The Waiver Program
We've made a change to your Renter's Insurance lease requirement. We've simplified it!
To enhance the protection of every College Town Communities resident, each resident is automatically enrolled in our Waiver Program. The Waiver Program provides College Town Communities more complete and comprehensive coverage against costs associated with accidental damages caused by a resident. In turn, the Waiver Program also provides each resident and their guests with protection against damages caused by their potential negligent or accidental behavior while living with College Town Communities.
THE WAIVER PROGRAM
Under the Waiver Program, you pay $13.75 per installment in addition to your rental payment, and we waive our right to seek reimbursement from you for up to $100,000 per claim of accidental damage to our property from fire, smoke, explosion, water discharge, or sewer back-up.
PROGRAM BENEFITS
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Automatic and immediate coverage upon move-in.
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No deductible for any covered damage.
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No paperwork for an insurance claim.
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No additional third-party monthly bills to pay.
The table provided below is intended to give you a quick understanding of the primary differences between an individual renter’s insurance policy and College Town Communities NEW Waiver Program.
DIFFERENCE BETWEEN THE WAIVER PROGRAM
AND RENTER'S INSURANCE
Waiver Program | Renter's Insurance | |
|---|---|---|
NAMED INSURED | College Town Communities | Resident |
COVERAGE LIMIT | $100,000 per claim | Most insurance companies offer $100K, $300K, or $500K |
PERSONAL PROPERTY LIMIT | Resident’s personal property is covered up to $25K per claim. (This sub-limit is an aggregate total, subject to policy limits.) | Residents can choose the appropriate amount of personal property coverage. |
MONTHLY COST | $15.00* *Automatically added, in addition to your rental payment each month | $14.00 – $25.00* *Average range, dependent on preferences chosen by the resident: coverage limit, contents coverage limit, covered perils, and deductible. Additional options may also be available. |
UNDERWRITING | There are no underwriting requirements for residents. They are eligible to fulfill their coverage requirement with The Waiver if they are eligible to live at the community. | Underwritten on a per resident basis which typically reviews the following components: Credit/criminal background check, previous loss history in rental properties, their accident report (if residents try to bundle coverage with their auto insurance), or their family’s loss history (if parents try to bundle coverage with their homeowners policy). |
IMPLEMENTATION | Every resident is protected by The Waiver. | Residents can obtain coverage from any third-party company. If coverage is canceled, there is no guarantee the property owner is notified. |
PROGRAM BENEFITS | Provides residents the simplest path to fulfill their coverage requirement. | Residents can obtain a policy from any third-party company and customize it to their liking. |
CLAIMS PROCESS | All claims are filed by College Town Communities directly through our provider. | All claims are filed by residents. The property owner would then either file a claim through their primary property insurance policy or the loss becomes an out-of-pocket expense. If the property owner files a claim, subrogation occurs but most likely prevents them from being fully reimbursed due to the actual cash value (ACV) condition through the resident’s renter’s insurance policy. |
Important: We highly recommend that you consult your insurance agent about purchasing your own individual renter’s insurance to cover expensive items that you may be bringing to your apartment, such as video game consoles, computers, jewelry, or collectibles.
The lease that all residents will sign contains a section detailing The Waiver Program. There is no need to sign an addendum.
Click here for a printable version of the chart above College Town Communities Waiver Program.
