Tenant Legal Liability Insurance
What is Tenant Legal Liability Insurance?
TLL is simply an alternative to HO4 (Renter’s Insurance) that can be chosen by the tenant if available. This insurance product is paid by the tenant with a small fee added to the monthly rent and is often cheaper than Renter’s Insurance with many of the same coverages and tenant content protections. A big difference is that this is a policy issued to the landlord, so a small administrative fee per door can be taken by the lessor each month. An underwritten ‘pet damage coverage’ with limited ‘dog bite’ coverage is also available.
Highlights
- TLL policy is issued to the Landlord
- Signed addendum from the tenant
- Covers up to $20k of renter’s personal property from damage or theft
- $100k liability protection
- Damages covered include fire, lightning, smoke, falling objects, wind, burglary, accident water discharge and explosion
- Low monthly cost
- Third party administrator for claims (TPA)
- Landlord can earn up to $7 per door per month in up front admin fees when combined with Security Deposit Alternative.
- Eliminates the need to check each month if required renter’s insurance has lapsed during the lease period
- Pet damage and Limited Dog Bite coverage also available as add-on or stand-alone policy. (tenant’s pet)
Talk to us
Have any questions? We are always open to talk about your business and how we can assist you.