Damage Waiver Program
Protect Your Properties. Empower Your Tenants.
The MEM Damage Waiver Program works alongside the security deposit to cover serious tenant-caused damage that the deposit alone can't handle — protecting landlords from unrecovered losses and tenants from personal liability.
How the Damage Waiver Works
A simple three-step process that protects your investment and makes renting easier for everyone.
Property Manager Enrolls
Sign up your property portfolio with MEM Risk Management. Our team guides you through a simple onboarding process with no upfront cost.
Tenants Pay a Small Monthly Fee
Tenants pay an affordable monthly fee alongside their existing security deposit — giving both sides coverage for serious damage that the deposit alone could never address.
MEM Handles Coverage & Claims
When damage occurs beyond what the security deposit covers, MEM Risk Management manages the claims process end-to-end — so landlords are made whole quickly without costly legal proceedings.
Built for Everyone in the Rental Equation
Whether you manage properties or rent them, the Damage Waiver Program delivers real advantages.
For Property Managers
- Reduced vacancy with faster move-ins
- Coverage for major damage far beyond the deposit limit
- Full damage coverage when you need it
- Streamlined claims handled by our team
- Attract a broader pool of qualified tenants
For Tenants
- Protection from being sued for damages beyond the deposit
- Avoid judgments and collections for accidental damage
- Affordable monthly fee for serious peace of mind
- Transparent coverage — no surprise bills at move-out
- One accident won't become a years-long financial burden
Why the Damage Waiver?
The security deposit stays. The Damage Waiver covers what it can't.
Security Deposit Alone
- Covers only 1–2 months of rent in damage
- Serious damage leaves landlords with unrecovered losses
- Landlord must sue tenant to recover excess damage
- Tenant faces judgment, collections, and damaged credit
- Both parties spend months in legal proceedings
Security Deposit + MEM Damage Waiver
- Deposit still held — Damage Waiver adds up to $100K on top
- Landlord is fully covered even for catastrophic damage
- No lawsuit needed — MEM pays the excess directly
- Tenant avoids judgment, collections, and credit damage
- Claims resolved in days, not months of legal proceedings
Deposit Alternative Program
A separate product from the Damage Waiver. The Deposit Alternative is a true replacement for the traditional security deposit — tenants pay a small monthly fee instead of a large upfront sum, while property managers receive the same financial protection they'd expect from a deposit.
No escrow accounts. No deposit accounting at move-out. No refund disputes. Just straightforward protection for both sides of the lease.
What to expect
- Replaces the traditional security deposit entirely
- Tenants pay a low monthly fee instead of a large upfront sum
- Property managers receive the same financial protection
- Eliminates escrow requirements and deposit accounting
- No move-out disputes over refundable funds
- Reduces vacancy by lowering the barrier to move-in
Interested in the Deposit Alternative Program?
Get notified when it launches
A better rental experience starts with smarter risk management.
Ready to Protect Your Properties?
Tell us about your portfolio and we'll show you how the Damage Waiver Program can work for you.