All residents are required to have liability insurance prior to occupancy of the leased premises and through the duration of the lease and any renewal period. Each Resident will be automatically enrolled in our Residential Liability Insurance Program, unless the resident can provide evidence of insurance coverage, meeting our minimum policy requirement.
Resident Liability Insurance Program: The coverage provided by our resident liability program meets the minimum insurance requirements of your lease. The policy covers only your legal liability for damage to the property (covered losses include fire, smoke, explosion, water damage or backup or overflow of sewer, drain or sump) up to $100,000. The policy is not personal liability insurance or renters insurance. The policy does not cover any of your personal belongings, additional living expenses, or liability arising out of bodily injury or property damage to any third party. If you are interested in this additional coverage(s), you should inquire about adding renters insurance.
Resident agrees to pay Landlord, a monthly fee in the amount of $15.00 a month (the “waiver fee”); which will be added to your total current rent rate. Resident acknowledges that the waiver fee will be used by Landlord to purchase an insurance policy covering the property for accidental resident-caused damage. This policy provides coverage for damage to the property caused by fire, water damage, explosion, falling objects, civil unrest and smoke for up to $100,000. Please note that this policy does not cover Resident’s personal possessions or expenses for alternate living arrangements, nor does it cover Resident liability to third parties for injuries or property damage.
Acknowledgement: You understand that you are required to maintain a renter’s insurance policy, which provides limits of liability to third parties in an amount not less than $100,000 per occurrence, and that failure to provide documentation of personal insurance will result in the automatic enrollment in the Residential Liability Insurance Program. You agree to maintain, at your own expense, during the Term of the Lease and any subsequent renewal periods, a renter’s insurance policy satisfying these requirements. Liability Insurance DOES NOT protect you against loss or damage to your personal property or belongings – only a renter’s insurance policy does this. You may choose your own Insurance Carrier and furnish a Declaration Page of coverage for each resident that reflects your current address, the name of your insurance company, the policy number, and the effective and expiration dates of your policy that must be current. Management must be in receipt of a signed lease renewal letter and acceptable Declaration Page of Insurance Coverage to generate a new lease for you. In addition, you MUST add Tempo Property Management as “Interested Party” or “Certificate Holder”.
If you have any questions or concerns, please contact the management office for further clarification.