PROTECTING RENTAL PROPERTY INVESTORS FROM TENANT-INDUCED DAMAGES
When a tenant causes damage to a property, investors are often left shouldering the burden of the cost. Whether it is minor damage from a simple appliance water overflow, or a more serious event like a cooking fire, these costs can play havoc on the bottom line.
ResidentPro by SES Risk Solutions is a customized insurance solution designed to cover these costs by requiring all residents to carry liability insurance as part of the lease. With ResidentPro, this vital coverage is cost-effective, comprehensive, and user-friendly.
TENANT LEGAL LIABILITY (TLL) INSURANCE
Only about 1/3 of renters purchase insurance on their own. TLL insurance steps in to fill the gap. Here’s how it works:
- Typically, if the tenant does not show proof of insurance upon signing the lease, the property owner/manager will opt them into this program
- The property owner/manager is the named insured, but the cost of the policy is passed on to the tenant, typically at only $7 to $13 per month
- The TLL base policy provides $100,000 of liability coverage for tenants for damages they may cause
Let’s face the facts. Tenants can cause a great deal of damage to properties during the course of a lease. In fact, cooking fires alone account for over $3 billion in damage each year. If the tenant is not covered, the property investor or manager must make the claim through their primary insurance policy, incurring large deductibles and possible rate increases.
A WORLD OF COVERAGE
ResidentPro offers broad-based coverage to ensure this worst-case scenario never becomes a reality, shielding property managers from tenant caused damage:
- Base coverage for fire, smoke, and water damage
- Expanded liability covering several additional perils including sprinkler leakage, falling objects, discharge from appliances, burglary, and more
- Landlord optional coverages include loss of rental income, pet damage, and landlord supplement coverage endorsement (geared toward larger operations)
- Common loss types
- Fire damage caused by cooking
- Smoke damage caused by cooking
- Water damage caused by tenant negligence
- Fire damage caused by cigarette or candle
- Pet-caused damage
RENTAL PROPERTY INVESTORS
- Vital protection paid for by tenants at no cost to you
- Reduce the number of claims made to your primary property or package policy
- Reduce your overall out of pocket maintenance and repair expenses
- Provide your single family residential and multifamily rental clients with next level coverage from tenant-caused property damage
- Primary package policy + tenant legal liability = complete client protection
- Round out your account and increase revenue by adding this essential coverage
SES RISK SOLUTIONS
SES is the gold standard of service and coverage for residential real estate owners and investors, offering the 1-2-3 punch of leading-edge technology, preferred pricing, and flexible coverage built for residential portfolios.
- 30 years in the business
- 3,500+ investor portfolios
- 65,000 properties
- 50 states
- 10+ carrier partners
*ResidentPro requires a minimum of 50 residential units.