Property Damage Liability Waiver℠
75% of unit fire and water damage losses are as a result of tenant negligence.
Renters Legal Liability LLC (RLL) has created an insurance program waiver to cover property damage losses that result from a tenant’s negligence, therefore reducing stress on the landlord’s own P&C insurance program, deductible and limit. The premium for each participating unit is additional rent added to the unit’s monthly rent bill. The landlord can make this a mandatory or elective amenity (elective only for affordable housing).
Property Damage Liability Waiver℠ (PDLW℠):
- Covers the cost of repairs related to tenant-caused losses
- Reduces owner-impacting repair and maintenance budgets – protects balance sheet
- Landlords that require PDLW℠ spend 45-50% less on tenant R&M expenditures
- Requiring unit placement in the PDLW℠ program can significantly increase NOI, asset valuation and cash flow.
RLL simplifies tenant insurance administration:
- Integration with property management software provides ease of billing and reporting
- Notice of tenant insurance default and cancellation – immediate inclusion in PDLW℠ program
- Automated training
- Simplified real-time reporting
- IT and customer support
- $100,000 per occurrence for each participating unit
- $250 deductible
- Up to $15,000 resident personal property included (provided $100,000 unit coverage has not been exhausted)
- Covered Perils: » Fire, Smoke, Explosion, Water Discharge, Sewer Backup
- Mold Remediation Sublimit ($15,000)
- A.M. Best A+, XV rated carriers