Landlord Protection Plan
A plan that helps relieve some of the common headaches
property owners face each day at NO cost to the property owner or manager!
Challenges
Landlords try to mitigate property damage claims caused by tenant negligence by inserting an insurance requirement in the lease agreement. This requirement is difficult to enforce and monitor and in reality the majority of tenants do not purchase this insurance.
The Result: Tenant caused damages almost always end up being paid by the landlord or by the landlord’s insurance policy, leading to higher insurance premiums. In addition, landlords are exposed to loss of rental income in the event that their tenants become involuntarily unemployed and legal fees are incurred in the event that they have to evict a tenant for non-compliance.
Solution
A simple addition of a Waiver Fee to the lease agreement removes the burden of the tenant needing to purchase additional insurance. The resulting Waiver Fees can then be used to cover not only tenant-caused negligence claims, but also claims resulting from nonpayment of rent caused by unemployment and the costs arising out of tenant eviction proceedings.
