Operator Coverage & Key Limitations (Guarantor + Deposit)
Coverage rules and limitations for Padder Guarantor and Padder Deposit, including base rent only, non-renewal, rent increase exclusions, and property-specific availability.
Key limitations
- Optional product: Padder should never be required as a condition of tenancy.
- Operator discretion: Padder approval does not obligate you to lease to a tenant.
- No renewals: both products do not renew.
- Base rent only: coverage is based on base rent at lease signing and the selected policy limit.
- No rent increases: coverage does not adjust with annual rent increases.
- Not renter’s insurance: Padder does not cover tenant belongings or personal liability.
Term (high level)
- Padder Guarantor: 3/6/12 months of base rent protection; valid up to 36 months (or move-out).
- Padder Deposit: 1 month base rent (LMR); valid until lease end including month-to-month.
Responsible Party (when requested)
Padder may request a Responsible Party on a case-by-case basis to strengthen a tenant’s application. A Responsible Party is not added to the lease and is not legally responsible for rent.
Availability by province
Padder Guarantor and Padder Deposit are currently available for participating residential properties in Ontario.
Padder is actively working towards availability of both products in Alberta and British Columbia.
IMPORTANT: Availability is property-specific. Confirm whether a building/portfolio is enabled before presenting options to tenants.