REInsurePro’s Tenant Protector Plan® provides investors with Tenant Liability insurance, Sewer & Drain Backup, Contents coverage, and Skip Rent protection without the hassle of tracking down renters insurance. Beyond convenience, TPP can also help minimize the frequency of claims and support a cleaner loss history, both of which can contribute to maintaining more favorable insurance terms over time.Â
Policies fit within our monthly reporting form and can be standalone or added to existing coverage.Â
The Tenant Protector Plan® is available in two options: TPP, including Tenant Liability, Sewer & Drain Backup, Contents, and Skip Rent; and TPPx, including Tenant Liability insurance only. TPP works in excess of any renters insurance in place.Â
Short-term rentals are eligible for TPP but are not eligible for TPPx. Please note: a lease must have been active for the previous 3 months to be considered for coverage.Â
Monthly premiums for the Tenant Protector Plan® depend on the number of units insured and the limit of tenant liability chosen. Typically, TPP ranges from $10-$28 per month, with TPPx starting as low as $6 per unit per month.Â
The Tenant Protector Plan® is available anywhere REInsurePro sells coverage.
| TPPx | TPP | |
|---|---|---|
| Tenant Liability Liability coverage for tenant-negligent property losses. Covered causes of loss include Fire, Explosion, and Smoke. | $100K limit | $60K or $100K limit (Subject to a $500 deductible) |
| Property Coverage Sewer & Drain Backup coverage for damage to the property caused by a clogged sewer line, failed sump pump, or backed-up drain that forces water into the home. | n/a | $10K limit (Subject to a $500 deductible) |
| Contents Coverage Coverage to replace belongings owned by the renter that are damaged in a property loss caused by their own negligence. Covered causes of loss include Fire, Explosion, Smoke, Sewer & Drain Backup, and Wind/Hail. | n/a | Tenant Contents Coverage - $10K limit (Subject to a $500 deductible) Tenants of Adjoining Units Contents - $2,500 limit per unit/ $7,500 limit per loss |
| Skip Rent Reimbursement to cover the last month’s rent if a tenant skips out mid-lease without warning. Please note: a lease must have been active for the previous 3 months to be considered for coverage. Covered causes of skipped rent include the tenant moving out without notice, military deployment, untimely death, and completed eviction. | n/a | $1000 limit |
Frequently asked questions and answers about REInsurePro’s tenant contents and liability insurance.
Both TPP and TPPx alleviate the need to track and verify renters insurance while protecting investors from tenant-caused losses. While it’s ideal for tenants to maintain a renters insurance policy, lapses in coverage can leave investors responsible for damages caused by tenant negligence. REInsurePro’s tenant liability insurance coverage provides investors with coverage when they need it most. In the event of a covered loss, TPP will work in excess of the tenant’s liability limit. Â
Yes. The Tenant Protector Plan® provides a $1,000 sublimit for Skip Rent. It is not uncommon for investors to have a tenant skip out on them midway through the lease. While they’re scrambling to find another tenant to replace that rental income, the Tenant Protector Plan® has coverage that would reimburse the investor for at least some of that lost rental income. This coverage may also be triggered by other types of unexpected vacancies like finalized eviction, military deployment, and untimely death. Â
Please note: TPPx does not include Skip Rent coverage.
Yes. The Tenant Protector Plan® includes a $10,000 sublimit for the tenant’s contents. Imagine lightning strikes one of your clients’ investment properties, causing a house fire that burns two rooms and everything in them. Their property coverage would not provide any coverage for the tenant’s personal belongings (e.g., furniture, clothing, etc.), they must have a renters policy to have coverage for their lost items. This included sublimit will help tenants replace lost items, ensuring they can still pay rent instead of having to spend money on lost belongings.Â
This also includes a $2,500 contents sublimit for non-negligent tenants. Let’s say the investor owns a fourplex, they get a call that tenant A left the stove on, fell asleep, and caused a kitchen fire. The fire department was called to put out the fire, but in doing so, caused water damage to units B and C. This sublimit would pay tenants B and C to replace their damaged belongings. (This coverage carries a $7,500 aggregate limit per loss.) Â
Covered causes of loss for Contents Coverage includes fire, explosion, smoke, sewer & drain backup, and wind/hail.Â
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Summary The commercial property insurance market can shift rapidly as carriers respond to rising losses, economic volatility and evolving risk exposures. Insurance agents specializing in real estate
Do your investor clients require tenants to carry a renters insurance policy? What investors may not know is that any
REInsurePro’s Tenant Protector Plan (TPP) is a truly distinctive offering that helps investors and their tenants in the event of a property loss caused by tenant negligence. While we always recommend that that landlords require their tenants to carry renters insurance, the TPP adds an extra layer of protection for both parties.
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