with a written security deposit disposition statement, including an itemized list of damages. If additional damages are discovered by the landlord after the security deposit disposition has been made, nothing in this section shall be construed to preclude the landlord from recovery of such damages against the tenant, provided, however, that the tenant may present into evidence a copy of the move-out report to support the tenant's position that such additional damages did not exist at the time of the move-out inspection.
H. If the tenant has any assignee or sublessee, the landlord shall be entitled to hold a security deposit from only one party in compliance with the provisions of this section.
I. The landlord may permit a tenant to provide damage insurance coverage in lieu of the payment of a security deposit. Such damage insurance in lieu of a security deposit shall conform to the following criteria:
1. The provider of damage insurance is licensed or approved by the Virginia State Corporation Commission;
2. The coverage is effective upon the payment of the first premium and remains effective for the entire lease term;
3. The coverage provided per claim is no less than the amount the landlord requires for security deposits;
4. The provider of damage insurance agrees to approve or deny payment of a claim; and
5. The provider of damage insurance shall notify the landlord within 10 days if the damage policy lapses or is canceled.
J. A tenant who initially opts to provide damage insurance in lieu of a security deposit may, at any time without consent of the landlord, opt to pay the full security deposit to the landlord in lieu of maintaining a damage insurance policy. The landlord shall not alter the terms of the lease in the event a tenant opts to pay the full amount of