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Renters Insurance Programs

Pro Specialty Insurance offers a several insurance products, tailored to protect a landlords and it’s residents from the unexpected.

Our insurance programs cover accidental damage residents may cause to the building, a residents personal property within the unit and additional living expenses should the resident need to move out of the unit.

Our programs can be offered nationwide (AK excluded) to multi-unit apartment complexes, co-working spaces  (TX only), student housing and senior housing.

Resident Risk Property Insurance Program

Our resident risk property insurance program was specifically developed to provide flexible, customizable coverage plans that mutually benefit both landlords, property management companies and their residents.

This type of policy offers more of a robust policy compared to a traditional Tenant Legal Liability Policy/Damage Waiver Program. This policy is designed to protect the owner and fellow residents from not only tenant negligence but also theft and certain weather-related damage to the residents personal property.

This type of policy is issued to the landlord in the form of a Master policy which allows our clients to provide a “value added” service to their residents all during lease signing. Residents can easily satisfy the Insurance requirement set forth in their lease agreement and at the same time have their choice of enrolling into policy limits that best fit their needs. Once enrolled, Residents will be issued a certificate of insurance.

This program allows for up to $40,000 to each resident for personal property and up to $100,000 to each resident for legal liability coverage.

Pro Specialty Programs

Protects Tenant Personal Property from...

Burglary

Windstorms

Hurricanes

Smoke

Fire

Earthquake

Hail

Lightning

Protects the Building from...

Protection Against Fire

Fire

Protection Against Smoke

Smoke

Protection Against Sewer Back Up

Sewer

Protection Against Explosion

Explosion

Protection Against Water Discharge

Water*

Program Services

N
Tenant legal liability & personal property coverage provided.
N
Easy enrollment billed on a month-month basis with the rent.
N
Claims are handled by a 3rd party administrator.
N
Program can be offered at multifamily apartment complexes, student housing & senior housing.

Program Benefits

N
Program helps manage risks and mitigate losses that are beyond the Owner’s control.
N
Residents have the choice of either providing 3rd party insurance coverage through a traditional HO4 policy or by obtaining coverage through the program.
N
Clients may realize potential discounts on annual premiums from P&C carriers
N
No cost to Ownership for program implementation, policy issuance, marketing materials, management training & ongoing support.
N
Experience refunds offered based off of portfolio size, location and a set claim thresholds.

Tenant Legal Liability Program

A Tenant Legal Liability (Damage Waiver) Program is an insurance program that is easy to implement and was specifically developed to offer a convenient alternative to renters insurance for multi-unit property owners.

This type of policy focuses primarily on reducing risk exposure of landlords and property management companies by providing a process to transfer the risk of resident caused property damage (tenant negligence).

An unexpected, accidental and often catastrophic loss incurred by the landlord by an uninsured resident can cause huge financial hardship. This enormous risk exposure can be easily avoided by the right Tenant Insurance program and a properly monitored one.

All residents would be required to sign a one page addendum upon lease signing. This allows uninsured residents to meet the standard rental agreement insurance requirement of $100,000 in liability coverage.

Seamless technology integration with your property management software allows for proper tracking of third party insurance policies and automated enrollment for any uninsured residents. This real time monitoring of your communities compliance creates peace of mind and a protective safety blanket for your real estate investments.  

Pro Specialty Tenant Legal Liability Program

Protects the Building from...

Protection Against Fire

Fire

Protection Against Smoke

Smoke

Protection Against Sewer Back Up

Sewer

Protection Against Explosion

Explosion

Protection Against Water Discharge

Water*

Program Services

N
Claims are handled by a 3rd party administrator.
N
Addendum is incorporated into the lease & residents are automatically enrolled upon move in.
N
Removal from waiver program only occurs if an approved 3rd party policy is provided.
N
Monitoring of third party cancellations & addendums are done by our staff, not your leasing agent.
N
If cancellation of a third party policy occurs, the Resident is placed into the waiver program and all parties are notified.
N
Program can be offered at multi-unit apartment complexes, student housing & senior housing.

Program Benefits

N
Customizable waiver programs based upon lease language and ownership needs.
N
Residents can easily satisfy the minimum liability requirement set forth in the lease agreement.
N
Landlords may realize potential discounts on annual premiums from P&C carriers.
N
Coverage is paid with rent and billed on a month-month basis.
N
No cost to Ownership, the program maximizes portfolio value through a variety of revenue generating programs.
N
Some personal contents coverage is included for impacted residents as well as coverage for additional living expenses (subject to policy limits.

Need Help Deciding?

Not sure which program best suits your property & business? Don’t hesitate to reach out today. One of our insurance experts will eagerly answer any questions you may have, and get started on tailoring a protection program specific to your unique needs.

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