Illinois tenant lease bonds.
From $100.

A tenant lease bond is a contractual alternative to a cash security deposit: it guarantees the landlord that the tenant will meet the lease's financial obligations. This is not a state-mandated bond; the amount is whatever the lease or landlord sets. Pricing is 2% of the bond amount, $100 minimum.

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A security-deposit alternative — it backs the lease for the landlord without a large cash deposit

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Not a statutory requirement — the amount is set by the lease or landlord, not by Illinois law

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Priced at 2% of the bond amount, $100 minimum — a soft credit check confirms approval, never a hard inquiry

2% of bond amt.$100 minimumSoft pullnever affects your scoreFastinstant underwriting for most

Trusted by industry leaders

How it works

Three steps to a bonded lease.

No statutory queue — this is a private lease bond. Here's the entire process:

TODAY · ONLINE

Apply once, online

Your details, the bond amount your lease requires, and the effective date. The only extra step is a one-time consent to a soft credit pull.

RIGHT AWAY

Approved

Most are approved as soon as you apply. The credit check is a soft pull that never affects your score. If it needs a second look, one to two business days at most.

WHEN YOU PAY

E-sign & deliver to your landlord

Pay online and receive the executed bond, ready to give your landlord in place of a cash deposit. Wet-ink originals mailed on request.

About this bond

What it is and who needs it.

What the tenant lease bond actually does

A tenant lease bond is a private, contractual instrument — it lets a tenant satisfy a landlord's security requirement with a surety bond instead of a large cash deposit. The tenant pays a premium; the landlord gets a guarantee it can claim against if the tenant defaults on rent or damages the unit.

This is not an Illinois-mandated bond. Illinois law governs cash security deposits — the Security Deposit Return Act (765 ILCS 710) and Security Deposit Interest Act (765 ILCS 715), plus local ordinances like Chicago's RLTO — but it does not require a lease bond. Whether one is accepted is up to the landlord and the lease.

Because it's contractual, the amount is whatever the lease or landlord sets — often tied to a month or two of rent, or to the deposit the bond replaces. Like every surety bond, it is not insurance for the tenant: if the surety pays the landlord, the tenant repays the surety. We issue whatever amount your lease names at 2% of the bond amount, $100 minimum, confirmed via a soft credit check that never affects your score.

Contractual — not a statutory mandateA tenant lease bond is a private security-deposit alternative, not a bond required by Illinois statute. Illinois regulates cash security deposits (e.g., the Security Deposit Return Act, 765 ILCS 710, and Security Deposit Interest Act, 765 ILCS 715, plus local ordinances), but does not mandate a lease bond. Whether a bond is accepted in lieu of a deposit, and in what amount, is set by the landlord and the lease — confirm the required amount with your landlord.

You might use this bond if you are

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A tenant avoiding a large cash deposit that a bond can satisfy instead

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Renting a higher-value unit where the deposit would tie up significant cash

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A landlord who accepts lease bonds as an alternative to cash security deposits

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Relocating and would rather not float two deposits at once

One application, issued instantly.

These are the actual underwriting fields, including a one-time consent to a soft credit pull. Submit once and your bond is issued when you pay.

Start the application →

FAQ

Common questions.

Is a tenant lease bond required in Illinois?No — it is not a state-mandated bond. It is a contractual alternative to a cash security deposit, used only when a landlord agrees to accept it. Illinois law regulates cash deposits, not lease bonds.

How much is it?Pricing is 2% of the bond amount, $100 minimum. Because the amount is set by the lease or landlord rather than by statute, you enter whatever figure they require and your exact price is confirmed at the application.

Does this replace my security deposit?It can, if your landlord accepts a bond in lieu of a cash deposit — that's the whole point. It guarantees the landlord without you tying up cash. Confirm with your landlord that they'll take a bond before you buy one.

What happens if I damage the unit or skip rent?The landlord can claim against the bond up to its amount. The surety pays the landlord, then you repay the surety — it is a guarantee for the landlord, not insurance for you.

Is there a credit check?Yes — a quick soft credit check may apply, which never affects your score and is never a hard inquiry. It confirms your approval; your price is 2% of the bond amount, $100 minimum, either way.

Which A-rated carriers underwrite these bonds?Typically Arch Insurance Company (A.M. Best A+) or Nationwide Mutual Insurance Company (A.M. Best A). Which one writes your bond depends on the bond type and your state. The carrier's name and official signature are printed on the bond you receive.

How do I contact Light RFP about this bond?Email insurance@lightrfp.com. It reaches the bond team at Light RFP Risk Management Services LLC (NY DFS License # PC-1978982). Write to us about quotes, applications, bond forms or certificates. We will respond within 24 hours.

Related bonds

Other Illinois bonds.

Tenant lease bond, issued today.

From $100. Confirm the amount with your landlord and deliver it in place of a deposit.

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Your premiumfrom $100

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