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Operator Overview: Lease Coverage Options with Padder (Guarantor + Deposit)

Padder provides optional tenant-paid insurance products that support lease conversion while providing landlords protection for eligible rent-related losses (subject to policy terms, conditions, and limits).

What Padder offers (at a glance)

  • Padder Guarantor: approval support + rent coverage when a tenant doesn’t meet standard screening criteria.
  • Padder Deposit: an alternative to collecting Last Month’s Rent (LMR) where accepted at your property.

When to use each product

Use Padder Guarantor when…

A tenant is a strong candidate but doesn’t meet your standard approval criteria (e.g., limited Canadian credit history, variable income, atypical documentation). Padder can help the tenant qualify while protecting base rent if a covered default occurs.

Use Padder Deposit when…

A tenant is approved/approvable and you want to offer a lower move-in cost option by replacing collection of LMR (where accepted).

Typical pricing (tenant-paid)

  • Padder Guarantor: typically 30%–130% of one month’s base rent (one premium per lease; roommates can split the cost amongst themselves).
  • Padder Deposit: typically 10%–15% of one month’s base rent (one premium per lease; one tenant pays; roommates can split outside of Padder).

Key limitations (applies to both)

  • Padder products are always optional and must not be presented as a condition of tenancy.
  • Padder approval does not override your leasing decision.
  • Policies do not renew.
  • Coverage is based on base rent at lease signing and the selected policy limit. Rent increases are not covered.
  • Padder is not renter’s insurance (it does not cover tenant belongings).

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
Product availability is property-specific and depends on regulatory approvals and partner rollout timing. Not all properties in a province will be enabled at the same time.

Next steps

  • Operator Process: Referrals & Lease File Completion (Guarantor + Deposit)
  • Operator Claims & Reimbursement: Processes + Timelines (Guarantor + Deposit)
  • Operator FAQ (Guarantor + Deposit)

Where to submit / get help

  • Tenant entry point: https://padder.com/renter/
  • Start support via the Help Centre chatbot (24/7).