| Require
Residents to be Insured
We highly recommend that your lease specifies that
your residents are liable for damages caused to the building by
their negligence and the negligence of their guests. We recommend
that you require your residents to obtain liability insurance naming
you and your property as additional insured. We suggest that the
required limit of their liability insurance be at least $100,000.
Click HERE
to view a sample of the resident insurance addendum.
Recent losses caused by residents negligence:
Fire Damage - Left hot plate on stove.
Paid: $110,000
Fire Damage - Candles left burning.
Paid: $200,000
Fire Damage - Smoking with medical oxygen
tank in room.
Paid: $45,000
Water Damage - Diaper flushed down toilet.
Paid: $30,000
Water Damage - Water left running unattended
in sink.
Paid: $75,000
Water and Fire Damage - Broke fire sprinkler
head while moving in.
Paid: $3,000,000
Injury - Childs toy left on staircase.
Paid: $15,000
Injury - Loose rug at door resulted
in guest falling.
Paid: $5,000 |
Our On-Site Resident Insurance
Program Features
RESIDENT
Exceptional Coverage at Special Rate.
Property Coverage at Replacement Cost.
Loss of Use and additional expense coverage
Liability coverage included in package.
"A" rated Insurance Company
On-Line insurance request.
Payment Option of Annual or Monthly.
Payment by credit card or check.
Easy on line application.
OWNER
In House - On Line insurance request
Immediate Insurance verification.
Apartment owner added as Additional Insured.
On-Site management notified of residents policy cancellation and
renewal
Resident has financial ability to pay for liabilities
Loss of use secures Residents return
Provides coverage that normal property insurance doesn't
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