Florida Landlord/Tenant Security Deposit Bond
AmeriPro Surety Bonds | 844-589-9732
To be able to be qualified for this bond through our agency, an applicant MUST have good credit; otherwise, we simple will not be able to get you approved.
The option or requirement of Florida landlords to obtain a surety bond is as per Florida Statutes 83.49 (c) when collecting advanced rent.
The Florida regulatory body which oversees this requirement is the Florida Department of Agriculture and Consumer Services (DACS).
An Explanation of the Florida Landlord/Tenant Security Deposit Bond and Purpose
Florida landlords who accept advanced deposits from tenants (or future tenants) must post a surety bond that covers the amount of the advanced deposit received, OR a $50,000 surety bond, whichever amount is less.
The purpose of the surety bond requirement is to protect those tenants from any acts of mismanagement, fraud, or theft of the funds placed as a security deposit.
As such, this surety bond, although deposited with the Clerk of the county where the units are to be rented, is entirely for the benefit of the tenant, not the landlord.
In a nutshell, the surety bond is a financial guarantee purchased by the landlord (who acts as principal) for the benefit and protection of tenants (who are, under the law, obligees) for this surety bond.
The bond offers the tenants the ability to recoup losses in total up to the bond’s face amount (but no more than that as an aggregate total) should any financial irregularities cause them loss or financial harm for monies deposited with the landlord.
Florida Landlord/Tenant Security Deposit Bond: The $250,000 Surety Bond Requirement
If you as a landlord rent units in 5 or more Florida counties, rather than posting a $50,000 surety bond for each county, you are allowed to purchase one bond for the total amount collected as advanced deposit, or obtain one $250,000 surety bond, for whichever amount is less.
The same protections are afforded for your tenants as stated above.
Florida Landlord/Tenant Deposit Security Bond: Purchasing this Surety Bond
When you call us at AmeriPro Surety Bonds, it is always a great idea to submit any written requirements for the bond amount that you have to our agency.
This is done to provide underwriting with an exact accounting of why you require whichever surety amount is needed.
The surety underwriting process for this bond may take several business days, and you may well expect us to perhaps ask for “additional information” during the process.
It is very important to keep the lines of communication open and to be completely transparent, especially as the bond is being underwritten.
The premium that you will be required to pay will, obviously, depend on the amount of bond you are required to purchase and the information provided on the application.
You may expect to pay a small percentage of the overall surety bond required. There is also a credit check.
Our agency will work to provide you the easiest surety bond process.
Again, we emphasize that this particular bond may take a business day – or two – to underwrite and have issued for your filing.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Florida.
We also provide surety bonds nationwide.
We welcome the opportunity to work for you towards this required surety bond.