As a renter, you’re responsible for the things you own, and your landlord is responsible for the things they own, right?
It’s often not quite so simple. If a tenant damages their landlord’s property—even by accident—there are many scenarios in which the landlord would require the tenant pay for repairs. To make it more complicated, many forms of damage are not covered by either tenant or landlord insurance. That leaves it to the tenant and the landlord to resolve the situation on their own—a recipe for unpleasantness (or at least for the tenant losing their security deposit).
That’s why Square One offers tenant’s protection coverage as an optional add-on to our tenant insurance policies.
Keep reading to learn all about it.
What is tenant’s protection coverage?
Tenant’s protection coverage is a unique insurance option that helps both tenants and landlords.
It protects against sudden and unintentional damage that tenants cause to the property they’re renting. It also grants landlords the option to submit a claim for that damage against their tenant’s policy and receive payment directly.
Typically, tenant insurance policies don’t cover damage to the landlord’s property unless the tenant’s liability can be clearly proven. And even then, coverage is often limited to fire- or water-related damage.
With tenant’s protection coverage, tenants can rest assured knowing they won’t be out-of-pocket for damage they accidentally cause to their landlord’s property. That includes dropping a heavy pan on a glass-top stove, finding the kids have covered the walls in permanent marker, or all sorts of other accidental, unpredictable damage.
How does tenant’s protection work?
Normally, if a tenant accidentally damages their landlord’s property, there are few insurance options available to cover the cost of repairs. No insurance coverage means the landlord will make the tenant pay, or forfeit their damage deposit.
With tenant’s protection coverage, the landlord can submit a claim against their tenant’s insurance policy. If the claim is covered, the tenant will only have to pay their deductible, and the policy will cover the remaining repair cost.
The best part?
Unlike most insurance claims, submitting a claim under tenant’s protection coverage will not affect the tenant’s nor the landlord’s insurance premiums with Square One. It also has no effect on future insurance renewals or applications with us.
This is replacement cost coverage, meaning that it will cover the cost of replacing damaged property with brand-new property of similar kind and quality. That includes installation costs—which can be significant, depending on the nature of the repairs.
How much does tenant’s protection cost?
Tenant’s protection coverage is an optional add-on to tenant insurance policies, and costs as little as $2.50/month. Coverage limits start at $5,000, but you can choose a higher limit of coverage for greater protection—all the way up to $50,000.
What is the deductible for tenant’s protection coverage?
Regardless of your chosen coverage limit, tenant’s protection includes a very low $250 deductible (separate from the standard policy deductible).
Interested? Get started on a tenant insurance quote by entering your address below.
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Don’t just take our word for it. Here are some of the reviews that contribute to our average rating of 4.7 stars out of 5. Want to read more? Visit our reviews page.
I found Square One online at a time that I was shopping around for auto insurance to replace my existing policy. I applied online and requested for a quote and the next day I received a call from Kathy Vallance and guess what? I ended up purchasing two policies — auto and home together at an affordable price. Kathy honoured all promises of calling back all the way till close. Kathy is a true professional in her field and in my opinion an honest person too. I take this opportunity to urge all and sundry to go and purchase auto and home insurance with Square One.
Who loves dealing with insurance? Nobody, that’s who, but it is necessary. Square One makes the process simple and easy to understand and complete. Even when I had some additional details that made my policy non-typical, the agent I dealt with communicated clearly and was very pleasant. They make a dry topic easy to deal with. Will for sure recommend and continue to use!
I was extremely happy with the service provided by Brett Vancise. He was so versed with his work and guided me through the entire process. He was calm and explained to me every detail concerning the policies. I ended up saving a great deal as compare to my previous insurance provider. I have so far referred several of my friends to this company.
My landlord suggested your company to me as a new tenant because of its efficiency and accessibility, and let me tell you it was as easy as making microwaved popcorn, literally… Thank you so much Square One, it’s a good feeling to know that your home and belongings have a professional protection plan in place.
Hasti was one of the support agents who supported me patiently to complete the policy order. Also, the online form and the T&C of the policies are clearly understandable! I have total of 4 titled owners of the property that it allows the info to be input to the system individually (No kidding! Other insurance systems don\'t allow to do this... This online app is absolutely user-friendly! The cost of the policy is not bad comparing with the competitors. I would highly recommend Square One to anyone who is shopping for better services and pricing!
I recently purchased an insurance policy from Square One. We were so pleased with the ease of application but also how thorough they are in the questionnaire in regards to our property. Square One makes it possible to have the coverage you need with a price that is affordable.
Very friendly online portal to select and purchase my new tenant insurance policy with Square One. A friend referred me, based on her total satisfaction to date. We both have received our promotional gifts (Amazon gift card for me, and the $25 account credit for her!). The coverage is excellent for my needs, at very good cost (good value for money). Telephone inquiry about one concern was handled promptly, courteously and satisfactorily. Thank you for the good service and product. I feel to be in good hands with Square One.
I am very pleased to be able to secure a tenant policy with less hustle. Everything done online without the involvement of any agent as I don't have time to speak on the phone. All the forms filled up are very comprehensive and easy to understand. One of the cheap premiums on the market as well. Great service! Good job.
Square One is one of the only providers who would cover our in-home pottery studio. They were thorough and requested photos but they covered us. It’s been very easy to update our coverage as the business grows and we add more services and assets, and sales locations. I love being able to do these changes online and have easy access to check my policy. The service has been great so far.
Getting tenant insurance has never been this personalized. I enjoyed that you could truly cater to what kind of home you are living in. With a click of a button, the value of your insurance would change so you could see the quote change as you figured out what works best for you. Very intuitive and user-friendly.