OBX Housing can Speak from Experience
Recently we had a Tenant who removed their washing machine at a home and when doing so did not completely turn off the cold water valve. They thought they had turned it off completely but that was not the case and the cold water leaked into the wall and utility room below into the utility room and also into the bathroom behind. This repair will be in excess of $3000 to repair and there are not many Tenants who can afford to pay that out of pocket! Thankfully this Tenant was required to purchase Renter Insurance according to their Residential Rental Contract so this damage was covered by their coverage.
OBX Housing Requires every OBX Tenant to have Renters Insurance
OBX Housing enforces the Lease terms which states that if the Tenant does not provide us with a Certificate of Insurance within 14 days of moving in, the Tenant Liability Insurance is added to their monthly account with us and they must pay this premium with their rent each and every month until they provide us with proof of Insurance coverage
Our company, 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.
OBX Housing, through our Commercial Tenant Liability coverage offers this program through Great American Insurance Group that covers the tenant’s liability to the landlord for damage to the leased property (limit of $100,000 per occurrence) and there is NO DEDUCTIBLE TO THE TENANT. Tenant Liability coverage is a great benefit to our Clients (the Owner) in cases just like the one described above.
Other instances of accidental damages that have occurred by tenants in the past include:
- Dropping a hot pot on the kitchen floor and melting the flooring
- Grease fire
- Damaging the countertop in kitchen or bathroom with hot items such as pans or curling irons
This service that we provide as part of our Agreement to our clients is available at no cost to the Landlord; it reduces insurance claims for the Landlord which could result in increases in premiums and/or cancellation; it decreases out of pocket expenses for the Landlord and there is NO deductible.
If you would like more information about this service, please contact us and we would be happy to talk with you about it.