We wanted to thank you for renewing and or signing a lease with Nestwell. As part of your new lease you are now participating in the owner’s Property Damage Liability Waiver (PDLW).
Your lease requires all residents to maintain a $100,000 property damage liability. Payment of this additional fee, in accordance with the terms of your residential rental agreement, waives your obligation to indemnify the property owner for accidental damages arising from fire, smoke, explosion, water discharge or sewer backup caused by your negligent acts or omissions as further described in your rental agreement up to $100,000.00. The Property Damage Liability Waiver is not a Renter's Insurance (HO-4) Policy and is not designed to replace a Renter's Insurance Policy.
The total cost for your single-family rental home with the Property Damage Liability Waiver will be $14.95 per month in addition to rent and other charges.
NOTICE TO RESIDENTS: THE PROPERTY DAMAGE LIABILITY WAIVER ONLY WAIVES YOUR OBLIGATION TO INDEMNIFY THE OWNER FOR ACCIDENTAL DAMAGES CAUSED BY YOUR NEGLIGENT ACTS OR OMISSIONS AS DESCRIBED HEREIN. BY PARTICIPATING IN THE PROPERTY DAMAGE LIABILITY WAIVER, YOU ARE NOT ACCEPTING, ENROLLING, OR PURCHASING AN INSURANCE POLICY NOR ARE YOU BEING LISTED AS A NAMED INSURED UNDER ANY OWNER POLICY. THE PROPERTY DAMAGE LIABILITY WAIVER IS NOT A RESIDENT'S INSURANCE POLICY NOR IS IT INTENDED TO REPLACE A RESIDENT'S PERSONAL PROPERTY OR LIABILITY INSURANCE POLICY. ALL RESIDENTS SHOULD CONSULT AN INSURANCE PROFESSIONAL TO EVALUATE AND DETERMINE PERSONAL INSURANCE NEEDS.
Here are real-world examples that could have saved our residents stress and money if they had PDLW.
Nestwell Property Management now offers a Property Damage Liability Waiver (PDLW) as part of your lease agreement. The PDLW is a unique solution for our residents that transfers the financial liability for negligently caused resident losses. The PDLW simply waives your obligation to indemnify the property owner for accidental, resident-generated claims from fire, smoke, explosion, water discharge, and sewer back-up up to $100,000.
THE 5 COVERED PERILS
The RLL policy covers five specific perils:
Frequently Asked Questions By Residents
Is the Resident's Personal Property Covered? In situations where the property owner’s covered damages are under $100,000, as an amenity, affected units may receive up to $15,000 to replace personal belongings as determined by the property owner/manager.
Is there any payment of additional rent? Your rental home is included in the community’s Property Damage Liability Waiver (PDLW) and therefore subject to an additional rent of $14.95 per month. (Subject to change so check lease agreement.)
What is the claim limit? The most the insurance company will pay for any one claim caused by a negligent resident is $100,000. No aggregate limit applies.
What triggers a loss? Damages caused by negligent acts of the resident or their guests. Damages must be accidental and not the result of intentional or criminal acts.
Is there a deductible and how much is it? There is not deductible charged the resident.
Will the residents/tenant still need their own policy? The PDLW is not a renters insurance policy nor is it intended to replace a resident’s personal property or liability insurance policy. The property manager is insured under the policy. Residents are encouraged to secure their own renter's insurance and consult an insurance professional.
How is this program administered? Nestwell does all the heavy lifting. We will administer the unit placement, monitoring, and reporting that manages the entire process. Will file and process the claims, work with the vendors, and see the work of the claim and damages is repaired.
What are the policy details? The PDLW is written on a master policy with the property managers listed as the named insured.
As a resident should I still carry Renter's Insurance? All residents should consult an insurance professional to evaluate and determine personal insurance needs.
Replacement Cost? We made sure the policy pays claims on the replacement cost basis. This means the amount it costs to replace an item at the present time according to its current worth.