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How much does a utility deposit bond cost in Alabama?
The cost of an Alabama utility surety bond is based on both your personal credit report and the required amount of bond coverage. The amount of coverage needed is based on the amount of utility services you or your business may consume within a certain period. Your utility company will tell you the exact amount of bonding coverage needed.
Once you know the bond amount you need, SuretyBonds.com offers utility deposit bonds for Alabama Power, Florence Utilities, and Huntsville Utilities starting as low as 1% of the bond amount. Because both the bond amount and price can vary, we recommend submitting a bond request to receive your free, no-obligation surety bond quote!
For more information on the underwriting process, review our blog post “The Definitive Guide to Surety Underwriting.”
A number of other utility companies in Alabama also require utility security deposit bonds. If you don’t see your utility company listed above, call 1 (800) 308-4358, and our team of experts will work with you to find the exact bond you need. Or contact us now online to get started! We make the bonding process fast and easy.
Why are utility deposit bonds required?
Utility bonds help ensure that customers pay their utility bills in full and on time. Whereas most surety bonds function to protect consumers, utility bonds protect utility companies, ensuring that the company receives payment.
If a bonded client fails to pay a utility bill appropriately, the utility company can make a claim on the bond. If the claim is validated, the customer is required to reimburse the surety company in full for any claims paid. Read more about the specifics of utility bonds by reading our Guide to Utility Deposit Bonds.
Ready to get bonded quickly, easily, and accurately? Submit an online bond request, and one of our experts will contact you right away to help with your Alabama utility bond request.