Iowa MEAC Utility Deposit Bond Overview
- Purpose: To guarantee payment for utility services
- Who Needs It: Certain high volume Mid-American Energy Company utilities customers
- Bond Amount: Determined by the utility company based on usage
- Minimum Price: Typically 1% of the bond amount
What Is an Iowa Utility Deposit Bond?
Iowa utility deposit bonds are an alternate form of financial security to ensure that Mid-American Energy Company customers pay their bills in full and on time.
Coverage requirements are determined case by case based on expected or historical usage. Verify your bond coverage with MAEC before applying.
How Much Do Mid-American Energy Company Utility Bonds Cost?
Iowa utility deposit bonds for Mid-American Energy Company utilities typically cost 1–10% of the total bond amount.
Exact rates are determined based on personal credit score. For example, a qualified applicant could pay just $200 for a $20,000 utility bond. Get your free quote now.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does the Bond Work?
A utility deposit bond creates a legally-binding contract between a principal (you), obligee and surety provider (us).
| Bond Party | Description |
|---|---|
| 1) Principal | The utilities customer filing the bond |
| 2) Obligee | Mid-American Energy Company |
| 3) Surety | The issuing surety provider |
If you fall behind on payments, the bond protects the utility company from loss up to the full bond amount. In turn, you must reimburse the surety for all claims paid out.
How Do I Get a Bond?
We make the utility bond application process quick and easy. Follow these three steps to get bonded:
- Apply: Fill out a quick application form.
- Quote: Get your free quote within one business day.
- Pay: Complete the purchase online.
We’ll typically email you the bond unless the utility provider requires the original, physical bond form. Remember to file the bond with the company as instructed.
How Do I Renew My Bond?
If you need to renew your utility bond for another year, we’ll send you reminders in advance. Make sure the coverage amount is still correct. If so, simply pay the renewal invoice to extend coverage for another term.
If you need to update your bond amount, contact us at [email protected] with the new information.
Can I Make Changes to My Bond?
If you need to update information on your current bond form, like the amount or a name, email your surety provider. You can reach us at [email protected] with the request. Please confirm if your utilities provider will accept a bond rider document.
