As a property manager, not only do you need to vet potential residents but also the coverage to the unit they could potentially be renting, but does your resident liability policy protect against the more frequent damages?
Covering your occupied units for all of life’s dreams and screams can be a bit complicated, so let’s go over a few damages that may not be included.
Dog Bites: According to the National Safety Council (NSC), there are approximately 4.5 million dog bites in the United States each year.
Pet Damage: In a survey from the American Pet Products Association, people spent $147 billion on pets in 2023 compared to $136.8 billion in 2022. If we’re spending that much on pets, there’s no clue how much we’re spending on what they tear up.
Bed Bugs: Pestworld.org states that the top three places that pest professionals report finding bed bugs are single-family homes (91 percent), apartments/condominiums (89 percent), and hotels/motels (68 percent).
Fungi/Bacteria: In the study Valuing the Economic Costs of Allergic Rhinitis, Acute Bronchitis, and Asthma from Exposure to Indoor Dampness and Mold in the US, published in the National Library of Medicine, “the total annual cost to society attributable to dampness and mold is estimated to be $3.7 (2.3–4.7) billion for allergic rhinitis, $1.9 (1.1–2.3) billion for acute bronchitis, $15.1 (9.4–20.6) billion for asthma morbidity, and $1.7 (0.4–4.5) billion for asthma mortality.
Bodily Injury: According to the Green & Healthy Homes Initiative,1.6 million older adults were treated in U.S. emergency departments for unintentional fall-related injuries and 388,000 of these patients were subsequently hospitalized.
Additional Living Expenses (ALE): Climate.gov reports that the United States experienced 28 separate weather or climate disasters last year that each resulted in at least $1 billion in damages. Learn more about ALE and what it entails HERE.
Exhaustion of Limit: This is the case when the maximum dollar amount has been reached for covered damages or losses, the next layer of coverage can be accessed. Exhaustion of limit is still a heavily debated topic, and no stat can convey how confusing terms can get.
Loss of Rental Income: IRS.gov reports that in addition to amounts you receive as normal rent payments, there are other amounts that may be rental income and must be reported on your tax return.
Some of the things that are not normally covered in the average renters policy carry a lot of weight, and while we’ve only truly pulled the more morbid, hair-raising stats, it’s important to consider each of these damages and what they could cost you in the long run.
The good news: ePremium Protect is different from the more common renters liability insurance programs, not only protecting from infrequent large catastrophic losses but also addressing the more frequently occurring resident-caused unit damage, including many of the damages listed above.
Cover your unique units from ghosts and ghouls and named perils with premium protection. Schedule a call to learn more.
ePremium Insurance Agency, LLC, a limited liability company organized under the laws of Ohio, is a licensed insurance producer in all states, except Alaska with its principal place of operation at 4770 Duke Drive, Suite 200, Mason, OH 45040 (NPN 9925625, California License No.: 0G66570, Texas License No.: 1549460). ePremium Insurance Agency, LLC does business under the following names: in NY dba – ePremium Insurance Agency LLC; in FL dba – ePremium Insurance Agency, LLC; in CA dba – ePremium IRIS Insurance Solutions, LLC.