Tenant’s protection coverage

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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