attachment_2030" align="aligncenter" width="600"] Broke a clock while renting a CHBO property? No problem, it's covered if you opted for Accidental Rental Damage Insurance![/caption] Here's how it works: 1. In lieu of paying a security deposit and tying up thousands of dollars at a time, you opt to purchase ARDI for $69. The $69 is non-refundable, however, it covers up to $3,000 worth of accidental damage that may occur during your stay. 2. If accidental damage should occur, the cost and coordination of repairs will be handled between the owner and insurance provider, Travel Guard, through a simple process that does not involve the guest. 3. The important thing to remember is that the accidental damage must be disclosed by the tenant to the landlord in order to be covered. For example, if you're staying in a corporate rental and you accidentally break a dish and tell the landlord you did so, then ARDI would cover the cost of the dish. However, if you fail to disclose the damage to your landlord and s/he finds it later during inspection or any time thereafter, the tenant is responsible for the damage, which would not be covered by Travel Guard. 4. When setting up your ARDI, be sure to contact Travel Guard and reference CHBO. The toll-free number is 1-866-221-8080, You must refer to account number 247557, product 008429 to receive CHBO's pre-negotiated rates. Also, please visit the Accidental Rental Damage Insurance (ARDI) page on CHBO to learn more about our partnership with Travel Guard and how you can avoid paying the dreaded security deposit!