Description

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:

  • A high percentage of renters insurance policies are canceled after resident shows proof of coverage to fulfill lease requirements.
  • 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, in most cases, is passed on to the tenant, at typically $10/month.
  • The TLL base policy provides $100,000 of liability coverage for tenants for damages they may cause

COSTLY CLAIMS

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 rate increases, as well as jeopardizing the stability of their policy.

COVERAGE THAT SELLS ITSELF

ResidentPro offers $100K liability coverage for damage caused by tenants over the following perils:

  • Fire
  • Smoke
  • Explosion
  • Water damage

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

*Additional coverages available for 50+ unit portfolios may include:

  • 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)
  • Expanded liability limits up to $300K

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

AGENTS/ACCOUNT MANAGERS/BROKERS

  • 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

 

Jack Madsen

(855) 484-5062

Coverages Offered

Legal Liability

Tenant’s Legal Liability Insurance Coverage

Availability

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