This Addendum is attached to and becomes a part of, the Residential Lease Agreement between Landlord and Resident (or “You”). Both parties are bound by the terms of this addendum. You are required to maintain and provide the following minimum required insurance coverage for the benefit of Landlord:
$100,000 Limit for Resident’s legal liability for damage to Landlord’s real improved and personal property, including any fixtures, for no less than the following causes of loss: fire, smoke, explosion, backup or overflow of sewer, drain or sump, water damage (“Required Insurance”).
You are required to furnish Landlord with evidence of Required Insurance acceptable to Landlord (i) prior to occupancy of leased premises, (ii) at the time of each lease renewal period, and (iii) as may be requested by Landlord during the Lease Agreement. To satisfy the insurance requirement. You may either (1) Do Nothing and be automatically enrolled in AssetProtect; or (2) Opt Out of AssetProtect and purchase substitute renters insurance that list Greenville Property Management as an ‘Additional Interested Party’.
OPTION 1: DO NOTHING AND PROTECT YOUR PERSONAL BELONGINGS! Your acceptance of AssetProtect is optional. Whether or not You accept AssetProtect will not affect whether your lease application is approved or the terms of the lease. Unless You choose to opt out of AssetProtect, You will be enrolled in AssetProtect and will be charged $15.00 per month inclusive of premium, taxes and fees. No further action is required. Coverage will begin on the lease effective date. AssetProtect includes a Contingent Personal Property Contents Coverage Endorsement in the amount of $10,000. Please refer to the Evidence of Insurance supplied by your community for complete details.
OPTION 2: OPT OUT AND OBTAIN ALTERNATIVE RENTERS INSURANCE In lieu of accepting AssetProtect, You may obtain Required Insurance from an insurer of your choice that is satisfactory to Landlord. You must list Greenville Property Management as an ‘Additional Interested Party’. If You furnish evidence of such Required Insurance and maintain the Required Insurance for the duration of the lease agreement, then nothing more is required. Landlord shall have the right (but not the obligation) to purchase Required Insurance on Your behalf and seek reimbursement from You for all costs and expenses associated with such purchase, in addition to any other rights under the Lease Agreement. Coverage is contingent upon payment of insurance premium. To opt out of AssetProtect, You must provide the leasing office with evidence of insurance that meets all requirements outlined above.