The program covers up to $100,000 per occurrence and is designed to lower your property risk.
* The RLL program requires all residents to have $100,000 of property damage liability protection.
* RLL’s master portfolio property damage liability program provides $100,000 of coverage per occurrence.
* Residents have the choice of enrolling into the RLL program, or complying by purchasing
their own HO-4 policy.
* All new and existing residents are automatically approved under RLL. No applications or underwriting. Renters Legal Liability (RLL) is a unique program that allows multi-family management companies to effectively mandate an insurance requirement, control loss ratios, and increase operating income. RLL is one policy and residents enroll into the program at the time of the lease. For resident caused damages, the management company is paid as primary. Since there is no underwriting for the individual resident, our participation rate is very high. Our clients range from one community under management up to multiple communities in various locations throughout the US. Currently, the RLL program is in 33 states. Here are some of the benefits and a brief explanation of the program:
RLL Program: The Management Company requires $100,000 of liability coverage from each resident. Residents can purchase their own HO-4 renters insurance policy, or simply enroll in the RLL program (approximately 65-80% of residents enroll into the RLL program). RLL pays, in front of the primary property & casualty insurance policy, up to $100,000 for resident caused damages deriving from the most common resident caused perils: Fire, Smoke, Explosion, Sewer back-up, and Water overflow. Benefits:
- The Management Company is paid as primary in the event of a loss.
- There is a 60%-85% enrollment in the program, with the others purchasing their own insurance.
- Get a 5-15% potential discount on primary P&C insurance premiums after implementation of the program.
- $3-$6 per unit of monthly ancillary revenue.
-Enrollment is done on-site, all residents are pre-approved once the community is approved. Residents have the option to purchase additional coverage beyond what is included if desired.
- Possibility to interface with current management software or utilize RLL’s web-based program to reduce leasing agents’ burden to make enrollment fast.
-There are no minimum enrollment requirements, term length contracts, and there is no cost to the management company for the program. RLL is a turnkey operation.
- RLL is underwritten by an A.M. Best A XIV rated carrier.
