Yes.
This insurance does not exempt you from depositing the full amount of the deposit requested by the owner.
In the unfortunate case of damage, the deposit will be debited, and you will have to report the incident to Gritchen, the insurance company.
Depending on the reason for the damage, the deposit insurance might reimburse you for the repair costs, minus a residual amount of 10% (minimum 200 euros).
For more information about the deposit insurance, please click here.