DepositIQ Step by Step
- Applicants are qualified within the existing screening process then presented with the option of a standard refundable deposit or a less expensive (but nonrefundable) bond premium, listed at a standard 17.5% of bond coverage.
- Applicants sign and purchase the surety bond electronically on PC or mobile-friendly device.
- Step Three: DepositIQ pays properties up to the bond amount if claims are made, based on an available claim fund at the property or portfolio level - your choice. 60% of all bond premiums fund the property claim fund and are 100% owned by the PMC.
- All claims paid are turned over to your collection agency to be repaid by the renter.
- All collected funds are returned to the properties' claim pool.