What is PandaRenters?

PandaRenters is Panda's renters insurance product. It protects your tenants' personal property and covers their additional living expenses if the unit becomes uninhabitable — while reducing your exposure as the owner when something goes wrong.

#How It's Different from Our Other Products

Unlike PandaGuarantee or PandaDeposit, where you invite the tenant into a specific product tied to the lease, renters insurance is largely up to the renter to purchase. Your role as the landlord is to require renters insurance in your lease — and PandaRenters gives your tenants a simple option to satisfy that requirement.

#Why Require Renters Insurance?

When a tenant causes damage — a kitchen fire, a flood from an overflowing tub — the fallout rarely stays inside one unit. Without renters insurance:

• Displaced tenants come to you for rent abatements and compensation for hotel stays and relocation costs.
• The responsible tenant may sue you for their destroyed personal property, including hard-to-verify claims for valuables.
• Your relationship with tenants becomes adversarial, with lease breaks, bad reviews, and harder future lease-ups.

When your lease requires renters insurance:

• Tenants' personal property is covered by their own policy, not a claim against you.
• Additional living expenses are covered — displaced tenants go to their insurance, not to you, for hotel and relocation costs.
• Your liability exposure is dramatically reduced. Tenants must state what's being insured when they get their policy, and courts will generally require them to pursue their insurer before attempting a lawsuit against you.

All of this protection comes from a policy the tenant pays for, typically around $15 per month.

#How PandaRenters Works

1. 1Add a renters insurance requirement to your lease. (See the sample clause below.)
2. 2We automatically offer PandaRenters to your tenants when they apply for Rent Guarantee or SDR, making it easy for them to satisfy this requirement.
3. 3The tenant purchases their policy and provides you with written proof of coverage before the lease term begins.

#Sample Lease Clause

Many owners use a clause along these lines:

Landlord is not responsible for the loss, destruction, damage, or theft of Resident's personal property except when caused by Landlord's negligence and/or willful act. Landlord's insurance policy does not cover damage to Resident's personal property. Resident is required to obtain renters insurance naming Landlord as additional insured with a minimum liability limit of $100,000, and shall provide written proof of such to Landlord prior to the beginning of the Lease Term.

This is a sample for illustration only — consult your attorney before adding any clause to your lease.