Owners Renters Insurance Program

Stevens Realty

Stevens Realty is always thinking of protecting your investment. We now require all residents to sign up for renters insurance.

FREE Insurance Coverage

We offer FREE Insurance coverage for our homeowners. Stevens Realty Owner’s Renters Insurance provides you with a zero dollar deductible for standard tenant-caused damage claims.

Value Preposition

Stevens Realty liability coverage for property damage to the named insureds buildings, units, and homes up to the specified coverage limit ($100k) and also provide coverage for damage to resident belongings up to $10k. Coverage for personal liability and dog bite liability is also included in the policy. We require renters insurance for all our residents to help protect everyone.

It has now become the norm to require renters insurance, and evidence shows that this requirement doesn’t impede a property’s ability to attract new tenants or raise rent over time. Don’t overlook this invaluable first layer of protection for our owners.

Stevens Realty Owners Renters Insurance Program offers property owners and managers a turnkey resident insurance program that protects rental assets, drives ancillary revenue and maximizes insurance compliance. The program is easy to implement, affordable for the tenant and, best of all, it’s provided at no cost to the owner.

Stevens Realty Owners Renters Insurance. The liability section of the master policy details the coverage provided to the named insured for property damages to the named insured’s covered buildings, units, or homes. Coverage is available up to the specified coverage limit for instances or occurrences where the resident was legally liable and when it relates to a specified named covered peril.*

Standard Liability Coverages

Covered up to $100k liability limit with $0 deductible:

⊛ Fire
⊛ Smoke
⊛ Explosion
⊛ Overflow of sewer or sump

Expanded Liability Coverages

Automatically included in master policy; covered up to liability limit with $0 deductible:

⊛ Collapse
⊛ Falling Objects
⊛ Freezing Pipes
⊛ Overflow of Appliances

Additional Liability Coverages

Automatically included in master policy; special sub limits detailed below:

⊛ Loss of Rental Income – covered up to $1,000 per premise and $10,000 per occurrence

⊛ Pet Damage – covered up to $1,000/occurrence; $250 deductible

⊛ Mold Remediation – covered up to $1,000/occurrence

⊛ Bed Bug Remediation – covered up to $500 per occurrence; $250 deductible

Exclusion

Exclusions are the cases for which the insurance company does not provide coverage. These are the conditions excluded from the insured event to avoid losses to the company. The master policy will detail out any and all exclusions that may affect the coverage provided. It is important to closely review exclusions as they may revoke coverage on certain items.

Common Liability Exclusions

Easiest way to think about exclusions in the liability coverage is anything that is not related to resident negligence or resident legal liability. Commonly excluded perils (not an exhaustive list, please reference the policy):

● Flood
● Intentional damage/vandalism
● Wear and tear
● Natural causes: lightning, tornadoes, hurricanes, rain, etc.
● Equipment breakdown: Ex. ceiling fan short circuits and causes a fire.

Resident Personal Contents Coverage

This section of the master policy details coverage provided for any claim by a “tenant” in which their personal contents were damaged via one of the named perils below. All perils are covered up to the $10k with a $500 deductible per occurrence. Unlike the property liability coverages, these perils do not require a resident to be negligent or legally liable for coverage to apply. Coverage will apply as long as the loss relates to one of the covered perils below.

● Fire/lightning
● Wind/hail
● Smoke
● Water
● Explosion
● Burglary

Common Resident Contents

Exclusions:
● Off premise losses
● Flood
● Theft

Additional Living Expense

If a loss via a covered peril to covered property or the building containing the property makes the "residence premises" not fit to live in, the policy will cover any necessary increase in living expenses incurred by the “tenant” so that the “tenant’s” household can maintain its normal standard of living. A coverage limit of $1k will apply. Payment will be for the shortest time required to repair or replace the damage or, if the “tenant” permanently relocates, the shortest time required for the “tenant’s” household to settle elsewhere.

Play It Safe When Protecting Your Rental Assets...

Call us at (931) 526-5188 if you have any questions about our Owners Renters Insurance Program.

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