The RLL(r) Product:

Renters Legal Liability LLC provides an innovative Property Damage Liability Waiver℠ (PDLW℠).  Available in all 50 states, RLL(r) is designed to protect multi-family housing owners and managers from damages that originate from residents in units with the waiver.  The waiver handles financial costs when residents cause damage to the community’s common elements or other apartment units.

Implementation:

  • Residents have a choice to purchase a renter’s insurance, HO-4, policy or waive the requirement for their unit with the PDLW℠.
  • Unit participation is corporate-based and is managed by the community owner/manager as the program administrator.
  • The PDLW℠ waives 5 perils for accidental, resident-caused damages of fire, smoke, explosion, water discharge and sewer backup.

The three main components are:

ECONOMICS

  • RLL(r) eliminates nuisance claims against community owner’s property insurance, as the $250 deductible falls below typical $10,000 or higher property deductibles on primary P&C policies.
  • RLL(r)  pays first dollar on named perils losses originated by residents, after the deductible. Since all losses under $100,000 are submitted to RLL(r) , community owners/managers are able to dramatically control their P&C loss ratios.
  • There is a potential preferred status with portfolio’s/community’s P&C carrier based on participation. Many RLL(r) clients have realized 5%–15% decreases on annual premiums from property P&C carriers.

POLICY

  • Master community-based $100,000 property damage liability waiver.
  • The owner/manager is the program administrator. Implementation is simple.
  • The community requires $100,000 of property damage liability for all occupied units.
  • All new and existing units are automatically approved, no application and no underwriting criteria.

PROGRAM

  • RLL(r) ’s proprietary software program provides delivery, monitoring, and reporting systems that manage the entire process
  • RLL(r)  provides online and/or on-site training and support.
  • RLL(r)  integrates with management software for a seamless, easy interface.

Multi-family housing companies should recognize the high cost of resident-caused losses, and the financial implications of their exposure. Further, they need to identify the tools available to remedy this situation.  RLL(r) is, in fact, the solution.

Get started TODAY:
800.749.1772  or email us at   multifamily@txwcsafetygroup.com