New group renter’s program helps brokers and agents fill a glaring market need
SuiteProtector Product Information at a Glance:
- Provides guaranteed acceptance for tenants in all approved communities
- Replacement cost settlement
- Broad form coverage
- Protection from loss of use if apartment is unlivable after a covered loss
- Comprehensive personal liability up to $500,000
- Defense cost included
- Contents protected from $15,000 to $100,000
- Medical payments coverage up to $1,000
- Low deductible
Many tenants wrongly assume that in the event of a disaster, the landlord’s insurance will cover their property. In most circumstances, that is not the case. If a fire from another apartment destroys much of the tenant’s belongings, the landlord’s insurance will not cover it. The landlord’s insurance will cover the losses suffered to the building, but not the tenant’s personal property.
Generally speaking, renters are an inadequately insured segment of the market. Studies suggest that nearly 80 percent of all renters lack coverage for their personal property and liability exposures. To help agents address this need, Burns & Wilcox has access to a new and exclusive product called SuiteProtector. SuiteProtector is a group renter’s program that makes it easy for tenants to purchase and for agents to sell.
SuiteProtector is unlike most renter’s insurance programs. Because it is a group policy, there is no individual underwriting of tenants. That eliminates long applications and credit checks. Your clients purchase the coverage through a state-of-theart online platform. Clients also can manage their account through online services including instant online coverage notification, premium payment, policy changes, and claims reporting. SuiteProtector offers contents limits from $15,000 to $100,000. Comprehensive Personal Liability Coverage also is available, with limits up to $500,000. The policy also can provide replacement cost settlement on personal property. SuiteProtector language is slightly modified from a standard ISO Form 4 contract, giving protection against fire, smoke, burglary, explosion, vandalism, and many other perils. If the insured’s apartment is unlivable after a covered loss, SuiteProtector also provides additional living expenses. Comprehensive Personal Liability Coverage protects the tenant, if they’re liable, for damage or injury caused to others.
SuiteProtector isn’t just good for tenants. Landlords incur fewer losses when tenants are properly insured. SuiteProtector provides recovery to both the landlord, for property damage, and to the tenant, for personal property. Landlords retain revenue that would have otherwise been applied to uninsured tenant losses. Tenant Liability Coverage further insulates the landlord against unforeseen circumstances. The SuiteProtector platform also gives brokers and agents and property managers the ability to verify and review tenant coverage online.
SuiteProtector underwriting is based on property manager and landlord renting practices. Once a property is approved, all tenants in that specific community are eligible to purchase the coverage. Property managers are not required to collect premium or get involved in the claim reporting or investigation processes. Backed by an A-rated carrier, the program’s convenient online platform, payment options, and guaranteed acceptance make this another value-added service that Burns & Wilcox is bringing to agents, tenants, landlords, and property managers.