What Is The
TenantMax
Program?
The TenantMax program is a Property Damage Liability policy for multi-family property owners / managers. TenantMax is a risk transfer tool designed to give residents / tenants a mechanism to fulfill their obligation as specified in their lease agreement. A resident is financially responsible for the negligent losses that they have caused. The policy is based on group enrollment and is issued with the owner as the named insured.
How
Does TenantMax
Work?
TenantMax provides maximum financial protection for both the resident and the property owner by providing the resident with $100,000 of property damage liability coverage for their unit. The TenantMax policy names the owner as the Named Insured and the resident as an additional insured. Participation in the program is very simple. New residents or renewals check off to enroll in either the TenantMax program or provide proof of HO-4 to the leasing agent. There is no cost to the property owner / manager, the resident pays a small cost with their monthly rent or as a supplemental payment. The coverage is in place as long as they remain a resident.
Why should property owners continue to write off negligent acts that residents are responsible for? TenantMax provides coverage for the following perils: Fire, Explosion, Smoke, Water Back Up, and Accidental Water Overflow. Since the policy names the property owner as the named insured, damages are paid first to the property owner then to affected residents up to $5,000 if available and then to the responsible resident if limit is not exhausted. TenantMax also provides $500 medical or funeral expenses per person to non negligent residents.
TenantMax has a web-based enrollment, monitoring, and reporting system that is available to the ownership / management team. Our program will interface with your system to make a seamless transfer of information to track enrollment and lease compliance.
Please Contact Us to find out how we can service your multi-family insurance needs.