Changing your move-in date or lease details

What you can change (and when)

You should contact Padder any time one of these changes for Padder Guarantor or Padder Deposit:

• Move-in / lease start date
• Unit or building (even with the same landlord)
• Who’s on the lease (adding/removing roommates or responsible party)
• Monthly base rent (excluding annual increases)
  • Padder Policies do not cover annual rent increases on existing leases. Tenants only need to notify Padder of a rent change before move-in if the agreed monthly base rent on their lease changes after they’ve secured their Padder Policy.

Generally:

• Before you sign and pay with Padder
  • Easiest time to update.
  • We can usually adjust your application/quote to match updated lease details.
• After you’ve signed and paid, but before your lease starts
  • You still need to tell us about any changes.
  • Some updates are simple admin corrections (typo in address, small date shift).
  • Others are “material” and may require a new quote or updated policy.
• After your lease has started / coverage is active
  • Changes to unit or occupants may require:
    • a re-underwrite and revised policy, or
    • a new application in some cases.
  • If you don’t tell us, there’s a risk your policy no longer matches your real lease, which can affect coverage.
  • Annual rent increases: Padder Policies do not cover annual rent increases on existing leases. If your landlord raises your rent during your lease, you do not need to inform Padder.

When a new quote or re-underwrite is required

Padder will typically need to recalculate and may issue a new quote (or re-underwrite your file) if any of this changes:

• Monthly base rent goes up or down (before move-in)
• Your move-in date changes significantly (not just by a day or two)
• You move to a different unit or building
• You add or remove tenants from the lease (for Guarantor)
• The landlord / ownership on the lease changes

Why? Because:

• Pricing and eligibility depend on the actual lease and property, and
• Padder can only insure what’s been properly underwritten and documented.

In some cases, that means:

• A revised premium (higher or lower), or
• A decision that a new application is needed for the updated lease.

How to update details

If your lease details change at any point before move-in or during your tenancy, here’s what to do:

1. Contact Padder support as soon as you know
   1. Share:
      1. Your full name
      2. Property name and address
      3. Unit number
      4. What changed (rent, dates, unit, roommates, etc.)
      5. Include an updated copy of your lease if you have it.
2. Padder reviews the changes
   1. We’ll confirm whether:
      1. A simple administrative update is enough, or
      2. We need to re-underwrite and issue a new quote or revised policy.
3. Sign any updated documents (if required)
   1. If a new or amended policy is needed, we’ll send you an updated Padder agreement to review and sign (and let you know if there’s any premium difference).
4. Wait for confirmation
   1. We’ll confirm once your Padder policy is aligned with your updated lease.