Tenant ProtectorTM Plan
Did you know that less than 40% of tenants carry renters insurance, yet more than 60% of property claims are due to tenant negligence? The Tenant Protector™ Plan (TPP) eliminates the need to verify your tenant’s renters insurance is in force and in good standing. TPP provides additional protection for both you and your tenant.
- $50,000 of Liability coverage is provided for tenant caused negligent claims.
- $10,000 of Contents coverage is provided for your tenant. Keep in mind, if your tenant does not carry their own coverage and a property loss happens, their belongings are a total loss.
- Monthly cost is typically less than $10 per unit
Investor ProtectorTM Plan
Without coverage, you’re likely to get stuck with the bill when tenant negligence results in damage to your investment property. The Investor Protector™ Plan is the affordable, smart solution for damages resulting from tenant negligence.
- Coverage is provided for Fire, Smoke, Explosion, Water Discharge and resident-induced Sewer and Drain Back Up.
- If an adjacent unit suffers damage (i.e., damage from a fire), this coverage will pay for up to $2,500 to help replace your non-negligent tenant’s belongings.
- Monthly cost is typically less than $8 per unit
Loss of Rents
An important coverage to consider for every landlord. Loss of Rents coverage provides reimbursement to you for the rental income you would have received following a loss that renders the property uninhabitable.
- Coverage is available for up to 12 months, if requested or required by your lender.
Your property doesn’t have to be near water or in a high-risk flood zone to be affected by a flood. According to National Flood Insurance Program (NFIP), nearly 20% of flood insurance claims come from moderate to low-risk areas of the country. Just a few inches of water can cause major damage to your property.
Flood insurance covers physical damage to your property from flood or flood-related losses due to rising water. National Real Estate Insurance Group can help you determine if flood insurance is right for your specific situation. Typically, Flood coverage has to be paid in full for the annual term, NREIG provides a unique ability to pay on monthly basis.
If any of your properties are located along the Gulf of Mexico, Eastern seaboard or any other coastal exposed region of our country, you may have coverage restrictions for damage caused by named storms. A “Named Windstorm” can be a Cyclone, Typhoon, Atmospheric Disturbance, Depression, Hurricane or other weather phenomena designated by the U.S. National Hurricane Center and where a name has been applied. At NREIG, you can add Named Windstorm coverage as an option for properties located in coastal areas.
Are you lending on a property where your borrower has let their insurance coverage lapse? Are the current insurance coverages your borrower has purchased insufficient to meet your insurance lending requirements?
Force-Placed Insurance Alternative will protect you as a lender if a borrower does not meet property insurance requirements or fails to pay insurance costs. Typically, coverage is provided up to the loan amount and is designed to protect your interests should a loss occur at your borrower’s property.
- Month-to-month billing and reporting
- Liability coverage can be included
Many carriers will not offer liability coverage on a stand-alone basis. At NREIG, we do. If you choose to self-insure your property, we can still provide liability coverage on your locations. A Premises liability policy provides the insurance protection needed to pay damages for bodily injury or property damage for which the insured is legally responsible.
- Limits of Liability beginning at $1 MM per occurrence and $2 MM aggregate
- Limited coverage for canine bites is included
- Umbrella policies are available