Why Do My Tenants Need Renters Insurance?
Fire, Explosion, Smoke, and Water Damage are just a few examples of the types of losses caused by tenants. Did you know…?
- The average amount of damage caused by an apartment fire is $11,000.
- There are 103,000 fires set annually by tenants residing in multi-family units.
- 70% of all fires are started in the kitchen.
- Most renters do not carry enough coverage or have sufficient funds available to cover damage as a result of their negligence.
What are the Coverage Options?
Policies are customizable. We offer the following options:
- Personal Property Coverage: $5,000 – $100,000
- Liability Coverage Options: $25,000, $50,000, $100,000 and $300,000
- Guest Medical Payments: $1,000 per person, $25,000 each occurrence
- Optional Coverages including:
- Water Back-Up and Sump Discharge or Overflow
- Pet Damage Endorsement
- Identity Fraud Expense
- Increased Coverage for Jewelry
- Tenants plus Package
- Earthquake – California only
- Stand Alone Liability Policy is available for tenants who do not want to cover their personal property.
What Does a Renters Insurance Policy Cover?
Some of the perils covered by a renter’s policy include:
- Fire or Lightening
- Windstorm or Hai
- Theft
- Explosion
- Volcanic Eruption
- Freezing
- Vandalism
- Weight of Ice, Snow or Sleet
How Does a Renters Insurance Program Help My Community?
- Renters insurance allows the tenant to be financially responsible, which reduces the number of nuisance claims filed on the property owner’s insurance.
- Having a community where a number of residents participate in a renter’s insurance program could help you save money on your general liability policy.
- Property managers can file claims directly against the tenant’s policy, with a company the property manager already works with.
How Does a Renters Insurance Program Benefit My Tenant?
- Tenants will be able to be reimbursed up to their policy limits, for covered losses.
- Replacement cost on all contents with a complimentary qualified ENERGY STAR appliance upgrade.
- Guest Medical Payments – for guests who may injure themselves while visiting.
- Loss of Use – for living expenses if the unit becomes uninhabitable due to a covered loss.
- Personal liability for protection from a lawsuit if someone is injured in the unit.
- One policy covers all roommates and boarders who live at the residence and are listed on the lease or rental agreement on the date of loss.
How Do I Get Started?
Contact AOA’s Group Insurance experts today at: www.gsisol.com; phone: 650-282-3104; Email: info@gsisol.com DOI Lic. #: OI96531