Tenant choice laterMay switch to full deposit
A tenant who initially chooses damage insurance may later opt to pay the full security deposit without landlord consent.
Key distinction
Damage insurance is not the same as a refundable cash deposit. Review the premium, coverage, claims process and whether the tenant can still be pursued for amounts outside coverage.
Statutory criteria
- Provider licensed or approved by the Virginia State Corporation Commission.
- Coverage effective with the first premium and maintained through the lease term.
- Per-claim coverage at least equal to the deposit the landlord otherwise requires.
Timeline detail: the normal 45-day rule and the narrow contractor extension are separate. Do not assume every Virginia landlord automatically has 60 days.