- $50,000 limit of liability per residence premises, per occurence
- $2,500 sublimit of contents coverage provided for non-negligent tenants of affected units
- $10,000 of contents coverage included for the tenant following a covered peril property loss
- $1,000 per residence premises for loss of rents due to skip (unexpected vacancy or eviction)
Lloyd’s of London
Yes, the tenant will be responsible for a $1,000 deductible on contents coverage.
No, if you carry your property coverage through NREIG, the TPP will be added to your monthly invoice.
No, this coverage is available for locations with any number of units. The cost is based on the number of units.
Yes, the TPP will alleviate the need to verify and track renters insurance and protect you, the investor, against losses that are no fault of your own. The TPP allows your property carrier to recover some of their cost in the event of a loss to help stabilize your property insurance costs in the long term.
Yes, you can choose the locations on which you carry the TPP, but must cover all units within a single building.
Imagine a tenant leaves a candle burning causing a fire loss estimated at $70,000. Your property carrier will first step in to cover the loss. If your tenant carries a policy with a $30,000 limit of liability, your property carrier will submit the loss to the tenant’s policy to recover $30,000 of the claim they paid out, then submit the remaining $40,000 of the loss they covered against the TPP.
You can recover $1,000 per lease. If your monthly rent is $500 and your tenant breaks the lease, you can receive $500 for the first month of vacancy. If the unit continues to sit vacant for a second month, you can receive an additional $500. That is the most you can receive from this vacancy. However, if you place a new tenant who gets deployed (breaking the lease) two months into the lease, you can submit a new Skip Rent claim against the TPP. Please note that Skip Rent coverage is not triggered if a tenant simply does not pay rent but continues to reside in the unit. A broken lease or eviction is required for the policy to pay.