Tying your application to a lease and building

Why you need a specific unit and landlord

Padder doesn’t issue “general” approvals. Your application must be tied to a real lease in a specific building with a specific landlord or property manager because:

• Pricing and eligibility depend on the unit and building (location, rent amount, risk profile).
• Padder Guarantor and Padder Deposit both protect your landlord.
• The policy needs to match one lease, one landlord, one unit so it’s clear what’s covered.

That’s why you always apply for the rental unit first with the landlord, and only use Padder once there is a real lease opportunity or conditional approval on the table.

How your landlord is notified

When you complete your Padder application and are approved and paid:

• Padder sends a confirmation to your landlord or leasing team that coverage is in place for your lease (Padder Guarantor, Padder Deposit, or both).
• The confirmation is tied to your exact unit, rent amount, and lease start date, so they know which tenancy is protected.
• You will also receive a copy of your policy documents for your records.

Your landlord never has to guess whether Padder is active—they get a clear yes/no tied to your unit and lease.

What happens if your lease terms change (rent, dates, occupants)

Because your Padder policy is based on your specific lease, changes to that lease can affect your coverage.

You should contact Padder support if any of the following change before move-in or during the coverage period:

• Monthly base rent changes
• Lease start date changes
• New roommates are added to the lease, or someone moves off the lease
• You move to a different unit or building, even with the same landlord

What typically happens:

• For minor administrative fixes (e.g., correcting a unit typo), Padder can usually update details without redoing the whole file.
• For material changes (rent, term, occupants, address), Padder may need to:
  • Reassess your application, and
  • Issue an updated quote or revised policy—in some cases, that can mean a different premium or, rarely, a new decision.

If your lease changes and you don’t tell Padder, there’s a risk your policy will no longer match your actual lease, which can affect coverage. The sooner you flag changes, the easier it is to keep everything aligned and protected.