We believe that renters insurance is extremely valuable and that all tenants should be required to purchase it. However, we have found that the biggest problem with making tenant's purchase it before move-in is the fact that it is secured by the tenant’s insurance broker. This means that they can sign up for it today, cancel it tomorrow, and we would never know that they didn't have it until there was an issue.
For this reason, we have decided to participate in a Property Damage Liability Waiver (PDLW™) program for all of our properties. This PDLW™ participation fee is paid to us by the tenant each month and waives 5 perils for accidental, resident-generated losses of fire, smoke, explosion, water discharge and sewer backup up to $100,000.