We don’t know about you, but we really prefer our money to work for us and not sit earning low to no interest for someone else. Yet, this is exactly what a security deposit will do! Whether renting a furnished apartment or corporate housing, you understand why a security deposit is required, but all of that money could be going to much better use. That is why we suggest ARDP.
Accidental Rental Damage Insurance for Your Next Furnished Apartment Rental
Accidental Rental Damage Insurance is a low-cost policy that covers a set amount of damage that might occur during a stay in a furnished apartment of any kind. It is a form of accidental damage coverage and means that it would cover everything from repairs due to an overflowing bath tub to a few broken dishes.
Setting Up ARDI for Your Corporate Housing Rental
In our blog entitled “Sick of Paying Security Deposits? Here’s how to avoid ’em” we mentioned ARDP as a way of cutting out of pocket costs for corporate housing rentals. After all, many security deposits range in the hundreds to thousands of dollars. And though a furnished apartment might be paid for by a company, it shouldn’t put any stress on the budget or the bottom line.
And as you might guess, it isn’t just an option for renters, but also a great product for those renting corporate housing properties. As CHBO’s Jeremy Blackburn says, “ARDP (Accidental Rental Damage Protection) is still a great alternative to traditional deposits. It’s used by many of our landlords.”
This is why they include ARDP in their Property Protection Program with policies as high as $3k in accidental damage.
Keep in mind that unreported issues are not covered and you will want to always encourage renters to notify you as soon as they discover anything that would be covered by their policy.