From resident relations, communications, and maintenance calls to marketing, finances, and a slew of other challenges, ePremium® Insurance Agency understands that the property management world is not one-size-fits-all. That’s why we’ve developed resident liability programs that are scalable to any property team’s needs, taking some of the monotony out of every day.
The Basics
Resident liability insurance is a crucial aspect of property management. These policies typically cover damages caused by tenants to the property or injuries that occur on the premises. For property management companies (PMCs), having resident liability insurance often helps protect both the company and the property owner from potential financial losses due to tenant negligence or accidents.
When selecting resident liability insurance, PMCs should consider policies that offer comprehensive coverage tailored to their specific needs. This may include coverage for property damage, bodily injury, legal expenses, and other liabilities that may arise from managing rental properties.
Additionally, PMCs should ensure that the insurance policy meets any legal requirements in their jurisdiction and provides sufficient coverage limits to adequately protect against potential risks. Working with an experienced insurance professional who understands the unique needs of property management companies can help ensure that the chosen insurance policy provides adequate protection.
The Protect Portfolio
At ePremium, we specialize in providing insurance solutions for PMCs, offering a wide range of products and coverages designed to protect both multifamily and single-family rental properties and mitigate risks associated with tenant-related liabilities. In leveraging technology and expertise in the rental housing market, our team aims to provide efficient and comprehensive insurance solutions for PMCs, streamlining their processes for obtaining insurance for their properties and ensuring they have adequate coverage to protect their investments.
ePremium® Protect provides enhanced resident liability coverage and is designed to maximize protection from resident-caused damage for each unit. Different from more common liability insurance programs, our Protect program not only shields from the infrequent large catastrophic losses such as fire and water but also addresses the more frequently occurring resident-caused unit damage such as:
- Loss of Rental Income
- Exhaustion of Limit
- Additional Living Expenses
- Bodily Injury
- Dog Bite
- Pet Damage
- Bed Bugs
- Fungi/Bacteria
ePremium® Protect Plus allows PMCs all the coverages included with our Protect resident liability program PLUS automatic coverage and auto-activation of insurance coverage.
The coverage automation process comes down to 3 main sequences for the PMC:
- Validating 3rd Party Insurance to ensure it is compliant with your lease requirements and currently in place, enabling Automatic Coverage,
- Automating Coverage Endorsement on your master liability policy to protect you from losses of lapsed coverage, and
- Auto-activating Coverage on your property master liability policy for any resident out of compliance based on validation of 3rd party insurance.
With ePremium® Protect Advantage, property managers can include property damage coverage through lease agreements, assuring that all occupied units are covered for resident-caused losses due to smoke, fire, water, and explosion. This program also covers:
- Property Damage: For all occupied units
- Flexible Options: With options as low as $5k
- Lower Premiums: In protecting commercial property insurance
- Ancillary Revenue: Opportunity from monthly premiums
Discover how our insurance programs can benefit your apartment communities or single-family rentals by scheduling a call with our team today!
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.