RenterProtection Supplemental Renters Insurance Reduces Risk & Saves Money
RenterProtection is a low cost solution that serves as a back up to a mandatory renters insurance program. This supplemental renters insurance provides limited property coverage to the owner as the insured when a resident doesn’t have an active renters insurance policy. It does not provide coverage for the resident’s belongings, which helps to motivate the resident to purchase their own renters insurance policy.
Renters Insurance Gap Coverage
Damage from kitchen fires, water, and smoke from a patio grill are all costly repairs, but these expenses typically fall below a liability policy deductible. This results in the repair costs being paid directly out of a community’s operating budget if a resident doesn’t have an active insurance policy. That’s where RenterProtection comes in – it covers the losses which arise from gaps in renters insurance coverage. After a $500 deductible, RenterProtection reimburses an owner 100% of out-of-pocket expenses incurred related to all covered claims that result because of resident-caused damage from these named perils: water, fire, smoke, or explosion. While RenterProtection is not intended to replace a renters insurance policy, it does provide the owner with important coverage that they would otherwise have under the liability section of a traditional renters insurance policy.
Provide Blanket Coverage On Units
RenterProtection can also be utilized as an apartment community blanket insurance policy. It can provide coverage limited to resident-caused damage under the named perils to as many units as necessary – either the whole portfolio or specific properties. You simply designate which units/properties need to have coverage and they will be billed accordingly.
Seamless Risk Transfer through Integration
RenterProtection is especially effective when used with OneSite® Leasing & Rents. Seamless integration works to ensure continuity in coverage. When renters insurance policies are tracked through OneSite Leasing & Rents, RenterProtection becomes effective when a cancellation or absence of renters insurance is reported.
eRenterPlan is offered by LeasingDesk Insurance Services, a licensed insurance agency operated by Multifamily Internet Ventures, LLC. CA Agency license # OD12126. This content is only a general description of policy coverage and not a statement of contract. Coverage is subject to the terms, provisions, exclusions, and conditions in the policy itself and in any endorsements.