Liability Program FAQs
Frequently Asked Questions
Whether you're a new resident, a future neighbor, or just exploring our community, we've compiled the most common questions to make your experience smooth and informed. This is your go-to resource for quick answers.
You are required to have renters insurance under your lease; however, you will not be in default for failing to provide proof of renters insurance if you pay the monthly charge for enrollment in the liability waiver program when due.
The liability waiver program does not provide you with the same level of protection as a renters insurance policy. A renters insurance policy typically has two coverage parts: (1) personal liability insurance; and (2) personal property insurance for the resident’s personal property, often including protection for such property beyond the resident’s unit. Personal liability insurance provides the resident policyholder with protection against claims resulting from bodily injury to other people (including medical payments to others) and property damage to third party property. The liability waiver program only provides limited protection against damage that a resident of an enrolled unit causes to landlord’s property. Accordingly, it may be in your best interest to purchase a renters insurance policy to have broader personal liability and personal property protection in place.
If you do not provide evidence of renters insurance throughout your lease term, LeaseTrack will enroll your unit in the liability waiver program.
Fees are billed monthly and are collected along with the monthly rent for your unit. The program fees are not pro-rated or adjusted for partial month enrollment.
You will remain enrolled in the liability waiver program until you provide evidence that you have renters insurance required by the lease. You do not need to provide advance notice of cancellation. You can contact LeaseTrack at (800) 430-8075 to provide evidence of suitable renters insurance and cancel your enrollment in the liability waiver program.
Program enrollment is non-transferable to any other location. You may wish to consult with your own insurance professional for a review of insurance needs, including consideration of whether to secure insurance effective with any move to ensure your belongings are adequately protected during the moving process.
No, but the property management company does. The property management company has incurred costs and expenses in connection with the administration of the program, including for a contractual liability insurance policy to support the liability waiver program, a captive insurance company to reinsure the risk under the insurance policy, and third parties to administer the liability waiver program and to process claims. The program fees are intended to reimburse the property manager for these costs and expenses, to compensate the reinsurer for the underwriting risk assumed and to generate income for the property management company and its affiliates.
No. The waiver program is an alternative to satisfying the requirement in the lease to have renters insurance and does not provide the same level of protection as a renters insurance policy.
Upload your proof of coverage at http://www.leasetrack.ai/renters. The proof of coverage will need to include the following information:
- Name, and names of all adults living in the home
- Address
- Policy number
- Policy start and end dates
- Evidence of personal liability with minimum limit of $100,000
- The Additional Interest must be listed exactly as follows: Your Community Name P.O. Box 38060 Albany, NY, 12203
LeaseTrack will notify you and your community once all information is received, and you are compliant with your lease requirements.
If your policy expires, you will need to send updated proof of coverage directly to LeaseTrack at www.leasetrack.ai/renters. LeaseTrack will update your compliance and notify your property management company.
If your policy expires and you do nothing, LeaseTrack will enroll your unit in the liability waiver program and you will be charged a monthly fee for the program.
If your policy lapses during your lease for any reason (non-payment or it was canceled), LeaseTrack will enroll your unit in the liability waiver program and you will be charged a monthly fee for the program.
If you change carriers or replace your policy during your lease term, you can upload the new proof of coverage directly at www.leasetrack.ai/renters. LeaseTrack will update your compliance and notify your community.
If your carrier will not add an Additional Interest as required by the your lease (as affected by the Liability Waiver Lease Addendum), LeaseTrack will be unable to accept that insurance policy, and LeaseTrack will enroll your unit in the liability waiver program and you will be charged a monthly fee for the program.
Your community has outsourced all renters insurance tracking and management to LeaseTrack. As such, all rental insurance information or questions must be submitted to LeaseTrack directly and they will update your community with your information.
Some residents may receive two charges at once if they recently moved in mid-month or recently had their renters insurance coverage on file expire. The additional charge is to ensure you have coverage during your move-in month or between your policy expiring and the next month.
The liability waiver program covers direct physical loss or damage to the building and other property owned by landlord, including the following types of property:
- Completed additions and permanently installed machinery and equipment in the building;
- Building improvements or installations (including glass or safety glazing material) made or acquired at the resident’s expense, to that part of the building used exclusively by the resident; and
- Personal property owned by the landlord in that building.
The liability waiver program does not apply to, and therefore, there is no waiver or assumption of liability by the landlord for any direct physical loss or damage to your personal property or the property of others.
The liability waiver program does not apply to, and therefore, there is no assumption or waiver of liability by the landlord for any damages arising out of any of the following:
- Government action;
- Nuclear hazard;
- Flood;
- Mold;
- Explosion of steam boilers and steam pipes;
- Expected or intended damage;
- Terrorism;
- Theft, mysterious disappearance, lost or misplaced property;
- Vandalism or malicious mischief;
- Electric arching;
- Rupture or bursting of water pipes (other than automatic sprinklers);
- Leakage or discharge of water or steam (other than automatic sprinklers);
- Pollutants; or
- Asbestos
The liability waiver program will respond to fire and smoke damage that is caused by a resident of an enrolled unit’s negligence for losses. This coverage is subject to the exclusions and limitations set forth above.
The liability waiver program will only respond to the Waiver Perils and will NOT respond to any liability related to bug infestations of any kind, including bed bugs, cockroaches or other bugs as well as rodent infestations.
The liability waiver program will only respond to the Waiver Perils and will NOT respond to any liability for bodily injury, including losses arising from an attack by a dog or other animals. If a resident is in possession of an animal that could cause injury to another animal or a person or to property, then it is recommended that the resident consult with an insurance professional for consideration of whether this exposure can be insured.
The liability waiver program will only respond to the Waiver Perils, subject to the exclusions and limitations set forth above, and will NOT respond to general theft or mysterious disappearances of any property. However, the waiver program will respond to losses resulting from burglary (illegal forced entry into a unit) to the extent caused by a resident of an enrolled unit’s negligence and the exclusions and limitations set forth above.
The liability waiver program will only apply to two qualifying events per enrolled rental unit in an annual period.
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