Ending your coverage

Natural expiry at the end of your coverage term

Padder Guarantor

• Your Padder Guarantor policy remains in force for the policy term shown in your agreement (up to 36 months), or
• Until your lease ends and you move out,
• Whichever happens first.

There are no renewals.

Once the policy term ends, or once that lease ends and you move out, your Padder Guarantor coverage naturally expires.

If you sign a new lease in the future and your new landlord wants Padder, you’d need to submit a new application for that lease.

Padder Deposit

• Your Padder Deposit policy stays in effect for the length of your tenancy for that unit, including if your lease rolls into month-to-month with the same landlord for up to 10 years.
• When your tenancy ends and you move out, your Padder Deposit coverage ends.

After expiry, no new claims can be made for things that happen after the coverage end date.

What happens if the lease ends early?

If you end the lease early and pay everything you owe

• You give proper notice where required,
• You pay all base rent owing up to your agreed end date, and
• Your landlord has no covered loss.

In that case, your Padder policy just ends when your tenancy ends. No claim is made, and you don’t owe Padder anything beyond your original premium.

If you end the lease early and don’t pay what you owe

If you:

• Move out early, and
• Leave unpaid base rent (for Guarantor) or unpaid last month’s base rent (for Deposit),

your landlord may:

• Follow the normal legal process in your province/territory, and
• Submit a claim to Padder if there is a covered loss within the policy term and limits.

If Padder pays your landlord under your policy:

• Your landlord is made whole for the covered amount, and
• Under your indemnity agreement, you now owe that amount to Padder instead of to your landlord.

What stays on file after the policy ends?

After your Padder policy ends, Padder will still keep certain records, such as:

• Your application details
• Your decision (approved/declined)
• Your policy documents and payment history
• Any claims related to your tenancy (including whether Padder paid your landlord)
• Any outstanding balance owed to Padder if a claim was paid and not fully repaid

We keep this information to meet legal and regulatory requirements.

What this means for you:

• You are not charged ongoing fees after your one-time premium.
• Your policy does not silently continue after your tenancy ends.
• If you apply again in the future, your past history with Padder (good or bad) may be considered by our risk models.