For Owners

AN EFFECTIVE WAY TO PROTECT AND INCREASE THE VALUE OF YOUR RENTAL INVESTMENTS

Program Overview

Property damage coverage is an absolute necessity when it comes to protecting both your property and your profitability. If uncovered damage occurs at a rental property, the property owner, the property management company (PMC) and the tenant are all likely to be
negatively affected.

Mandating property damage coverage is an easy, painless and inexpensive way to eliminate the risks associated with accidental property damage. Unfortunately, when a tenant causes damage and does not have the financial ability to make restitution, you as the property owner are normally the one left paying to repair the damage. The Accidental Damage Waiver Plan provided by Renters Assurance Company is a simple solution to ensure all your rental units
are protected. Best of all, there is no additional cost to you for this additional coverage regardless if your property is being managed by a company or if you’re managing them on your own.

It is now common for Property Management Companies (PMC’s) and Property Owners alike to mandate renter’s insurance or accidental property damage coverage in new leases and renewals (about 64% of all multi-family housing communities now enforce this requirement).
Additionally, evidence shows that this requirement doesn’t impede a property’s ability to attract new residents or raise rent over time. Don’t overlook this invaluable first layer of protection for you as it is an easy add-on for the management of your property.

Program Details

The Accident Damage Waiver Plan is an affordable means to protect against accidental, tenant-caused damage to the owner’s property.

  • Coverage for any tenant-caused accidental damage (see terms-and-conditions)
  • Reimbursement to owner up to $1000 lost rental income
  • Reimbursement of tenant up to $1000 for tenant displacement
  • Coverage up to $5,000

There’s no approval process or set-up cost and the tenant’s deductible is only $50.

Increase the Value of Your Investments

While we believe that the Accident Damage Waiver Plan is very valuable to your investment portfolio whereas whereas a higher Net Operating Income (NOI) will increase the value of your rental assets. Should you decide to sell in the future, the increased NOI may exponentially increase your sales price.

BENEFITS

OWNERS

  • Reduces owner’s risk of damage to their property
  • Less risk of losing money when tenant is incapable of making restitution
  • Up to $5,000 of coverage
  • Reimbursement up to $1000 lost rental income
  • All units automatically qualify
  • Cost of the Accidental Damage Waiver is paid by tenant

RENTERS

  • No-hassle enrollment
  • No need to provide Proof of Insurance
  • Potentially avoids financial hardship, litigation, damaged credit, etc.
  • Reimbursement up to $1000 for tenant displacement
  • Tenants pay just a small additional amount of monthly rent 

PROPERTY MANAGERS

  • Easy to manage
  • Greatly reduces stress with all affected parties
  • Fills uninsured gap amount of the owner’s policy deductible up to $5,000
  • Great benefit to offer new owners at no additional expense