INSURANCE REQUIREMENTS

What You Need to Know As a Renter

If your landlord or management company chooses to participate in the Accidental Damage Waiver Program, all tenants must maintain a minimum of $5,000 in property damage coverage either through the program or purchase individual renter’s insurance with the minimum requirements.

OPTION 1

Procure and maintain renters insurance meeting the minimum coverage requirements stated in your lease. Provide proof of insurance for the term of your lease to your Property Management Company (PMC) and add Renter Assurance Company (RAC) listed as an ‘Additional Interest’ and the requirement is satisfied. For additional peace of mind, we do recommend getting renters insurance that protects your personal belongings. Please consult an insurance provider for more information. Please note that if your renter’s insurance policy lapses or is cancelled at any time you will automatically enrolled in the Accidental Damage Waive Plan.

OPTION 2

Do nothing, and you will pay a small monthly fee as a waiver to this requirement. Your management company will procure an Accidental Damage Waiver on your behalf, to protect against accidental resident-caused damage. This Accidental Damage Waiver Plan provides coverage for tenant-caused accidental damage to the property up to $5,000. Please note that this plan does not cover your personal possessions. Neither does it cover your liability to third parties for injuries or property damage.

Tenant Benefits of the Accidental Damage Waiver

•  No-hassle enrollment, simply select this option for auto enrollment
•  No need to provide Proof of Insurance
•  Avoid potential financial hardship, litigation, damaged credit, etc.
•  You pay just a small additional amount of rent included in your monthly payment