Curious about Flatio's deposit policies? Use this article to understand how the deposit can be set and what limitations apply.
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Curious about Flatio's deposit policies? Use this article to understand how the deposit can be set and what limitations apply.
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Flatio landlords cannot require a security deposit for stays of less than 180 days (6 months). (Please note that exceptions are made in certain regions of some countries, such as in Spain, where local laws require landlords to collect a security deposit, regardless of the length of stay. In such cases, a deposit can be charged even for short-term stays.)
However, to give you peace of mind and provide you with possible financial compensation in the event of damage to your property, we offer a free Rental Insurance - Powered by AXA coverage to all reservations that don't require a deposit. This coverage goes way above standard coverage as it also includes assistance services and legal protection, together with a 24/7 online support of AXA Assistance.
For stays longer than 180 days, the landlord decides whether to require a classic refundable deposit (unless it’s required by the law), or whether to be covered by our Rental Insurance - Powered by AXA.
NOTE: Reservations that require a deposit payment can’t be covered by the Rental Insurance and the deposit will serve as the only coverage in case any issues arise.
Important information
If you require a deposit, you must set the deposit in the My Rentals web application. (The process is explained in more detail later in this article.)
If you don't set the deposit and still demand the classic deposit from the tenant, the tenant isn't obligated to pay the required deposit and you can't refuse to hand over the accommodation without penalty. (Flatio may impose a fine of up to one month's rent in accordance with the General Terms and Conditions.)
It's because the lease agreement was concluded with the reference to a zero deposit and the tenant is entitled to move in according to the agreement.
If you continue to insist on a deposit, the tenant may exercise their rights under the lease agreement and refuse to take possession of the accommodation on the terms you set. If the tenant agrees to pay the required deposit to you, we recommend that you include this information in a lease agreement amendment that you have to create as a landlord.
You can read more about the deposit payment and settlement processes in this article.