PRIME Renters Insurance Program: Protection for Tenants and Owners
Tenants often think that their landlords’ insurance coverage will protect them and their possessions from critical risk. But that’s not often the case. The truth is that tenants need renters insurance as much as multifamily property owners need coverage of their own — and your tenants might not realize this until it’s too late.
Marsh’s PRIME Renters Insurance Program offers a customizable insurance solution that protects both tenants and multifamily property owners. Underwritten by an insurer of Kemper Select, the PRIME Renters Insurance Program provides flexibility in options and pricing and has been structured and written to align with insurance regulations in every state where Kemper Select offers coverage.
Marsh’s PRIME Renters Insurance Program offers a solution that benefits both tenants and property owners. Renters can obtain superior, flexible coverage at competitive rates, with up to $100,000 in legal liability coverage and $20,000 in tenants contents coverage. The policy provides tenants with coverage for:
- Personal property, including damage to personal belongings from several perils, including fire, smoke, and water.
- Loss of use, including reimbursement for expenses such as hotels or temporary housing incurred if property damage from a natural disaster forces a tenant to move.
- Liability and legal cost protection, including coverage for associated costs should a tenant or a tenant’s family members cause injury or damage to others.
- Medical costs resulting from a guest’s injury (excluding tenants or household members).
While tenants can choose any insurer to protect them, multifamily property owners can reap benefits from offering a single program to all tenants, which can be easier and less time-consuming to administer and can provide additional revenue via the per policy fee that you can receive. The PRIME Renters Insurance Program can also help you reduce coverage gaps, improve your relationships with tenants, and gain peace of mind to focus on running your business.
To learn more about how Marsh’s PRIME Renters Insurance Program, contact your Marsh representative today.