New Tenant Insurance Requirements at SIG

As SIG continues to grow, so do our services offerings and initiatives. We're happy to announce the implementation of a new requirement that will benefit both tenants and property owner alike: tenant liability insurance.

Over the years, we have seen several instances in which either property owners or residents have been put in unfortunate situations. Sometimes these are caused by the resident, such as a tenant-caused fire or a tenant-caused backup; and sometimes they are just the result of a maintenance issue, such as a main line sewage backup, or roof leaks. 

Future residents will be asked to provide liability insurance with no less than $100,000 to protect the housing provider from tenant related losses. However, we will also continue to recommend (as we always have) that residents purchase renter’s insurance which will provide both liability protection to the housing provider, as well as coverage for the tenant’s possessions. Renter's insurance can even cover some situations in which a resident has to spend time in a hotel due to a fire or flood.

This new requirement will have no cost for our property owners. There is also a zero deductible. The residents will be asked to provide it upon signing of the Lease Agreement. If they do not have it, SIG will place the "liability only" coverage policy, and it will be added to the monthly rent. The total cost to residents for this will be $14.50 per month. If the residents purchase their own liability or renter’s insurance policy at any time in the future, they will just need to upload the insurance to their portal and the SIG charge will be removed the following month. Property owners will not see these charges on their statements as our office will be processing the charges and paying the vendor directly.

This is an exciting initiative that provides more coverage and better peace of mind for both property owners and residents alike. If you have any questions, give us a call!