TENANT LEGAL LIABILITY (TLL) INSURANCE
Only about 1/3 of renters purchase insurance on their own. TLL insurance steps in to fill the gap. Here’s how it works:
- A high percentage of renters insurance policies are canceled after resident shows proof of coverage to fulfill lease requirements.
- Typically, if the tenant does not show proof of insurance upon signing the lease, the property owner/manager will opt them into this program
- The property owner/manager is the named insured, but the cost of the policy, in most cases, is passed on to the tenant, at typically $10/month.
COSTLY CLAIMS
Let’s face the facts. Tenants can cause a great deal of damage to properties during the course of a lease. In fact, cooking fires alone account for over $3 billion in damage each year. If the tenant is not covered, the property investor or manager must make the claim through their primary insurance policy, incurring large deductibles and rate increases, as well as jeopardizing the stability of their policy.
COVERAGE THAT SELLS ITSELF
Tenant Legal Liability typically covers damage caused by tenants over the following perils:
- Fire
- Smoke
- Explosion
- Water damage
Common loss types:
- Fire damage caused by cooking
- Smoke damage caused by cooking
- Water damage caused by tenant negligence
- Fire damage caused by cigarette or candle