Put a Safety Net Under Your Renters Insurance Program
RenterProtection is a low cost solution that serves as a back up to a mandatory renter’s insurance program. It provides limited liability coverage to the owner as the insured when a resident doesn’t have an active renter’s insurance policy. In many cases it motivates the resident to get a required renter’s insurance policy because it offers protection for their personal belongings, typically at a lower cost.
Insurance Coverage that Covers Your Gaps
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 and are paid directly out of a community’s operating budget. That’s where RenterProtection comes in to cover the losses which arise from gaps in renter’s 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 renter’s insurance policy, it does provide the owner with important coverage that they would otherwise have under the liability section of a traditional renter’s insurance policy.
Seamless Risk Transfer through Integration
RenterProtection is particularly suited to complement a full participation renter’s insurance program, and integration with OneSite Leasing & Rents works to ensure continuity in coverage. When renter’s insurance policies are tracked through OneSite Leasing & Rents, RenterProtection becomes effective when a cancellation or absence of renter’s insurance is reported.