The benefits of the Renters Legal Liability property damage loss waiver option program are dramatic for both multi-family companies and their residents. The program materially improves Net Operating Income. Clients utilize RLL as an amenity and marketing tool. There is no cost for the RLL program, software, training or materials.
RLL is as much a property management tool as a risk management product, providing a turnkey operation for owners/managers. The owner/manager is primary on the program. Losses are submitted directly to RLL to the extent of losses and/or damages to the property. The property owner/manager is paid directly, without any subrogation issues.
The RLL product is not tied to a mortgagee as with a primary property policy. Owners/managers do not have to wait for a check to clear the mortgagee. Payment is swift and direct. RLL also offers participation in our captive insurance company which may be an attractive option and could provide a way to capture a portion of the underwriting income.
Residents who participate in the RLL program benefit as well. They satisfy the contractual obligation in their lease agreement to compensate the community for damages they originate. RLL provides residents $100,000 in property damage protection, along with peace of mind should they cause a loss. Residents also benefit from RLL’s easy participation process. All new and existing residents are eligible, and are automatically approved.
RLL’s database, delivery, monitoring, and reporting systems manage the entire process.
- Participation is simple and easy through a community-administered interface; residents remain protected through the length of their residency.
- RLL’s web-based monitoring system allows community owners/managers to track lease indemnification requirements.
- The program integrates with most management software.
- RLL provides online interactive and/or on-site training, along with continuous technical support.
- Community owners/managers have constant and easy access to information at the community and corporate levels.