Community Insurance

Important Coverage to Supplement Your Commercial Liability Protection

RenterProtection is a low cost solution to supplement a traditional property liability policy through reimbursement of below-deductible claims. This supplemental insurance product provides limited liability coverage to the owner in the event a renter’s insurance policy lapses, is canceled, or the renter has no insurance.

Kitchen fires, water damage, and smoke damage 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 coverage.

After a $500 deductible, RenterProtection reimburses 100% of out-of-pocket expenses an owner pays 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 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, resulting in an efficient transfer of risk.

Owners may also opt to implement RenterProtection coverage on a blanket basis, which is particularly beneficial in high turnover communities where enforcing the renter’s insurance requirement is even more difficult.