Virginia Utility Deposit Bond Overview
- Purpose: To guarantee payment for utility services
- Who Needs It: Certain high volume utilities customers in Virginia
- Bond Amount: Determined by the utility company based on usage
- Minimum Price: Typically 1% of the bond amount
What Is a Virginia Utility Deposit Bond?
Virginia utility deposit bonds help ensure that customers pay their utility bills in full and on time. Some BVU Authority and Dominion Energy and Power users in Virginia may need to get a surety bond. Or, it can be an option instead of paying a security deposit.
How Much Coverage Do I Need?
The amount of surety bond coverage you’ll need is usually based on the utility services you consume within a certain time period. Your utility company will tell you the exact amount of coverage needed.
How Much Do Utility Bonds Cost in Virginia?
Once you verify your Virginia utility bond amount, you can get a bond quote. Typically, applicants pay 1–10% of the total coverage amount as the bond premium based on credit score. Apply for your free quote now.
Other utility companies in Virginia may require utility security deposit bonds. If you don’t see your company listed above, call 1 (800) 308-4358, and we’ll help find the exact bond you need.
How Does a Virginia Utility Deposit Bond Work?
A utility deposit bond creates a legally-binding contract between a principal (you), obligee and surety provider (us).
| Bond Party | Description |
|---|---|
| Principal | The utilities customer filing the bond |
| Obligee | The utility company requiring the bond |
| Surety | The issuing surety provider |
Virginia utility bonds are financial guarantees that customers of utility companies will pay their utility bills on time and in full.
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 My Bond?
We make the utility deposit bond application process quick and easy. Follow these three steps to get bonded:
- Apply: Fill out a quick online application form.
- Quote: Receive your free quote within one business day. Provide any financial information if requested.
- Pay: Complete the purchase online or over the phone.
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, contact us at [email protected] with the new information.
