the waiver program
To enhance the protection of every College Town Communities resident, each resident is automatically enrolled in The Waiver Program. Under The Waiver Program, you pay $16.00 per installment in addition to your rental payment and, in exchange, we waive the right to seek reimbursement from you for up to $100,000.00 per incident of accidental damage to our property from fire, smoke, explosion, water discharge, or sewer backup. In addition, The Waiver Program may reimburse residents and their guests for up to $25,000 of damage to their personal property as a result of any such accidental damage (subject to program rules and eligibility).
PROGRAM BENEFITS
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Automatic and immediate enrollment.
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No deductible for any covered damage.
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No paperwork for an insurance claim.
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No additional third-party monthly bills to pay.
The table provided below is intended to give you a quick understanding of the primary differences between an individual renter’s insurance policy and College Town Communities Waiver Program.
DIFFERENCE BETWEEN THE WAIVER PROGRAM AND RENTER'S INSURANCE
WAIVER PROGRAM | RENTER’S INSURANCE | |
|---|---|---|
PROGRAM/POLICY LIMIT | $100,000 per claim | Most insurance companies offer $100K, $300K, or $500K |
COVERAGE FOR RESIDENTS | Residents may be reimbursed for up to $25,000 in damage to their personal property for each incident (subject to program eligibility and rules). | Residents can choose the appropriate amount of personal property coverage. |
MONTHLY COST | $16.00*
*Automatically added, in addition to your rental payment each month | $20.00 – $30.00*
*Average range, dependent on preferences chosen by the resident: coverage limit, contents coverage limit, covered perils, and deductible. Additional options may also be available. |
UNDERWRITING | There are no underwriting requirements for residents. Residents are eligible to participate in The Waiver Program if they are eligible to live at the community. | Underwritten on a per resident basis which typically reviews the following components: Credit/criminal background check, previous loss history in rental properties, their accident report (if residents try to bundle coverage with their auto insurance), or their family’s loss history (if parents try to bundle coverage with their homeowners policy). |
IMPLEMENTATION | Every bed is protected by The Waiver Program. | Residents can obtain coverage from any third-party company. If coverage is canceled, there is no guarantee the property owner is notified. |
PROGRAM BENEFITS | Provides residents with an alternative to dealing with third-party renter’s insurance providers. | Residents can obtain a policy from any third-party company and customize it to their liking. |
CLAIMS PROCESS | All claims are filed by College Town Communities directly through our provider. | All claims are filed by residents. The property owner would then either file a claim through their primary property insurance policy or the loss becomes an out-of-pocket expense. If the property owner files a claim, subrogation occurs but most likely prevents them from being fully reimbursed due to the actual cash value (ACV) condition through the resident’s renter’s insurance policy. |
