At OBX Housing, we require your Tenants to carry a minimum of $100,000 liability insurance. This reduces your risk of having to pay out of pocket in the event of accidental Tenant-caused damage (such as a kitchen fire or water damage) to your OBX long term rental property.
PROGRAM DETAILS
Tenant liability insurance helps protect you from having to pay out of pocket for repairs that are truly a tenant’s responsibility. Requiring liability insurance is a growing trend among the largest owners and operators in the property management industry.
OBX Housing, together with App-Folio, has partnered with Great American Insurance Group to provide an easy and cost effective tenant liability insurance. If a tenant does not provide proof that they have their own insurance, as required by their lease, they are added to our master commercial policy and charged for coverage.
Our commercial Tenant Liability Policy from Great American Insurance Group covers the tenant’s liability to the landlord for damage to the leased property (limit of $100,000 per occurrence.)
COVERED LOSSES
Our Tenant Liability Policy covers only property damage for which the tenant is liable. It is not meant to replace building insurance, but to reduce your risk of having to put in claims. The policy includes coverage for:
>Fire >Water Damage
>Smoke >Backup or Overflow of
>Explosion Sewer, Drain, or Sump
>Falling Objects
We recently had an instance where a Tenant who was moving out of one of our OBX Housing Long Term rental homes who disconnected his washing machine and in doing so did not completely cut off the valve. Instead of turning the water off at the street and reporting this he tried to plug the line and wrap it with tape and shove it into the wall. Unfortunately, he didn’t put it down the drain for the washer connection and it leaked all inside the wall and into the utility room. This caused drywall and installation to be removed as well as baseboard from the laundry room and bathroom behind it. It required a moisture remediation company and drywall and trim persons to fix everything back to original condition. Although the Tenant had moved out, the Tenant Liability policy still paid almost $3000 for this repair. It is very valuable coverage.