--- title: How much does Padder Deposit cost? description: Padder Deposit costs a one-time premium of 10% to 15% of one month's rent, plus tax. You see your exact price before you sign anything. image: https://help.padder.com/hubfs/Partner_Brand_Centre/Padder_Link_Preview_1200x630.png --- [Skip to content](https://help.padder.com/how-much-does-padder-deposit-cost#main-content) [![Padder Logo](https://help.padder.com/hs-fs/hubfs/Padder%20Logo.png?width=250&height=72&name=Padder%20Logo.png)](https://help.padder.com) - [Help Centre](https://help.padder.com/) - [Claims Centre](https://resources.padder.com/claims) - [Contact support](https://resources.padder.com/support) Open main navigation Close main navigation - [Help Centre](https://help.padder.com/) - [Claims Centre](https://resources.padder.com/claims) - [Contact support](https://resources.padder.com/support) Search the Help Centre - There are no suggestions because the search field is empty. 1. [Padder Help Centre](https://help.padder.com/) 2. [Residential Tenant](https://help.padder.com/residential-tenant) 3. [Pricing, Payment & Refunds](https://help.padder.com/residential-tenant#pricing-payment-refunds) October 22, 2026 # How much does Padder Deposit cost? ## Padder Deposit is a one-time premium that replaces the need to provide Last Month’s Rent (LMR) deposit upfront on move-in. In most cases, the premium is typically around: **10%–15% of one month’s base rent** Your exact quote will depend on your profile, the lease, and the property, but it will always be less than paying a full LMR deposit. --- #### **How this compares to paying a full Last Month’s Rent deposit** ##### **With a traditional LMR deposit:** - You pay one full month of rent upfront to your landlord (e.g., $2,000). - The landlord holds that amount in trust and uses it for your last month’s rent. - You don’t see that money again; it’s just applied later instead of now. ##### **With Padder Deposit:** - You pay a much smaller one-time premium to Padder (e.g., $200–$300). - Your landlord does not collect a LMR deposit from you. - Padder protects your landlord if you leave without paying your last month’s base rent. - You still pay all months of rent, including your final month. The policy only pays out if you fail to pay rent in the final month of your tenancy. --- #### **Why this is a premium, not a deposit** Padder Deposit is an insurance policy, not a security deposit. That means: - It's a one-time premium. It is refunded in full if you cancel before your lease is signed. Once your lease is signed the policy cannot be cancelled and the premium is not returned. - It is not 'deducted' from your final month's payment. - There is no “Padder refund” at the end of your tenancy, because no LMR was ever held. - Even if you pay all your rent on time and never default, the premium is not returned—it paid for the protection your landlord had the whole time. In the background, that premium allows Padder to: - Take on the risk of covering your landlord’s last month’s base rent if you move out without paying it, and - Then seek repayment from you if a valid claim is paid (you’re still responsible under your indemnity). - [Residential Tenant](https://help.padder.com/residential-tenant#main-content) - [Start Here: About Padder & Your Options](https://help.padder.com/residential-tenant#start-here-about-padder-your-options) - [Padder Credit Builder](https://help.padder.com/residential-tenant#padder-credit-builder) - [Eligibility: Who Padder Is For](https://help.padder.com/residential-tenant#eligibility-who-padder-is-for) - [Coverage & Limits: What’s Protected](https://help.padder.com/residential-tenant#coverage-limits-whats-protected) - [Pricing, Payment & Refunds](https://help.padder.com/residential-tenant#pricing-payment-refunds) - [Applying to Padder: How the Process Works](https://help.padder.com/residential-tenant#applying-to-padder-how-the-process-works) - [Troubleshooting Your Application](https://help.padder.com/residential-tenant#troubleshooting-your-application) - [Your Responsibilities & the Indemnity Agreement](https://help.padder.com/residential-tenant#your-responsibilities-the-indemnity-agreement) - [Managing Your Policy: Changes, Transfers & Reapplying](https://help.padder.com/residential-tenant#managing-your-policy-changes-transfers-reapplying) - [Trust, Safety & Support](https://help.padder.com/residential-tenant#trust-safety-support) - [Frequently Asked Questions](https://help.padder.com/residential-tenant#frequently-asked-questions) - [Residential Operator](https://help.padder.com/residential-operator#main-content) - [Getting Started & Referrals](https://help.padder.com/residential-operator#getting-started-referrals) - [Coverage & Claims](https://help.padder.com/residential-operator#coverage-claims) - [Frequently Asked Questions](https://help.padder.com/residential-operator#frequently-asked-questions) - [Terms of use](https://padder.com/terms-of-use/) - [Privacy Policy](https://padder.com/privacy-policy/) - [Privacy Statement](https://resources.padder.com/privacy-statement) - [Disclosure Statement](https://resources.padder.com/disclosure-statement) - [Regulatory Disclosures](https://resources.padder.com/regulatory-disclosures) - [CISRO Conduct Sheet](https://www.cisro-ocra.com/Documents/View/2471) - [Broker Fact Sheet](https://www.ribo.com/wp-content/uploads/2025/01/RIBO_Conduct_Sheet_040622-fact_sheet-1.pdf) - [Contact us](https://resources.padder.com/support) [![Padder Logo](https://help.padder.com/hs-fs/hubfs/Padder%20Logo.png?width=180&height=52&name=Padder%20Logo.png "Padder Logo")](https://www.padder.com) Padder Underwriting Inc. is a licensed insurance broker headquartered in Toronto, Ontario. It arranges coverage for tenants and landlords in provinces where it is licensed to offer insurance products. Padder partners with licensed Canadian insurers to provide your coverage. Need help? Paddie, our AI chat, is here any time. Our team is on email and phone Monday to Friday, 9am to 5pm ET. © 2026 Padder Underwriting Inc. All rights reserved.