This applies to when leases require residents to carry liability insurance ($100,000) for damage to the landlord's property during the term of their lease.
All tenant's placed by Reafco will use Reafco's standard lease. This lease will require Liability to Landlord Insurance.
Tenant will have the option to provide their own insurance. If the tenant fails to provide their own insurance, We will automatically enroll the tenant for Landlord Liability Insurance and add a monthly fee of $12.50 to be paid by the tenant. Please Click Here for more information.
In the case the tenant DOES NOT pay their total monthly dues, the owner will be charged $12.50 a month to cover the Liability to Landlord Insurance and will be reimbursed by the tenant once tenant dues are received.Â
Clarifications: It is $12.50 per unit / NOT per individual tenant. The unit is what is covered, not the tenant or their belongings.