What is Surevestor Insurance?

This crucial insurance is available exclusively through Professional Property Managers

We’ll keep this short, because everything you need to know about SureVestor’s revolutionary Landlord Protection Coverage can be found in the one-minute video above. But the 3 things that you’ll appreciate the most as a property owner are these unique benefits:

  • Guaranteed malicious damage coverage caused by tenant (up to $35,000)
  • Guaranteed reimbursement of lost rental income, when tenant doesn’t pay
  • Guaranteed coverage of eviction costs, legal defense, sheriff fees and more

This exclusive product is only available through Professional Property Managers so, by working with us, you are eligible to get this industry-leading Landlord Protection Insurance featuring Rent with Confidence Guarantees.

Rent with Confidence!

Tenant Damage Guarantee covers

  • Up to $35,000 for malicious damage
  • Up to $15,000 for theft/damage due to theft

Loss of Rent Guarantees covers

  • Up to 8 weeks rent if tenant skips
  • Up to 12 weeks rent for Tenant Delinquency
  • Up to 12 weeks Tenant Death (sole tenancy)
  • Up to 25 weeks Tenant murder or suicide
  • Up to 4 weeks for Victims of violence

Eviction Expense Guarantee covers

  • Up to $5,000 for eviction filing fee and defense costs if the tenant sues

Eligibility Criteria

  • Scheer Landlord Protection Insurance is only available to properties that are managed by a Professional Property Management Agent.
  • Coverage is not available on any property with a monthly rent below $1,000.
  • All claims will be settled according to the lesser of the rent on the current lease, or up to a maximum per month rent coverage of $3,000.
  • Tenant occupied properties where the tenant is not current on rent and had not paid rent on time for the previous two months, will not be eligible for the Loss of Rent, Eviction and Tenant Malicious Damage Guarantees untill those conditions are met.
LOSS OF RENT PROTECTION
Arrears at commencement of policy will affect coverage Max Level of Coverage
Tenant Skip (Lease Break)
8 weeks
Tenant Delinquency (Eviction Order granted)
10 weeks
Tenant Delinquency (Writ of Possession obtained)
12 weeks
Tenant Death (sole tenancy)
12 weeks
Tenant murder or suicide
25 weeks
Untenable (due to malicious damage by tenant to the contents)
8 weeks
Victims of violence
4 weeks
Additional Benefits Max Level of Coverage
Malicious damage to building and/or contents
$35,000
Theft or damage due to theft to building and/or contents
$15,000
Eviction filing fee, Eviction defense costs
$5,000
Sheriff, Marshall or Constable fees
$600
Loss due to use of Digital Lock Boxes
$5,000
Service and/or companion animal damage
$1,000
Re-keying of locks
$400

Monthly Premium

Monthly Premium of $49.95

Malicious damage and theft claims will have a deductible of $1,500 applied per event. Loss of rent claims will have a deductible of the remaining security deposit after allowable releasing expenses have been paid.

 

Master General Liability Program

 To help you minimize costs, we participate in SureVestor’s Master General Liability program.  

 
Overview
The Master General Liability is a beneficial product for both the landlord and the property manager.  The liability is afforded for the specific property location.  This policy is designed to protect the landlord and property manager from claims that arise at the property in which the landlord and property manager might be listed in a lawsuit.
 

General Liability provides protection from lawsuits brought be a 3rd party for alleged bodily injury, property damage, personal injury, and advertising injury.

Most dwelling policies will have a liability limit of $300,000 and maybe up to $500,000.  This protection extends coverage up to $1,000,000 for both you and your management company.  Most property management agreements require the owner to list the management company as additional insured.  This condition is satisfied through Protection Plus.

Tenant Legal Liability coverage is for accidental tenant damage resulting from fire, smoke, backup or overflow of sewer, drain, water damage, and falling objects.  The benefit is that your dwelling policy doesn’t have to respond where you would end up paying a deductible and then attempt to get reimbursed by the tenant.  Then depending on the claim, your dwelling policy premium could increase upon renewal or not renewed at all.

Video Playlist
1/3 videos
1
Why name Property Manager as Additionally Insured
Why name Property Manager as Additionally Insured
2
Additionally Insured - Part 1
Additionally Insured - Part 1
3
Additionally Insured - Part 5
Additionally Insured - Part 5

KEY FACTS & FREQUENTLY ASKED QUESTIONS

Most properties do qualify, provided the monthly rent is $1,000 or above and the property is fully managed by a professional property management company.  Coverage is not available for lease-only arrangement with an agent.

If your tenant has moved out at the end of the lease and it takes a few weeks to re-lease the property, that is not considered an insurable risk, but rather the risk of doing business in the rental market.  The policy is designed to cover loss of rent as a result of the actions of the tenant, not the market.

Malicious Damage presumes intentional, spiteful or vindictive damage carried out by the tenant with the intent to damage the Landlord’s Property.  This may be their reaction to being evicted or perhaps they have had a domestic dispute and lost control so they lashed out against the walls and doors.

Children or Pet damage is not covered under the policy with the only exception being a service or companion animal as defined in the policy document.  

Two questions your Property Manager should ask themselves before reporting a malicious damage claim:

Q1:  Would I be prepared to report the tenant to the police for committing the crime of malicious damage?

If your first response is to hesitate or to immediately say no, the chances are, it is not a malicious damage claim.  In some circumstances, the underwriters will appoint a loss adjustor to inspect the damage and they may insist that you report it to the police.

Q2:  If we cleaned up the mess and garbage all over the place, would the floors or cupboards underneath actually be damaged or just exceptionally dirty?

If there was no physical damage to the landlord’s property once the mess is cleaned up, then you do not have a malicious damage claim.  If the tenant has left the property in that condition, then the clean up costs can be deducted from the security deposit.

  • A tenant removes an internal wall to enlarge a room without landlord permission,
  • The construction of a wall by the tenant without approval,
  • Tenant sets fire to the landlord’s property with the intent to burn the place down,
  • Concrete is poured down the kitchen sink and bathroom drains,
  • Extensive graffiti on the walls,
  • Damage as a result of the tenant being attacked in the property which causes damage,
  • Cupboards being pulled from the walls, doors torn off their hinges,
  • A tenant committing suicide in the property,
  • Punching holes in the walls or doors,
  • Gouging of walls or use of a hammer to damage walls,
  • Plugging up the bath and intentionally allowing water to overflow through the property.
  • A red wine spill that stains the carpet,
  • A scorch mark on the kitchen counter top from a frying pan,
  • When the tenant uses bleach to clean up their mess and it ruins the carpet or floor,
  • A hot iron or cigarette leaves a scorch mark,
  • Holes left in the walls from the tenants hanging pictures or other decorations,
  • Children drawing on walls or spilling their paints on the floor,
  • The tenant had a party and the carpets and curtains have alcohol spilled on them,
  •  Tenant’s dog was locked inside all day and had ruined the carpet and scratched the doors.

Your property manager is expected to screen your tenants in line with normal criteria and industry best practice.  A tenant who would not otherwise qualify for the lease, should not be approved just because you purchase this insurance to offset a potential loss.  This will not only result in having to release the property, but repeated claims due to poor tenant selection could lead to insurance renewal being denied.

When something goes wrong, the security deposit usually falls short in covering all of your out of pocket expenses.  This is the reason why Landlord Protection Insurance was created to protect your rental income.  The security deposit can be used to cover the other financial obligations your tenant has to you under the lease agreement.  Your property manager will know what they can legally deduct from the security deposit during the claim process and any remaining deposit can contribute towards your rent loss.

The only deductibles that apply to $1,500 for a Malicious Damage or Theft claim.  There is no deductible for lock box related theft claims.  This deductible cannot be covered by the tenant’s security deposit.  Loss of rent claims will have the balance of the security deposit after covering allowable re-leasing expenses, deducted from the rent claim.

As soon as the nature of the property use changes, such as you move in or you put the property on the market to sell it, you must notify your property manager and request a cancelation of coverage.  At which time, we will refund you a pro rata premium.  You have an obligation to notify us of any change including part of the property being used to carry out business or if you are doing extensive maintenance or renovations.  The policy strictly covers residential property that is for lease and managed by a professional property management company.  Anything less, renders the coverage void.

The policy covers you for the cost of re-keying locks in the event that there is a covered claim under this Policy.  The re-keying of locks coverage is a benefit payable in the event the tenant does the wrong thing and presents as a risk to the landlord’s property.  This means the cost to re-key locks between tenancies where the lease is completed and rent obligations are paid, remain an expense for the landlord as the cost of doing business and are not claimable.  The re-key is standard business practice between all tenancies, not just those that go wrong.