What is Wallingford, CT Electric Utility Deposit Bond?
When you move into a new place and want to set up electricity, the utility company might ask for a deposit upfront. This deposit acts as a guarantee in case you don't pay your bills. But for some people, especially those with limited credit history or lower incomes, this deposit can be a burden.
That's where the Electric Utility Deposit Bond comes in. Instead of paying a cash deposit, you can purchase a bond from a surety company. This bond promises that if you don't pay your electricity bills, the surety company will cover the cost, up to a certain amount.
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How Does it Work?
Let's say you're moving into a new apartment in Wallingford and need to set up electricity. The utility company tells you that you need to pay a $200 deposit. Instead of paying this deposit in cash, you decide to purchase a bond.
You go to a surety company and pay a smaller fee, let's say $50, for the bond. This bond serves as a guarantee to the utility company that you'll pay your bills on time. If you fail to pay, the utility company can make a claim against the bond to cover any unpaid bills.
If you need help finding the right type of bond or have any questions about our products, please contact us at (913) 214-8344 or email [email protected]. We’re here to answer all your questions!
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Advantages of Electric Utility Deposit Bond